Tuesday, July 29, 2014

Today I was censored in my homeland Venezuela

Since January 2000 I had been a pro-bono columnist at El Universal. It was recently sold to a group supposedly very friendly and cozy with the Nicolás Maduro government.

Today, July 29, 2014, two days before the centennial of the discovery of oil in Venezuela, something which has enriched governments so much so as to make a true democracy impossible, I was informed there was no room for me in the paper anymore.

Am I sad? Of course! It is truly hard to be censored in one´s own country, especially when one has so much one wants to say, especially when so much needs to be said.

Thank God there are now such things a blogs otherwise I might have had to start putting up a print-shop in the basement or practicing graffiti.

The title of the article I was to publish July 31? “100 years of submission”... in it I was as always wanting for the oil revenues to be shared out directly to the citizens... so that we do not have to live any longer in somebody else's business.

Think of how you would feel if your government was receiving and disposing of over 97% of all the exports of your country. That is my Venezuela. That is the country where the price of milk, if you can find it, is 278 times the price of gas (petrol) and that is not viewed as something immoral.

Friday, July 25, 2014

What does it matter whether the Picasso, hanging on my wall, is worth 5 or 50 million? I did not pump up its value.

Yes, I accept that you might have a point thinking it is not fair that the Picasso that had I been rich could be hanging on my wall, should now be worth 50 million, instead of the 5 million it was valued when I would have had to pay inheritance taxes to keep it in my family? But I did not pump up its value...that was done by those who with their QEs and fiscal deficits injected so much liquidity. 

I swear, it is the same Picasso as always, I did absolutely nothing to it… in fact it has perhaps even lost some of its shine.

If the government now takes my Picasso in a Thomas Piketty wealth-tax, to help repay its debt… would it not then have to sell it, causing it only to hang on somebody else’s wall? 

Of course the government could export the Picasso to pay for oil… but what about when we run out of Picasso’s on our walls… and these all hang on their walls? Is that fair?

PS. Down here, on earth, with no Picasso, I am still envious of that 50 million Picasso hanging on somebody’s wall and wondering whether a little wealth tax would not be such a bad idea.

Tuesday, July 22, 2014

Shamelessness is taking over the web!

The big web players are becoming more and more shameless… and there seems to be nothing that can stop them…

Initially they were quite respectful of your information… lately I have seen messages reading like “we will import your address book”… and, as a token, we will not store your email and password. Holy moly!

Wednesday, July 16, 2014

Why does Bill Maher, so funny when exploiting what’s exploitable, remind me so much of Monsieur Thénardier in Les Miserable?



Madame Thénardier: Master of the house isn't worth my spit. Comforter, philosopher, and life-long shit. Cunning little brain; regular Voltaire. Thinks he's quite a lover, but there's not much there.

Thursday, July 10, 2014

One question, and one opinion, on the Scottish independence referendum of September 18, 2014

Question: How many Scots under 16 years of age will not have a chance to vote on what will affect them the most? Why not give all thirteen and more that right and allow those over 50 to vote only if they do so in representation of a child or a grandchild under thirteen? That could really make this vote on the declaration of independence a real game changer.

Opinion: The draft of June 2014 of the Scottish Independence Bill states that “In Scotland, the people have the sovereign right to self-determination”. Great, but unfortunately, it would not seem that “self-determination” will include each Scottish citizen managing his share of natural resources his country has been endowed with, like oil.

And friends, speaking as an oil-cursed Venezuelan, who has had to live in somebody else’s business, until he could not endure that anymore and had to leave his country, you might think more about this issue.

If not, I assure you that this independence of yours could turn out to be a real Pyrrhic one, when all of you Scots will become dependent on the clan that manages those natural resource revenues for you.

Please don’t let that happen!

Wednesday, July 02, 2014

Should there be a limit to what ex presidents, ex first ladies, ex congressmen and other ex public officers could earn for giving a speech?

Like for instance the weekly median salary in the nation?

Otherwise, even though they are out of office, it seems so much ex-post rent extracting clientelism.

I mean does it make any sense to compensate one speech given to a few, with sometimes something that could sound like the salary paid to him by all for a full year of services to the nation?

Wednesday, June 11, 2014

Every time a candidate, no matter how good, looses because he took our votes for granted, that is great news.

I am not an American, and I lack sufficient knowledge of the candidates in order to opine on whether I would prefer Eric Cantor or the other one… of whom I do not even know his name.

But, as a citizen, any time a candidate, no matter how good, loses anywhere, because he seemingly has taken the votes of us citizens for granted… that is great news.

Tuesday, June 10, 2014

What has become of you Europe? Don't be a defeatist dear!

I just saw a photo of your Britain’s David Cameron, Germany’s Angela Merkel, Holland’s Mark Rutte and Sweden’s Fredrik Reinfeldt, in a row boat, in a little lake, probably surrounded by thousands of life guards… wearing life vests.

The same boat used years ago by Tage Erlander (Sweden) and Nikita Khrushchev… without life vests.

And all I could think of was “Would Winston Churchill (or Putin) ever want to be photographed in a little row boat, on a small lake, wearing a life vest?

What has become of you Europe? In Swedish churches we used to sin psalms praying “God make us daring!

Life is never ever that safe so as to allow you send this type of subliminal messages to our youth!


Sunday, June 01, 2014

Should not Google and other public private eyes search our permission before searching us for other to us unknown parties?

I have been giving lots of thought on the whole Google-search-engine issue for quite some years and below you will find some links to that:

But now the following has hit me.

Way back, when about 16 years of age, clearly before I knew what was good for me, (as I might still not know) when in a Swedish high school, a very good one I must say, (SHL Hum SSHL) I got some really lousy grades in German (from Sven Lindestad a.k.a. "Bull")

And now, looking at how good Germany seems to be doing, at least in Europe, I suddenly realized that it might not be in my best interest to have anyone look into my proficiency in German grades.

I know I am talking about events around 47 years ago, so the chances of someone finding those records are very slim indeed… but as some can say "traditions!" other can say "precautions!"

Since Google has now been told by the European Commission to eliminate some embarrassing registers… and it could be somewhat embarrassing for me to ask them to eliminate my high-school grade records… sort of to play it safe, should I not request the European Commission to impose on those public eyes that Google and other search engines have become, the obligation of asking all us individuals for our approval of being searched, before searching us to satisfy the curiosity needs of some usually unidentified third party who is searching us for reasons unknown to us?

I do not think so... but the question should be asked... I think :-) And the European Commission should dare to respond! :-(

http://perkurowski.blogspot.com/2012/06/we-might-need-global-web-constitution.html

PS. By the way at what point could Facebook be labeled a stalker?


Monday, May 26, 2014

When writing about “Capital”, like Piketty, can you just use data about it, without ever having seen it at work?

The real importance of capital is when it marries risk… meaning when it is willing to burn itself up in order to multiply enormously or reach something much higher.

And that angle is entirely absent in Piketty´s “Capital”.

The closest he gets is when on page 115 he writes “Capital is never quiet: it is always risk-oriented and entrepreneurial, at least at its inception”. 

Indeed… but then? What happens after its inception? Truth is that from being muscle creating capital, most of it turns into obesity creating capital… and dies out over time.

Look for instance at those many trillions invested in the debt of the “infallible sovereigns”. Is that capital? No way! In fact all that has already been condemned to disappear through financial repression.

Frankly… the more I read the book (I am almost through it) the more upset I get... at least with its too capitalistic publisher's campaign.

From reading Thomas Piketty’s Wikepedia biography it becomes absolutely clear that he has never ever seen capital put to work… and yet he dares to write about capital.

Is this an expert to follow? No way Jose! He is just another Bill Easterly tyrant!

PS. Avoid the merchants of poverty!

Thursday, May 22, 2014

Risk premiums and ethic ratings

And again, for the convenience of those who do not have sufficient political leadership, the government of Venezuela, and PDVSA, announced new bond issues, in order to pay for social "investments" today ... leaving the bill to the Venezuelan youth of tomorrow.

And all this while the Financial Times of London described that soaring interest rates paid, for example by Venezuela, "tempts investors to ignore the fears of civil war, crippling inflation and legal battles."

And indeed Venezuela ( PDVSA and ) pay for ten year credit interest rates that are about 10% higher rate about 10 % than the U.S.. 8% more than Mexico ! That means in essence that already after the first year we have paid the creditor an additional 10 % ... and still owe him 100% of the loan. And that means in essence that at end of the tenth year, when we have already paid the creditor additional 100% ... our children still owe 100% of the principal. This is simply something abominable.

In fact, when a sovereign country is required to pay an interest rate that exceeds by more than 4% the rate of those who pay less, the risk premium, I consider we are in the presence of an economic crime against humanity being committed, fragrantly, against future generations.

And we citizens of the world should do something about it ... for example:

All stock exchanges of the world should suspend trading of all sovereign debt that show a risk premium higher than 4%... (as that would indicate a basic incapacity of the government)

Besides credit ratings, we should develop and use a system of ethic ratings.

All those who purchase sovereign bonds carrying a risk premium of more than 4% risk, and which do not meet minimum ethic ratings, should be exposed publicly as financiers of Sovereign Evils.

We the people should refuse to pay taxes while our sovereign bonds pay a risk premium higher than 4% and do not possess some minimum ethic ratings... and that should be a clause explicitly included in all bond issues.

PS . Whoever believes that China treats us Venezuela as accommodating as we treat Petrocaribe, is a dreamer.


You, who are about to finance Pdvsa, are you sure crimes against human rights are not committed in Venezuela? Ask your children!

Tuesday, May 20, 2014

My view on minimum wages

In a booming environment a minimum wage might do some good, as it is not that kind of big hinder to employment, and helps to distribute the boom more equitably to those less benefiting from it.

In a recession, sometimes even with deflation threats, a minimum wage is utterly bad, as it hinders many from at least being able to get a foot in the door of an employment... in fact in these dire cases, the lowering of a minimum wage could be the right signal...

The economy is the economy is the economy... and there is sadly very little little me can do about that. 

Sunday, May 18, 2014

This is what Sean Penn, Oliver Stone, Danny Glover and Mark Weisbrot, with their deafening silence, support in Venezuela!

Imagine that this was your daughter in a country where some macho robocops, obeying instructions from Cuba, are emboldened and busy themselves confronting students, but cower when they see any real criminals ... God bless and take care of our young!



What can we say?


Thanks Amnesty International!

Friday, May 16, 2014

How much would you pay per year for a guaranteed net neutral search engine?

How much? Per year? Per search? 

I do not know, but I would certainly pay something for a search engine that guaranteed giving me the results, instead of making me the searched for result of others.

Thursday, May 08, 2014

Did you know the banks are regulated by means of an ideology?

In 2004 I wrote in the Financial Times: "Bank supervisors in Basel are unwittingly controlling the capital flows in the world. How many Basel propositions will it take before they start realizing the damage they are doing by favoring so much bank lending to the public sector (sovereigns)?

In May 2014, in the Brookings Institute in Washington, while discussing the book by Jean Pisani-Ferry "The euro crisis and its consequences", Jörg Decressin, the deputy director of the European Department of the International Monetary Fund (IMF), dared to put forward an explanation...finally! ... God bless him.

My question: “In Sweden there is a psalm that prays ‘God make us daring’. And risk-taking risks has been critical to get Europe to where it is. However, in June 2004, the Basel Committee introduced bank capital requirements based on perceived risks, which subsidizes risk-aversion and taxes risk-taking.

For example, a German bank, when lending to a German businessman should keep 8 percent of shareholders’ capital (equity) but, if lending to its government, or to Greece, it could do so without having to hold any capital. That distorts allocation of bank credit in Europe. The book does not mention that problem. Do you have any comments?"

His response: "You raise a very good question and an answer to this revolves around: 

Do you believe that governments have a stabilizing function in the economy?

Do you believe that government is fundamentally something good to have around?

If that is what you believe then it does not make sense necessarily to ask for capital requirements on purchases of government debt, because you believe that the government in the end has to have the ability to act as a stabilizer, when the private sector is taking flight from risk, that is when the government has to be able to step in and the last thing we want is then for people also to dump government debt and basically I do not know what they would do, basically like buy gold. 

If on the other hand your view is that the government is the problem then you would want a capital requirement, so it depends on where you stand [ideologically]. 

I think the issue of the governments being the problem was very much a story of the 1970s, and to some extent of the 1980s. The problems we are dealing with now are more problems in the private sector, we are dealing with excesses in private lending and borrowing and it proves very hard for us to get a handle on this. We have hopes for macro prudential instruments but they are untested, and only the future will show how we deal with them when new credit booms evolve.” End of quote

Jean Pisanny-Ferry… said he agreed and left it at that. 

No Decressin! It is not about the government or the private, it is about the balance between the two, that which is broken.

And I had no chance to ask: Are you arguing that we should support the government’s borrowing ex ante, so that the government can help us better ex post? Would that not result in that when the government is truly needed it might not be able to help because it would already be too indebted… like Greece?

Who authorize regulators to regulate the banks with THEIR ideology?

And what about those who argue that the IMF is a bastion of neoliberalism?... Is it just a Potemkin facade?

Europeans, the structural reform most necessary for Europe to grow, is to get rid of its current bank regulators with their foolish risk aversion and their pro-government and anti-citizen ideology.

Translated from El Universal

Friday, May 02, 2014

FCC any impairing of network neutrality will de facto increase the man-made inequality.

And this not by increasing the wealth of the 1% but of the 0.01%

If I am to be solicited at home on my flat screen or my on computers, the least I can ask is that all solicitors stand on equal ground.

That is all!

Sunday, April 27, 2014

Some questions on Time Magazine naming Nicolás Maduro as one of the 100 most influential


"Last year, as Nicolás Maduro ran for the Venezuelan presidency, he received a visitor from the beyond. He was praying in a chapel when a bird flew in, circled him three times and began to whistle. Maduro said he felt the spirit of the late Hugo Chávez, his mentor and former President, who had come to bless his bid for high office.

The Maduro campaign frequently invoked Chávez during the contest, and perhaps it helped. Maduro won — but only just, and not without the opposition alleging electoral irregularities. A year on, lacking Chávez’s firm grip on power, Maduro is struggling as a litany of ills, from soaring inflation to food shortages, fans popular discontent. All this in a country that many in the region trade with or depend on for cheap oil. Whether it collapses now depends on Maduro — and on whether he can step out of the shadow of his pugnacious predecessor and compromise with his opponents."

Some questions:

From the description above should Time not have included the bird that whistled or the spirit of Chávez instead of Maduro?

How can one name as "influential" one who cannot convince his own people to pay more than US$ 1 cent per gallon of gas? Allowing the price of milk, when it is to be found, to be 278 times the price of gas?

Could the being able to convince by sheer use of force a criteria to make into this list of influential?

How come TIME magazine, knowing how split Venezuela is, can take a side like this in favor of the regime? Intellectual or vanilla corruption?

Thursday, April 24, 2014

Avoid the merchants of poverty

I admire those who help the poor. Not so those who use the poor to help themselves.

Even though there has been a considerable reduction in the number of poor in the world (not necessarily sustainable), inequality, in terms of differences in income and wealth between the richest and the poorest has increased considerably during the last decades ... and that's not healthy, to say the least.

And accordingly, opportunistically, those who argue that everything is solved redistributing, meaning taking from the rich and giving it to the poor, now appear on the scene. How easy it would be if everything was just that easy. It is not. It is our duty to make sure that merchants of poverty, with their insidious sowing of envy and hatred, makes it even more difficult to help solve the poor’s already sufficient precarious situation.

The proposed solution is based on the illusion that it is possible to take away purchasing power from the rich and hand it over to the poor; and that the poor can then go with that purchasing power to the grocery store. False!

First, the rich have their wealth invested in assets, houses, stocks, paintings, yachts, etc. And so, to transform those assets into money, you have to sell them. To whom? Without wealthy buyers around, the sale would only translates into a reduction in the value of the assets ...resulting in a lower amount than estimated to be delivered to the poor. How does it help the poor that a Picasso valued at $50 million, is then only worth $1 million? 

Second, assuming you could sell the assets and give the money to the poor, will there be sufficient supply to satisfy the needs of the poor? No! The unexpected new demand will result in much inflation.

Does this mean that there is nothing to do? Not at all! What is clear is that instead of attacking the results of the inequitable distribution of income and wealth, we must concentrate on attacking its causes ... especially the artificial ones, those not based on the natural reality that we are not all equal.

What are these artificial causes? Each economy has them, in different degrees, but their most frequent common denominator is state interference. Licenses leading to monopolies (intellectual property rights?), foreign exchange controls, transparent and non-transparent subsidies, corruption, discriminatory regulations, etc. For example, in Venezuela, how much more could you have benefited the poorest if the government had not insisted on giving away gasoline at US$ 4 cents a liter... or selling foreign exchange cheaply to those vacationing abroad?

A seemingly easy way out like re-distribution, is simply not enough, nor is it sustainable, and it is the poor who most need to know that. It cannot be that the final result of the redistribution of wealth and income in Venezuela would be to concentrate even more income and wealth in the hands of our Boligarchs of turn… whatever political color they wear. 

But Kurowski! Have you not for years insisted in distributing all of Venezuela´s net oil revenues to the citizens­? Yes! But with that, much more than a redistribution of purchasing power, I mean the redistribution of powers and opportunities... from petrocrats to citizens.

And if the rich want to help, welcome, but perhaps they better deliver that help directly to the poor, instead of going through the politicians who so often are only acting as the merchants of poverty.

In other countries, where for the .01% plutocrats what the 99% holds seems not to suffice they are now looking for the other 0.99 %. Tax the wealth and, at the end of the day, without further changes, most of it will come back to fewer and fewer Plutocrats.

Translated from El Universal, Caracas

Monday, April 14, 2014

Thomas Piketty. Would you tax wealth if that only benefited even more some few oligarchs?

We begin to hear proposals about taxing wealth, like that presented by Thomas Piketty in “Capital in the Twenty First Century

Taxing wealth might reduce the fever of inequality, but it does not attack its causes. In fact, forcing the sale of assets, which is where wealth is stored, in order to increase the consumption of the less well off, might direction the funds away from those who have earned their wealth naturally, to those who earn it thanks to market imperfections, or to outright crony capitalism. An in such a way it could undermine even more the meritocratic values on which democratic societies are based, something that Piketty himself would seem to abhor.

In other words, if in Russia, would you tax wealth if that benefited the oligarchs?

I believe it would be better to concentrate on what is causing unjust artificial inequality and in this respect I could mention the following possibilities.

Like to eliminate the concept of risk weighted capital requirements for banks which channels bank credit away from “the risky”, in much a proxy for the poor, to “the infallible”, in much a proxy for the wealthy.

Like to increase the tax on all those profits which have originated under the protection of intellectual property rights. There is no reason for these to be taxed at the same rate as profits obtained from competing naked in the markets.

Finally, let´s give it a thought to what would have happened to all that unequally accumulated wealth, had not TARP and Quantitative Easing come to its rescue.

Just the fact that, except for religious considerations, when in the grave, we’re all equal, and the Gini coefficient is zero, should not mean we should hurry to get there... I think.

Saturday, April 12, 2014

3 weaknesses of the Gini coefficient when measuring inequality

  1. It does value a dollar earned the same as a dollar received in transfers, and we know that is just not true.
  2. It cannot consider all the unregistered wealth or income that is siphoned away by corruption.
  3. It does not make it clear when an increased equality is primarily the result of many turning poorer.
Considering those 3 factors alone would shed the supposed reduction in inequality produced by the Chavez Revolution in Venezuela in a completely different light.

If we are to foster equality, let’s do it right, and concentrate foremost on the equality of opportunities, whatever that might entail.

Thursday, April 03, 2014

Creditors of Venezuela, read our Constitution!

In the same way there are international conventions that help foreign investors to collect what governments duly owe them, there should be agreements that help citizens not to be saddled with the payment of debts incurred by governments who violate their constitutions.

If the articles of incorporation of a company stated that it was not allowed to borrow more than 50 % of its assets, but its president is asking for loans that would take its debt to 100% ... it should be difficult to get a reputable law firm to issue a legal opinion stating that there will be no problem.

And, if constitutions are the statutes by which citizens defend themselves from the excesses of their governments; and if creditors expect citizens to sacrifice themselves honoring the debts of their country to which their governments have subscribed... I think citizens should be able to expect from potential creditors, to at least throw a glimpse at their constitutions, to see if these are met.

And it does not matter where the creditors come from, whether Wall Street, San Cristóbal or Cochinchina.

And it is not that I expect creditors to be aware of everything in our Constitution, such as if the expressed rights of indigenous people are complied with but, as a minimum minimorum, sophisticated financiers should be able to tell, detail, whether there is compliance of an Article 320 which states:

"The State shall promote and defend economic stability, prevent the vulnerability of the economy and ensure monetary and price stability, to ensure social welfare. The Ministry of Finance, and the Central Bank of Venezuela, will contribute to the harmonization of fiscal policy and monetary policy, facilitating the achievement of macroeconomic objectives. In exercising its functions, the Central Bank of Venezuela will not be subject to directives of the Executive and may not endorse or finance fiscal deficits."

and so! Can anyone who knows anything about finance, argue that our Constitution has been complied with? Of course not! And so, as a citizen, I here inform our creditors they better not come crying to me tomorrow looking for my support to get paid.

And all citizens of the world, messed up by their bad governments, should take the same attitude ... and we should show solidarity with them all.

And I'm not throwing out warnings after the fact... like would a bad payer. In "Odious Debt", March 2004, and "OdiousCredit", April 2004, I begged creditors to collaborate with citizens ...and nothing! And as salt in the wound Venezuela has paid them exorbitant interests. Well guess what? You can begin applying those high risk premiums to the principal owed... in order for us to at least confirm you your risk assessment.

And what fault of mine is it that the creditors did not read it? They should follow me on Twitter!

Having us Venezuela citizens recently been mocked by the OAS, that clubhouse of governments where constitutions are not even read, it is clear that we need the OCA, the Organization of American Citizens.

PS. There are many polls, but the one I would most like to see, is one that asks the participants of the 4F-1992 Hugo Chavez coup, whether what we now have in Venezuela is what they dreamed about.

PS. I am seeking a democratic dictator who would be willing to rip our oil revenues out of the hands of our Petro-state, and hand these over to the citizens. That would earn him a place in history, as the one who achieved the true independence of Venezuela.


PS.When reading in the Financial Times an article by Michael Holman titled “Investors incorrupt ‘new Africa’ repeat old errors”, April 9 2014, I immediately sent FT aletter which concluded: “More than sovereign credit ratings we might need sovereign ethic ratings … and to make these count”

Who needs a tax or an asset haven the most? The rich or the middle class?

Dear Jo Marie.

The other day, on the radio, I heard the following advice: “If you are going to rent your house, put it in the name of a company and leverage that company up to the tilt with debt. Otherwise the lessee, for whatever happens, might sue you and clean you out.”

Is this not one as good as it comes recommendations to you, the middle class, to find yourself a little safe haven?

The rich can afford things to happen… and so perhaps it is the paying for it all middle class who is in most need of safe havens, of any kind.

As to me, as you know, I wish I lived and paid taxes in a tax paradise


This might not be about the 99% against the 1% but about the 51% against the 49%

Cheers,

Per


Dear Jo Marie

I have a serious problem with the 1%-99% debate!

It is sending message that it is ok to be in the 99%

Because I want my kids, and grandchildren to know, that if they do not make it into the 1% top, I want them to at least make it into the range of 09% 19% 29% 39% 49% top… and absolutely nothing less!

Wednesday, March 26, 2014

Me, in favor of and against... free market think tanks

I believe profoundly in that our world is driven forward by the risk-takers operating in a free market. And as typical risk-adverse citizen it behooves me to fight for that to be happening.

And that is why even though I admire profoundly many free-market think tanks, their silence on two issues extremely important for me, drives me nut.

1st. I hate it that when free-market supporters imply that if only there was a free market supporter in charge of the government, he would be able to overcome the problems that the concentration of power in governments cause… like that of 98% of all my nation’s, Venezuela, exports going into the government coffers. That is intellectually dishonest of them!

2nd. I hate it when free-market supporters ignore the distortions in the allocation of credit to the real economy that risk-based capital requirements for banks produce, and have it in their minds, that someone should stop their banks from taking risks, so that their money is safe. That is also intellectually dishonest of them!

Thursday, March 13, 2014

The Hugo Chavez Revolution cheated the poor

And before “Chavistas” stop reading this let me point out that the title does not imply that Hugo Chavez, as a person, deceived the poor, all the time, since for sure he himself was also much deceived by some of his most dedicated followers.

So let me explain the Great Deception.

If there is one thing that the Chavez Revolution holds, is that it foremost works for the poor of Venezuela... and it congratulates itself with reports where the Gini coefficient evidences that inequality has declined in Venezuela. Well ... that is completely false unless you want to argue that this was achieved by impoverishing many of those who had something more.

But the Gini coefficient in itself contains falsehoods. As an example, its calculations, for “methodological" reasons, does not include the income of those who became rich via corruption and deviation of funds, like the “boli-bourgeois” (the new rich) and the “briefcase companies” (a name for those who have abused the foreign exchange controls)

And I can argue the Great Deception even stronger.

Imagine that the government had not directly given dollars to other countries or purchased services at inflated prices (Cuban doctors and nurses)

Imagine that the government had not given away the gasoline in Venezuela ($ 6 cents per gallon, € 1.5 cents per liter) and had sold it at its international price.

Imagine that it has not sold cheapo-dollars to those traveling abroad

Imagine that it has not sold cheapo-dollars for imports, those who benefit criminal importers, for instanbce those who over-invoice, or good faith importers, by providing very generous distribution margins ... and which all ultimately delivers only a tiny portion of benefits to the population which, precisely because it is poor, consumes less imports.

And imagine instead that all these resources just HAD BEEN distributed equally in cash among all Venezuelans.

In such a case, I assure you that the Gini coefficient would have shown a vastly larger, more real and more sustainable reduction of inequalities in Venezuela.

So you the poor of Venezuela and you the middle class in the process of being part of the poor in Venezuela, demand your share of the net oil revenues, in cash, in dollars.

And please, I beg you, stop being so naïve as to believe the story that some experts, no matter where they come from, no matter how beautiful they speak to you, know better than what you know what to do with an amount that can represent 150-250 dollars monthly for each one of you 

PS . Reading about some new government efforts to further indebt our country, I beg our students: “You, who would be the surest payers of this debt, declare that debts, incurred only to postpone much needed corrections are "odious", and that therefore you have not the slightest intention of sacrificing yourself by paying these.

PS . Some thoughts during Christiane Amanpour’s interview of Nicolas Maduro:

How can one ask other countries for respect when one disrespects one’s own countrymen?

How can one ask for a multi-polar world while requiring a single-polar country?

How can a government which manages 98% of all the exports of the country, declare itself so innocent of its problems?

How can you say to sleep like a baby and wake up with such large bags under the eyes?

Do you think that Hugo Chavez would sleep happy as Maduro says he does, when so much unhappiness abounds?

Some countries have governments that washes brains, Venezuela has one which is brainwashed

Saturday, August 31, 2013

USA, if you are not the policeman of the world, why should we hold so mindboggling many of your “In God We Trust” dollars?

My father, arriving as a polish prisoner on the first train to Auschwitz on June 14 1940, number 245, was liberated by the Americans from Buchenwald, April 14, 1945. So I might certainly be biased, in favor of the United States acting as the policeman for the world. At least biased in favor of the United States I believe existed, and still hope and pray for that exists. (So I guess I just confessed that I might not be the so "radical of the middle" on all issues.)

And that is why I keep on warning about that if the United States reneges on being the policeman for the world, or becomes ashamed of its strength, then the world might renege on trusting the US to such an extent as to hold a mind-boggling amount of its dollars, backed by a "In God We Trust". Approximately China holds $1.3 trillion, Japan $1.1 trillion and the rest of the world $3.1 trillion. And so you see, there might be quite a lot of subconscious quid pro quo involved here.

PS. Obama ended his September 10 speech saying “America is not the world’s policeman. Terrible things happen across the globe, and it is beyond our means to right every wrong. But when, with modest effort and risk, we can stop children from being gassed to death, and thereby make our own children safer over the long run, I believe we should act. That’s what makes America different. That’s what makes us exceptional. With humility, but with resolve, let us never lose sight of that essential truth.”

And frankly, to act only when only “modest effort and risk” is required, is not what has made America so great, at least not in the eyes of this small human being, who much owes his existence to the huge and brave sacrifices of America.

PS. It is also absolutely clear that Putin, when ending his Op-ed in the New York with “we must not forget that God created us all equal”, after referring to “big countries and small countries, rich and poor, those with long democratic traditions and those still finding their way to democracy”, has exclusively those who are governing the countries mind, those who so often shamelessly hide behind the skirts of sovereignty; and not for a second, not even remotely, is Putin thinking about the citizens who are governed, those who were the prime concern of America's founders.


And so, if "America is not the world’s policeman"...should Europe declare a state of emergency?


And please, if as a policeman, one one occasion, for your own reasons, want or need to restrict the punishment to something symbolic, is not that it is only symbolic, sort of the last thing you would want to say? 

And this is not the first time I have raised the issue of the dollar and America's military strength... and will to exercise it. Here in a letter in Washington Post

Oh, and just in case. I am not talking about a war against Syria, but a war against the use of chemical weapons.

And to fight and punish the use of banned chemical weapons, requires a willing, and, hopefully a strong, firm and good policeman, with a great sense of justice.

Or, are we telling our mostly dead grandfathers, their Geneva Protocol prohibiting chemical weapons was pure nonsense? Do we now want it repealed? I pray not.

And America, please do not confuse war with servicing as a police. A police detains when there are infractions… he does not build nations.

And if the United States is not willing to be the policeman of the world, to help enforce laws they have also agreed with, would the world have to pray for some vigilantes to do that?

Surely all human rights criminals who hide behind the skirts of sovereignty, must be celebrating the USA not wanting to be the policeman of the world! 

And in reference to the case of Syria, below I quote from “Questions about Syria you were too embarrassed to ask” by Max Fisher, The Washington Post, September 1, 2013 "What’s the big deal with chemical weapons?" 

"War is going to happen. It just is. But the reason that the world got together in 1925 for the Geneva Convention to ban chemical weapons is because this stuff is really, really good at killing civilians but not actually very good at the conventional aim of warfare, which is to defeat the other side. You might say that they’re maybe 30 percent a battlefield weapon and 70 percent a tool of terror. In a world without that norm against chemical weapons, a military might fire off some sarin gas because it wants that battlefield advantage, even if it ends up causing unintended and massive suffering among civilians, maybe including its own. And if a military believes its adversary is probably going to use chemical weapons, it has a strong incentive to use them itself. After all, they’re fighting to the death.

So both sides of any conflict, not to mention civilians everywhere, are better off if neither of them uses chemical weapons. But that requires believing that your opponent will never use them, no matter what. And the only way to do that, short of removing them from the planet entirely, is for everyone to just agree in advance to never use them and to really mean it. That becomes much harder if the norm is weakened because someone like Assad got away with it. It becomes a bit easier if everyone believes using chemical weapons will cost you a few inbound U.S. cruise missiles."

Sunday, July 07, 2013

What a sad bunch of “progressives”, and what a sad bunch of “free-market supporters”, you both groups are

Current capital requirements for banks favor the access to bank credit of “The Infallible”, like the sovereigns and the AAAristocracy, those already favored by markets, because they are perceived as “absolutely safe”; and thereby discriminate, odiously, against the access to bank credit of “The Risky”, like the small businesses and entrepreneurs, those already discriminate against by the markets, precisely because they are perceived as “risky”.

What a sad bunch of “progressives” you are, not caring about widening the gap between “The Infallible” and “The Risky”

What a sad bunch of “free-market supporters” you are, not caring about how the current bank regulations distort.

“Oh but it is all to make our banks safer” Bullshit! Our banks are never ever threatened by what is perceived as “risky”, only what is considered “absolutely safe” cause major crises.



To download the whole Journal of Regulation and Risk - North Asia, Volume V Issue II Summer 2013: here

Wednesday, July 03, 2013

Is not the interest that is not earned on public debt because of public policies a tax?

In terms of taxation, who is affected by a higher real tax rate?

Someone earning 5 percent in interest on public debt and, supposing a tax rate of 20 percent, then has to pay 1 percent in taxes, resulting in net earnings of 4 percent, or, 

Someone only earning only 3 percent on public debt, because of QEs, lower capital requirements for banks when lending to sovereign, and other fancy stuff causes lower interest rates on public debt.

You tell me, or better yet, tell them! on public

Monday, June 10, 2013

Should not capital, under some circumstances, also have the right to political asylum?

Sir, Philip Hildebrand, in “The Sheriff has spoken - and the Swiss must submit” June 10, discusses the recent US “ultimatum giving Swiss banks 120 days to hand over the identities of presumed US tax evaders”. And reaching his conclusion he bring up the image of John Wayne.

But, what if the Sheriff is not a good straight shooter like John Wayne, and the Sheriff works for a bandit? Just as individuals have a right to political asylum, should not capital have it?

Whatever the Swizz legislator comes up when creating the bridges necessary to solve the current impasse I sure hope somewhere somehow sets a very high bar for what a government has to do in terms of governability and fair treatment of its citizens, before it can apply for some information to be conveyed. And of course, what governments need to do in order to keep those rights. For instance some countries to not allow the expulsion of even convicted criminals if that could mean that a death sentence could be imposed on him.

I hope the US, and John Wayne, do not rush into a duel without giving full consideration to all its ramifications. In fact I wonder whether this is really an issue between governments, with their many conflicts of interests. Should it not be much more an issue between the citizens?

Thursday, May 30, 2013

On the voice of the indigenous

Just to be perfectly clear about it, I do not feel less indigenous to this planet than anybody else.

Wednesday, May 22, 2013

On a global scale, on an accumulated basis, there is certainly a need for tax-havens, for Sherwood Forests

Not everywhere, but truth is that in the majority of countries, the need of many citizens for a safe-haven, a Sherwood Forest, so as to escape from bad Prince Johns’ Sheriffs of Nottingham who skimming them just waste away fiscal income, surpasses by far the needs of all citizens for Robin Hoods able to skim some of the “filthy” rich. 

You have to make up your mind whether you are a Sheriff of Nottingham, or a Robin Hood, you can´t be both. 

Nothing as effective against tax-havens than tax-heavens

There is an underlying and never questioned premise that guides most discussions today, and that is… If all profits are taxed and all taxes are paid then the world is saved. 

I do not want to be a party pooper, and I definitely do not suggest, much less instigate, we should evade paying our taxes, but... are we really sure that a tax paid will be more productive than a tax withheld? 

What if we all have to go the route of an economia sommersa, and not pay taxes, in order for the world not to collapse? Do we not at least owe our children and grandchildren asking that question? So as to at least put some pressure on our governments?

There was a time when indeed a Robin Hood tax was contemplated but that has now only evolved into a vulgar Sheriff of Nottingham-Prince John tax. 

Thursday, May 09, 2013

The famous infamous progressive gap wideners.

Banks currently need to hold much more capital against exposures to “The Risky” than for exposures to “The Infallible”, and this even though “The Risky” already needs to pay higher interest rates, get smaller loans and accept harsher terms. That only hinders growth and widens the gap between the haves, the old, the history, the developed, “The Infallible” and the have-nots, the young, the future, the not developed, “The Risky”. 

Those who do not care about it, or even feel it is correct, are de-facto complicit of crimes against humanity

Among these we find some Nobel prize winners’ like Professors Joseph Stiglitz and Paul Krugman. 

In UK some banker's knighthoods are being recalled, perhaps some Nobel prizes should be recalled too.

You, the young, you need to denounce these stodgy aprės nous le déluge baby-boomers.

I tweeted as I have never done before

I have heard and read a bit here and there about “What happened in Benghazi?”, but I do not know sufficiently in order to have a firm opinion on it. Of course, for someone who comes from Venezuela, just the fact that there was a public congressional questioning on that issue, transmitted on TV, was something to marvel at. 

And I might have just been expecting too much, but when I saw one of the questioner, and I will not say who, seemingly doing the utmost to stir the questioning in such a way that nothing could come out of it, then I just felt such a deep disappointment that, like I never do, I shot out a barrage of #Benghazi tweets. 

Now the day after, from some distance, I am not sure I should have done that, though I suspect that, facing the same all over again, I would.

Saturday, March 23, 2013

Never make a rhetorical question on the web

You will get hundred of volunteers willing to answer it :-)

Tuesday, March 05, 2013

Hugo Chavez and the poor of Venezuela

Now upon his death, we often hear news-media reporting in reference to Hugo Chavez, that he helped to pull a lot of Venezuelans out of poverty. That is simply not true. 

Hugo Chavez did indeed help many poor to live better in poverty, good for him, but that is far different than pulling poor out of poverty. To do so exceeded by far Hugo Chavez’s capabilities, and that of his collaborators. 

Those Venezuelans who did manage to pull themselves out of poverty, did that entirely on their own, or with the help of oil revenues and corruption and very little else.

Monday, February 25, 2013

Who picks what is cut by "Sequestration 2013"?

Huffington Post sent me an amazing list of cuts in Maryland that “Sequestration 2013” would bring. Who picks some of these utterly dumb cuts? Is there not something more worthy of the ax?

Can the mighty US really crumble into pieces because of an $85bn lowering of its budgeted growing fiscal expenses? It could be, because from what I read everywhere, they seem to be intent to cut many of the last things that should be cut.

Sunday, February 03, 2013

The Nobel Prize Committee should do an ego check on the candidates.

Perhaps the Nobel Prize Committee should previously to awarding the Nobel Prize do an ego check. If the candidate is going to be humbled by the prize that is Ok but, if this is going to inflate his ego too much, it might better refrain from awarding him the prize. 

When I look around I find it amazing how often Nobel Prize winners, with egos inflated by the Nobel Prize so often opine straight bullshit, on issues completely outside of what made them be Nobel Prize winners, and even so are listened to, only because they are Nobel Prize winners. 

And this clearly creates more dangers than the benefits implicit in recognizing big minds.

Alternatively the Nobel Prize Committee should reserve itself the right to ask for the return of the Nobel Prize, though not the prize money.

Wednesday, January 16, 2013

The homeland defense

Recently, the commander in chief of the armed forces of Sweden opined his country could probably defend against a foreign invasion for about seven days. Seven days! No more? As you can imagine heated discussions began. 

As my mother is Swedish and therefore speculating I know something of the realities of this country, my first reaction was: It all depends on who the invader is. If for example Norway brought along the oil Sweden does not have, perhaps not even a single bullet would suffice, as no one would like to register the death of a single Norwegian soldier died. If instead the invader was the "archenemy" Russia, they may wish to have ammunition for 7 months, if for 7 or 70 years is not possible. 

And I wondered: For how many days are the military in Venezuela prepared to defend their homeland? I imagine that there the answer would depend on who answers ... and we might be better off not hearing it. 

Back to Sweden: If the preparation of the military is just for seven days, for how many days is the Swedish citizen willing to defend his country? I say this because this is as or even more important than the capacity of the military for the final result, and countries such as Sweden who have abolished compulsory military service, might be signaling some lack of wanting. 

And I ask: How many days would the Venezuelan be willing to defend? Would it be the same regardless of whether the invader is Brazil, Colombia, Cuba, the United States, Russia or China? 

Getting back to Sweden: Today, what means preparing for war? I ask this because if I were Defense Minister of a country, before asking more from the military, I would perhaps wish to prohibit all youngsters between 11 and 18, during one full year, to use all modern digital communication tools. And this in order to make them learn about the real world, in a real way and not only by virtual means. For example so they learn to orient themselves with a compass and must not always depend on a GPS to tell them where they find themselves.

And I wondered: what does it mean in Venezuela to defend the country from a foreign invasion, when we can’t even defend the access of our youth to their own streets, leaving these in the hands of the underworld? 

Back to Sweden: And are the territorial boundaries the most important frontiers to defend? What about communication boundaries, or regulatory boundaries? A country such as Sweden which became what it is because of the ability and willingness of its citizens to take risks, and in whose churches they prayed "God make us daring", now, and without realizing it, has allowed all its banking system to be invaded by a Basel Committee which with its regulations imposes a stupid aversion to what they perceive as risky. What can be more risky for a country than an exaggerated risk aversion? 

And I wondered: And are the borders of our land really so important when some military and some civilian, without one single bullet, seem willing to give up so much of our national sovereignty to another country? 

And I calmed myself somewhat by thinking that in truth seven days are few and insufficient days, only if the invader’s invading capacity is of eight days or more. 

PS. By the way my mother does not harbor any fear that hordes from the Venezuelan plains, commanded by a Genghis-Zamora-Khan, would invade Sweden. Phew what a relief!

Translation from El Universal, Caracas

Saturday, January 05, 2013

Negotiations at the Fed’s pawn shop

  
From what we hear some want the US government to go to the Fed’s-pawn-branch and pawn, for 1 trillion US$, a freshly minted commemorative platinum coin that has a face value of 1 trillion US$, and use the money to pay part of what it owes to the Fed. 

Some say that would not be inflationary since “none of the money represented by that coin could be spent until appropriations were passed by Congress and signed by the President.” 

Why did I not think of it before? I have an old beautiful and magnificent painting painted by an aunt of mine who passed away a long time ago, and which must be worth a real fortune. Why do I not take it to the bank and have them take it in partial payment of my credit card debt, so as to allow me some availability of funds under the debt ceiling they have imposed on me? In return, me and my wife would promise not to use that window of opportunity... except for things really important. 

Of course, if the transaction is carried out, both me and the bank must keep this very quiet since if my neighbors would find out, there could be a run on the bank, as they for sure would not want to run the risk of having their savings for their children being paid back tomorrow with that old lousy ugly painting that I have had to keep hanging in my house only because my family wants me to respectfully commemorate my aunt’s works.

Really, how would markets react to the US substituting “In a trillion dollar platinum coin (or two) we trust” for “In God we trust”?

When you have a painting hanging on the wall that the markets, for their own reasons, have decided is worth a lot, and based on that they lend you money, you do not even talk about hanging a new painting on your wall without running severe risks.

Monday, November 26, 2012

In order to maximize the power of redistribution in the society, what is the optimum dependents to maintainers ratio?

Is it where the curve of the marginal benefit of the dependents touches the marginal cost curve of the maintainers?

For instance, as an economist, if I wanted to be a dependent, which by itself is not something to sneer at, I would like the number of dependents set at that maximum number which maximizes my benefits as a dependent, or at least where it does not fall under what would be my expected benefit, as the least successful of the maintainers.

Hearing so much about the power of redistribution, it would be interesting to see for instance a study that tries to determines the optimum ratio of dependents to maintainers in a society, and how that ratio might change over time, and under which circumstances. For instance, are there some societal benefits to be expected from educating the dependents to be really good dependents? Like Dependency 101?

PS. As percentages might be discussed, just so there is no confusion, If I could chose, I would of course prefer to be part of the one-percenters, on the top, and this even though I might have to maintain some few more dependents.

Thursday, November 01, 2012

Crony academic research

Crony research is when academic researchers cross reference papers that really add nothing to nothing… in “I reference You - You reference me”, “I invite you as a prominent expert – You invite me as a Prominent Expert” and “We publish you – You publish us” rituals. 

Crony research shamefully clogs up the system impeding the view of truly important research, and often leads sometimes for the debate on important issues to be dangerously monopolized by charlatans with a PhD or past luminaries who once in their life had an interesting and fresh thought and have been living on it ever since… thanks to crony research 

I am not an academician and so there might actually be some rules that apply and could stop a runaway crony research, but, if so, I am certain these are not sufficiently enforced.

Friday, August 31, 2012

It looks like we’re toast!

As a former Executive Director of the World Bank, 2002-2004, living close to Washington, writing articles and being an assiduous blogger, I’ve been in the middle of many discussions about those many challenges our world faces. And, my friends, I am sorry to say, our prospects to solve these problems, do not seem good.

One of the main reasons for that negative outlook, is that I have been able to witness how the discussion of many of these problems, no matter how urgent they are, so often get hijacked by a political agenda, or by a group that decides making a business, or a living, out of it. 

If we cannot break out of this mold, unfortunately, the world is toast, and this is of course not only meant from a global warming perspective.

Saturday, July 14, 2012

Cantinflas, he really deserved a Nobel Price!

A true radical of the middle… a true extremist of the center




Friday, July 06, 2012

Why should government give a 40 hour job to anyone while there are citizens with not even a one hour job?

If government takes on some responsibility for creating jobs, it should do so by gradually increasing the minimum amount of hours of work for all workers. Start with one hour and move up from there! 

If government takes on some responsibility for creating jobs, it has no role in creating more hours of work to one who already has more than the average hours of work.

Thursday, June 21, 2012

Standards and quality rating agencies for Knowledge Networks

How to guarantee the good quality of knowledge networks? was a question posed in the recent Mobilizing Knowledge Networks for Development at the World Bank.


At our table we conversed about the need for a Quality Standard, a sort of an ISO 9000, so that each participant was able to better identify what knowledge network he was getting involved with, so as not to lose his valuable time and efforts, or end up unwillingly exploited.

We also conversed about the possibility of having knowledge-network-quality rating agencies, rate the networks, initially based on some few but important variables, like the following:

Clarity of purpose

Clarity of rules of engagement

How it complies with the above (A network Ombudsman?)

True diversity (and respect for differing opinions)

If there is an interest out there in this community to further the discussions on this issue, at least I would be glad to participate, but someone else would have to manage that process, since because of other engagements I would not be able to get a good quality rating doing so.

perkurowski@gmail.com     

Sunday, June 10, 2012

We might need a Global Web Constitution, and Inspection Panels, to get along well with the Googles and Facebooks of this world

The role of a Constitution is foremost to defend the citizens from government abuses. In this respect, and since one of the most important issues of our time is how to guarantee acceptable relations between us, the small users, and they, the gigantic information and or knowledge dissemination machines that govern so much of how we communicate, and handle so much of private information on us, like Google and Facebook, one could say that we are in a dire need of a Web Constitution. 

Also, “Don’t be evil”, is for instance, a company motto of Google and which supposedly precludes them from manipulating rankings to put their advertising or content partners higher in their search results. That sounds great… exactly how it should be… but, how can we make certain that the supposedly is for real and that a company follows its motto and declared principles, and that we can trust it as much as we should, for ours and theirs benefit? Perhaps Google and Facebook should establish something like the Inspection Panel of the World Bank, which is there to guarantee, to the rest of the world, that the World Bank follows the rules and principles it has itself declared to follow. 

PS. This is a speculation which resulted from a conversation with my daughter Alexandra Kurowski

PS. And, for me, when managing knowledge, it is also extremely important to make sure that does not pose any treat to the biodiversity of knowledge development… as we can never know where the next world saving idea can come from.

PS. Below more comments related to this theme!

Saturday, May 05, 2012

Dear Michele and Barack, your accounts must have been hacked!

Little me, not even a US citizen, keep receiving kind emails signed very personally by one of you. Though I would love to think these emails were for real, which might mean I’d be someone important, since they keep asking me for money, not a lot mind you, just a couple of dollars, I still guess I should better inform you that seemingly your emails accounts must been hacked! 

By the way if its serves as any consolation Newt seems to have suffered the same fate. 

Best regards 

Per

Friday, May 04, 2012

What a great business model!

You put up two blogs, one conservative and the other liberal, and you yourself, using two different aliases, make sure your aliases are the ones hitting the hardest and most outrageously against each other, and each of your aliases asks for contributions from their respective supporters… it is all a non-transparent reality show which can’t go wrong in a love-the-divisiveness country!

And though one has quite a good inkling of when one is facing those who are in this business, and those sincere believers and fighters who are not… sometimes it is really hard to keep them apart… and so, if I ever get to be suspicious of an innocent one, please forgive me.

Saturday, April 28, 2012

The World needs a World Bank

As a former Executive Director of the World Bank, 2002-2004, I assure you that more important than who is the president of the World Bank, is getting the world some representation there. The real problem of the World Bank is that, at its Board of Executive Directors, the world at large, and the human race, are not truly represented there, only geography bound parochial governmental interests are. 

If we are going to have a chance to rally support for such global critical issues as world-wide sustainability and job creation for our youth, I do believe we need some sort of World’s World Bank, and, a good start, just for starters, could be adding to the Board some independent voices who do not report to a government, or, much worse, to a single ideology. 

Would such a proposal be feasible? I haven’t the faintest! But, if we cannot get the human beings to cooperate and work as one, on some vital issues, across the borders, our chances of all humans making it are much reduced… and so let’s not kid ourselves.

Thursday, April 05, 2012

We need worthy and decent unemployments

What politician does not speak about creating decent jobs and well paid jobs for young people? But, if that's not possible, and the economy is not able to deliver that on its own ... What on earth do we do?

Society must of course do its utmost seeking to solve the problem of youth unemployment ... including taking leisure to levels never thought of… six months vacations! But it also needs to prepare itself to handle a growing number of unemployed, not cyclical but structural, that is, those who never ever in their life will have a chance to get an economically productive job.

Two decades ago, half in jest, in an article in the Daily Journal of Caracas, I asked something like whether it was better to have one hundred thousand unemployed running each on his side as broody hens, or to seat them all in a huge human circle where everyone would scratch the backs of one of his neighbors, charging a lot for his services, while his own back was scratched by his other neighbor, at an equally high price. The tragedy is that this question seems to me now less and less hypothetical.

And is not necessarily an act of desperation to think about what to do with the unemployed ...because sometimes, in seeking to unravel a tangled twine, starting with the other end, may be the best way to release the first. Which is better: educating for a source of employment likely to be absent and therefore only create frustration, or educate for unemployment, and suddenly perhaps reaching, when on that route, the pleasant surprise of some jobs?

The power of a nation, and the productivity of its economy, which so far has depended primarily on the quality of its employees may, in the future, also depend on the quality of its unemployed, at least in the sense of these not interrupting those working.

That the gentleman of the leisure class to which Thorstein Veblen referred did not work, was essentially a result of them being free of economic needs. But that does not also mean that the economy and the social peace of the moment, were not also in need of these men competing for the fewer jobs to be had resulting from an industrial revolution.

The gentleman was encouraged to study philosophy and art by means of the social status he gained when knowing about such matters. In this respect, one of the most important challenges we currently have as a society is how to create social status and other incentives, for the unemployed to become solid and worthy unemployed citizens?

And we need to imbue the unemployed with special pride, because only this way will we keep them from making impossible economic demands... so far I have found no clues about how to handle a bargaining with their union representatives.

Given that we do all have to guard against the dangers of idleness, since the last thing we need is for the structurally idle to be idle, even circumstantially. Many of the current unemployed youth keeps busy with their smart-phones, and we do not want them not to be busy… and so using what is really their net oil revenues, to help them to immediately upgrade to an iPad, sounds like a good start. 

Friends, Venezuela should aspire to good jobs, but also to have the world's best unemployed.