October 25, 2019
Venezuela turns to fomenting instability in Chile and Brazil?
Waaaay back around 2001 or 2002, when Hugo Chávez was still a rising autocrat in Venezuela, I was at a conference on Latin America's outlook in New York, shortly before I made my first trip to Argentina. The New York conference was held in a classy wood-paneled room, featuring prominent Latin American and Latin American–focused bankers and it addressed a Wall Street audience. Several leading lights in finance were there, but one stood out: a former Venezuelan central banker named Ruth Krivoy, who scared the heck out of the audience by warning that Venezuela's mission under its current regime would eventually be to threaten and destabilize all of Latin America, particularly its best run states. A steel-nerved emerging-markets hedge fund manager I knew later told me it scared even him. Today, what she forecast may now be coming to pass. Venezuela, a failed state ruined by socialism, now has its name...(Read Full Post)