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  • Exactly. That's why having degree in Economics and working in Finance I OUTCLASS you "free market experts and apologists" who obviously possess neither of the two because the only reason I can imagine why would you come up with this demagogy and cliches is your lack of knowledge about international financial system resulting in your inability to comprehend the main reasons behind economic crisis in Venezuela.

    Social Darwinism at work.

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    • So obviously your more qualified to speak on economic matters than, umm, say a bus driver who never completed high school ?

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      • First of all I highly doubt that Venezuelan Central Bank and Ministry of Finance are run by the people with similar background. Secondly the general election is what makes it possible for people like Maduro to take charge of the entire countries. Ironically it is your country who idealized and actively promotes this political system around the World.

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        • Originally posted by Yevgeny View Post
          Hopefully over the next few months we gonna have a lot of videos of armed rebelion members being blown into pieces by Kalibrs and/or whatever missiles Chinese Navy is using which I will gladly share with you my friend.

          Dumbest thing I've read all day, hands down.

          Oh I send money to relatives in Venezuela so they can buy food and live. Country and its people are broke, pretty badly.

          I do not have a finance/Econ degree, but I do have an MBA and took graduate level finance and economic courses in graduate school. I do however work in banking. On top of that I am originally from Venezuela, with 95% of my family still there. The economy is beyond fvcked and the top leadership of the regime is beyond incompetent. You can't be successful by destroying the private sector by expropriating business and property, while at the same time firing the majority of qualified professionals that run the sole source of income in Venezuela (PDVSA) and making a large chunk of the population dependent on government handouts... all while everyone in a leadership role is trying to rob the country as much as they can. Is just doesn't work dude.

          The majority of the highly skilled and educated have already left the country. The brain drain Venezuela has suffered is truly scary. You don't just recover from that overnight.

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          • Originally posted by Lord Helmet View Post
            Dumbest thing I've read all day, hands down.

            Oh I send money to relatives in Venezuela so they can buy food and live. Country and its people are broke, pretty badly.
            Alright I take it back. I hope the situation will never escalate into civil war.

            Originally posted by Lord Helmet View Post
            I do not have a finance/Econ degree, but I do have an MBA and took graduate level finance and economic courses in graduate school. I do however work in banking. On top of that I am originally from Venezuela, with 95% of my family still there. The economy is beyond fvcked and the top leadership of the regime is beyond incompetent. You can't be successful by destroying the private sector by expropriating business and property, while at the same time firing the majority of qualified professionals that run the sole source of income in Venezuela (PDVSA) and making a large chunk of the population dependent on government handouts... all while everyone in a leadership role is trying to rob the country as much as they can. Is just doesn't work dude.

            The majority of the highly skilled and educated have already left the country. The brain drain Venezuela has suffered is truly scary. You don't just recover from that overnight.
            With all due respect but you keep repeating the same liberal economic cliches as your predecesdors. Venezuela IS market economy with large private sector.

            https://en.wikipedia.org/wiki/List_o...s_of_Venezuela

            Even if some leftist measures were implemented in the economy they have very little to do with the current crisis. Speaking about PDVSA one just have to look at any economic chart to understand that oil revenues were the highest and inflation rate lowest ever under Chavez.

            https://en.wikipedia.org/wiki/Histor...il_revenue.png

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            • Sure let me rephrase, is a market economy that has seen a massive loss in private industry since 1998 due to a socialist regime that doesn't hesitate to expropriate property and businesses in order to acquire resources, persecute dissidents and steal.

              Here is an old local VZ newspaper article from 2015 that shows some insight: http://www.laverdad.com/economia/891...-empresas.html

              Its in Spanish, but here is an excerpt via my own translation: Despite not having an official number, the behavior of the last few years shows insight in what was registered that year regarding businesses shutting down. 52% of the businesses that were operating in 2001 have shut down.. Venezuela went from having 672,000 private businesses to 324, 732 in January of this year.

              Now fast forward to 2018, situation is awful. Regarding the oil industry, 22,000 skilled professionals were fired by Chavez. That's a massive chunk of the oil industry who simply left the business in a matter of months. PDVSA's oil exports declined 28% in 2018 Q1 versus same period last year. Crude output is the lowest it has been in three decades.

              https://www.reuters.com/article/us-v...-idUSKCN1J132Q

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              • Originally posted by Lord Helmet View Post
                Sure let me rephrase, is a market economy that has seen a massive loss in private industry since 1998 due to a socialist regime that doesn't hesitate to expropriate property and businesses in order to acquire resources, persecute dissidents and steal.

                Here is an old local VZ newspaper article from 2015 that shows some insight: http://www.laverdad.com/economia/891...-empresas.html

                Its in Spanish, but here is an excerpt via my own translation: Despite not having an official number, the behavior of the last few years shows insight in what was registered that year regarding businesses shutting down. 52% of the businesses that were operating in 2001 have shut down.. Venezuela went from having 672,000 private businesses to 324, 732 in January of this year.
                The statistics is fragmented. First of all It includes the records from 2014 when the full scale crisis started in Venezuela. I assume majority of the bancrupcies came in that period after oil revenues plammeted and inflation skyrocketed in Venezuela. Secondly one should look at pre-2001 statistics to get a full picture. All in all I don't think that private sector was doing that bad under Chavez.

                Originally posted by Lord Helmet View Post
                Now fast forward to 2018, situation is awful. Regarding the oil industry, 22,000 skilled professionals were fired by Chavez. That's a massive chunk of the oil industry who simply left the business in a matter of months. PDVSA's oil exports declined 28% in 2018 Q1 versus same period last year. Crude output is the lowest it has been in three decades.

                https://www.reuters.com/article/us-v...-idUSKCN1J132Q
                Declining output has nothing to do with Chavez firing anyone. The statistics I presented in my previous post shows average growth in oil revenues up until 2014. Then PRVSA revenues shrunk as a result of falling oil prices which made it difficult for the company to pay to its suppliers and maintenance contractors.

                https://www.reuters.com/article/us-v...-idUSKBN14X0GW

                ConocoPhillips startIng to seize PDVSA assets didn't help the situation either.

                https://www.reuters.com/article/us-c...-idUSKBN1I70RA

                These are the major factors that contributed to the output decline.

                Comment


                • Originally posted by Yevgeny View Post
                  ConocoPhillips startIng to seize PDVSA assets didn't help the situation either.

                  https://www.reuters.com/article/us-c...-idUSKBN1I70RA

                  These are the major factors that contributed to the output decline.
                  The company was stolen from it's owners (aka nationalised) by Chavez over a decade ago. The American owners seized their own assets to get around 2 billion in compensation for this case of blatant government theft.

                  Since it was stolen there has been a massive brain drain just like in the rest of the country, there have been little to no investments in modern equipment or upkeep of the stuff they had. All of value has been taken out of the company by regime cronies to line their own pockets. This is a constant in Venezuela. Companies are seized, gifted to friends of Chaves and Maduro, stripped of value and then they move on to the next company when the company is ruined and there is nothing more to take. And of course the evil outside world is blamed for everything that goes wrong.

                  When there is nothing of value left in the country for Maduro to give to his henchmen to buy their loyalty he'll end up like Mussolini or Ghadaffi.

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                  • Not really. The western companies were offered either to sell the controlling stake in the development projects to the Venezuelan government or to leave. Total, Chevron, Statoil and BP agreed sell their share and stayed as a minority partners. ConocoPhillips and ExxonMobil refused and got their assets expropriated.

                    https://www.nytimes.com/2008/02/11/b...4.9942293.html

                    Well at least no noone here has any illusions left regarding what this mess is all about...

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                    • Originally posted by Yevgeny View Post

                      The statistics is fragmented. First of all It includes the records from 2014 when the full scale crisis started in Venezuela. I assume majority of the bancrupcies came in that period after oil revenues plammeted and inflation skyrocketed in Venezuela. Secondly one should look at pre-2001 statistics to get a full picture. All in all I don't think that private sector was doing that bad under Chavez.



                      Declining output has nothing to do with Chavez firing anyone. The statistics I presented in my previous post shows average growth in oil revenues up until 2014. Then PRVSA revenues shrunk as a result of falling oil prices which made it difficult for the company to pay to its suppliers and maintenance contractors.

                      https://www.reuters.com/article/us-v...-idUSKBN14X0GW

                      ConocoPhillips startIng to seize PDVSA assets didn't help the situation either.

                      https://www.reuters.com/article/us-c...-idUSKBN1I70RA

                      These are the major factors that contributed to the output decline.
                      You think that firing all those PDVSA workers didn't have a massive impact in the industry? That is very naïve... PDVSA is broke. Doesn't have the money, sufficient qualified personnel, its safety standards are terrible, production is far below plan, etc.

                      I don't know what world you live in dude, but pretending that the disappearance of 50% of Venezuela's private businesses isn't linked to Chavez horrible economic policies is just shocking. I don't see how you can even attempt to defend the policies of a person who turned one of the wealthiest countries in the America's into the literal worst economy in the world. Is like saying that Assad's regime is not to blame for the Syrian civil war.

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                      • Originally posted by Lord Helmet View Post
                        You think that firing all those PDVSA workers didn't have a massive impact in the industry? That is very naïve... PDVSA is broke. Doesn't have the money, sufficient qualified personnel, its safety standards are terrible, production is far below plan, etc.
                        Again statistics shows the steady growth of oil revenues up until 2014 when world oil prices collapsed. Chavez was already dead by that time. Facts are stubburn things.

                        Originally posted by Lord Helmet View Post
                        I don't know what world you live in dude, but pretending that the disappearance of 50% of Venezuela's private businesses isn't linked to Chavez horrible economic policies is just shocking.
                        All Im saying the statistics is incomplete. Quite possible the number of private businesses was shrinking during administrations preceding Chavez as well. We dont know. Plus as I said a lot of those private businesses might have disappeared due to full scale economic crisis that started in 2014.

                        Originally posted by Lord Helmet View Post
                        I don't see how you can even attempt to defend the policies of a person who turned one of the wealthiest countries in the America's into the literal worst economy in the world.
                        I dont see how you can defend United States waging economic war against your country of origin just because the legitimate government of Venezuela stood against US oil giants in attempt to redistribute oil profits in favour of Venezuelan people.

                        Originally posted by Lord Helmet View Post
                        Is like saying that Assad's regime is not to blame for the Syrian civil war.
                        Of course not. Those supporting armed rebellion against legitimate government are to blame. And the reason behind is pretty much the same - Assad family atempt to pursue independent energy policy.

                        By the way 'Stan was about oil as well. About oil pipelines to be more specific...

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