Back to Venezuela. Yesterday, we noted that old Hugo is promising to give investors guaranteed returns from government owned industries (including those recently expropriated from private owners).
Well, if you want to make a lot of money by investing in foreign markets you should put your money where blood flows in the streets. And maybe Venezuela is getting close. It is the most mismanaged economy in the Western hemisphere â€“ with the possible exceptions of Haiti and Cuba. In the past 12 years, it has exported nearly half a trillion dollarsâ€™ worth of oil. Yet, by all indications, the Venezuelan economy is falling apart.[Read more...]