The new president of the Venezuelan Central bank, who replaced a lady who had been at her job only three months, is a liar. He said in his very first public statement that Venezuela had enjoyed 58 consecutive quarters of economic growth. Only two persons have come forward to say that this is a lie: Miguel Octavio, in his blog http://devilsexcrement.com/ and Francisco Toro, in his blog http://caracaschronicles.com/2013/08/22/como-va-viniendo-vamos-mintiendo/ . The hundreds of economists from academia, the Venezuelan opposition or the economic analysts who are supposed to follow the Venezuelan situation, have failed to mention this blatant falsehood. The press, the professional societies, the public at large, they don’t seem to care. They are more concerned about the circus at the National Assembly, where coprolalic Pedro Carreño calls Henrique Capriles a fag or about Nicolas Maduro’s latest contributions to the anthology of impudence.
Here is the truth about the economic performance of the last 58 quarters, in a table published by Octavio:
As the readers will see there have been eight negative quarters in the last four years. Is this something the president of the bank should know? Of course. Is he a totally inept economist or a pathological liar? I say both.