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I agree with you article, we have great problems in this country. Besides everything you mention, we have to survive crime and fear to loose our citizen rights. I like very much your insight of our national reallity.

It is difficult to acknowledge that within a relatively short period of time, the present incumbent has managed to take Venezuela from a country where one could buy almost anything to one where staple foods are now essentially rationed. It is such a shame that a country that is so rich in natural resources is unable to feed its population.

This is very interesting article, these comments show the Venezuela's reality, specially for foreing people who beleives in this president and in fact is no more than a caribean dictatorship.
Thanks a lot

Todo lo narrado por Ud. es verdad pero creo que faltó mencionar un pequeño detalle para ayudar a entender tan patetica realidad: Son los poderes invisibles del mercado energético mundial los que, luego de casi diez años, siguen haciendo todo lo posible para la chequera del Sr. Chávez multiplique sus haberes y por ende su poder de destrucción de la economía venezolana. Sin precios petroleros como los actuales, la historia sería otra.

Hay que vivir aquí para padecer lo que dice Ibsen. No logras entender como el hombre en el trono se llena la bocota diciendo que el barril de petróleo llegará a los 100 dólares y de verdad vas a la automercado u sólo consigues una fulana leche Huesito, que no tienes idea de dódne viene ni cuánti doraraá en los anaqueles. Colas desde las 4 de lamñana para comprar así sea detallado.
Vivan aquí!!!

Muy buena la visión de la realidad económica venezolana.

well, its a very good analysis. but was it ever any different before chavez? all my years in caracas has shown me that building the country was building the state, THE STATE, so how can we now begin to think (or believe) otherwise ?

It is really a paradox, as Mr. Martinez rightly pointed out, having such an exchange rate disparity in a country with a massive inflow of oil revenues, the bigest ever in Venezuelan history. What is behind such outcome is nothing more than the consequence of a lethal combination of wrong macroeconomic policies with the real threat of losing our democratic values.

Ibsen, I love the columns, thank you! As a Venezuelan operating in academia in the US, it is exasperating that many colleagues tout Chavez as a heroic figure--the redemption of socialism,--while ignoring signs of dictatorship and suppression of dissent in the country, and even worse, the way he has alienated our own sensible left in the country. It is so painful to witness how the money is being funneled; with so much of it coming in, we could have put Venezuela on the map with support for research and the arts, architecture, parks, housing, you name it. Instead, we are plagued now with the megalomania of centralized power, corruption, aggressive polarization, crime, and ranchos still decorate our valley. Keep writing!

Great article. Reading these comments, I'm always amazed that there are still people out there singing the same old tune, that hey! Chavez has done some good stuff!

Terrific stuff! Thank you.

A powerfully insightful analysis of the corrosive effects of government control and manipulation of resource extraction . . . and one that describes its effects in Russia as well and explains both its internal politics and external policies. Substitute "Russia" for "Venezuela" and "Putin" for "Chavez" and the only difference you have is a country that shop for its weapons internally rather than externally.

Our lament is only that the majority of neither country's citizens are able to see the corrosive effect until the damage is done. Our challenge, as Americans in an economic multi-lateral world, is to make that case to those populations and convince them there is a better way.

Dear Mr. Pato:

If you are looking for an apologetic piece based on hard "facts" based on turn on pristine and trasparent venezuelan official statistic you should not read an opinion piece of probably the most insightful venezuelan writer nowadays.

I suggest you to watch Chavez's entertainment show every sunday on Channel 8 (Venezuelan TV) in which the President himself discusses the goverment achievements and ocasionally sings (or is it the other way round?)

Ed Aveling.

Great Article....

Why can't Mr. Martinez ever say anything positive about his own country? Why not for once, give us an article that outlines the achievements of this current government and then compare them to the failures?

Why is he always insinuating and never producing evidence in 'hard facts'? Whose pocket is he in and whom is he trying to pacify. Thank God some of the people on this blog can think and do their own analysis. We may not be Krugman, but some of us are trained economists.

Jariax, do you always accuse people who disagree with you of seeking bribes?

In fact many the benefits you ascribe to Chavez preceded him. In the 1970s Venezuela had tons of government largesse and generous social programs financed by high oil revenues. Chavez's Bolivarian Revolution is no different. The real test will come if and when the oil bonanza dies out.

I see,

Ibsen joins the long list of journalists vying for NED funding by intensely scrutinizing and villainizing Chavez for every move he makes.

It amazes me that with all the tremendous changes going on in Venezuela - free health care, free education, subsidized food, unemployment insurance, old age pensions, maternity leave - that all Ibsen can focus on is the inflation - which is a product of the fact - that there is much more money in Venezuela to compete for the goods that are available.

Where was this vigilant journalism the previous 40 years when the people of Venezuela got nothing despite having tremendous oil wealth.
Could it be that the journalists couldn't find a corporate-controlled media to pay them to produce such articles?

"It's no wonder that for Venezuelan politicians of all colors, including Lt. Col. Hugo Chávez, "sowing our petroleum" has been the sole item on the agenda for almost 80 years."

Paul Krugman would probably have pointed out that, until Chavez, the petroleum harvest was reaped by a handful of Venezuelan oligarchs, their accountants, their secretaries and...their journalistic cheering section.

Martinez might better serve his readership if he engaged less in macroeconomic pontificating and instead did some serious reporting. Come on, Ibsen: divulge the names of "Venezuela’s high-ranking corrupt officials" who "always ask for their payoffs in Euros"!

How long before you switch your reference currency to the Euro? Why would you let the failures of US policy drag your country down with it? Although it is basically Oil which is your base currency and its dollar price is rapidly reflecting the demise of the dollar as a stable currency! Consider that the price of Oil at the start of Bushland was trying to stabilize at $20 a barrel; you get an idea on how bad it has become and how far currencies need to be adjusted to reflect the real value of the dollar on world markets!

A very good article because shows quite wel are present nasty situation in Venezuela; no doubt the Constitutional Reform under way, will be approved,and the restrictions to liberty enlarged.

Congratulations to Mr. Ibsen Martínez.

great article

If those Venezuelan guys had nice hairdos like US pollies and they took handouts from lobbyists then that would mean they were decent. I just hope that they change.

You may not be Paul Krugman, but that seemed like a pretty sensible economic analysis to me. As someone who is newly married to a Venezuelan citizen, the frosty relations between Caracas and Washington often make me feel more than a little nervous. In a perverse sense, I take some small comfort in the peculiar dependencies between our countries.

Great article. Rarely does on come across someting that mkes so much sense about the present situation in Venezuela.