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ISSUES....
Inside, confidential and off the record

 

Your atention please

 


Voters cast ballots in election that could swing parliament
to the opposition for the first time in 17 years.

 


We have tended not to pay a great deal of heed to the
congressional elections in Venezuela that will be played
out this Sunday, but in a nation that should be “violently”
wealthy having enjoyed a decade of high crude oil prices
but which squandered that wealth on ill-advised leftist
give-away program intent upon buying the votes of the
nation’s poor, low oil prices have plunged the nation into
poverty instead. Food was once cheap; welfare
programs were broad and many; housing in many
instances was free. Now, poverty has trumped the
country and as one Venezuelan voter was quoted by the
press earlier this week, Instead of taking us out of poverty, this
government has left us poorer than ever.

Food is in short supply; water is in short supply; beer is in
short supply; toilet paper is in many instances nonexistent
and grocery stores that used to be open 24/7 and were until recently opened only one day a week have been closed almost permanently. Corruption abounds, made easier for those with access to high ranking government officials who can allow their friends and relatives access to the nation’s currency, the “Bolivar,” at prices 95% below that in the “free” black market.

Thing are so ill economically that when adjusted for the real
level of the Bolivar the average Venezuelan has an
income half that of the Cubans. It was only a decade or
so ago that Venezuelan’s bailed out their friends in Cuba;
now, after years under Chavez and years more under
Maduro it is Venezuela that looks to Cuba for aid.
We’ve no idea how the election will turn out, although we
are certain that the results will be phonier than the two
tier currency system. Maduro’s party should be cast out
if the world were fair, and cast out summarily; we fear,
however, that it won’t be. Corrupt governments have a
way of holding onto power all too often and especially in
central and South America.

While “in” South America, the process toward the
impeachment of Brazil’s President, the arch-leftist and
former Marxist guerrilla, Dilma Rousseff, is moving
forward. The “request” for impeachment was put forth on
Wednesday by the Speaker of the Brazilian House, Mr.
Eduardo Cunha, and it is all the more fascinating that Mr.
Cunha is himself facing corruption charges. President
Rousseff’ s public support level has fallen to what we
have referred to as near “Hat sized” levels for she has the
support of only 10% of the public and that is still trending
lower. She will face impeachment on charges that her
government improperly accounted for the nation’s taxes
and expenditures in ’14 and this year, while Mr. Cunha
faces corruption charges on regarding alleged “kickbacks”
from Petrobras… the company for which Ms.
Rousseff, interestingly, was the Chairman during the
period when Mr. Cunha allegedly took the “kick-backs.”
Things grow darker and more complex by the day.

 

Dennis Gartman / The Gartman Letter / 12 04 2015


ISSUES....12 / 07 / 2015 - Send Us Your Issues

ISSUES.... Inside, confidential and off the record
Is an independent journalist effort from Petroleumworld, on Inside, Confidential and Off The Record Information, its views are not necessarily those of Petroleumworld

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