In my prior column I discussed the U.S. media frenzy that arose when a leaked emails revealed that Martha Roldos, a leading politician in Ecuador who (very badly) lost an election contest with President Correa, was trying to obtain funding from an infamous United States group that goes by the Orwellian name National Endowment for Democracy (NED).
In the Washington Consensus praised that focus government expenditures on health, education, and infrastructure. The policies also champion an idea most identified with the conservative economist Hernando de Soto – making it far easier for entrepreneurs to start new businesses. President Correa is the leader who continues to surprise his friends and foes by taking steps that make economic sense even if they are identified with the “right” while keeping a relentless focus on the needs of the poor. That focus on the poor comes from Correa’s Catholic social justice beliefs that the Pope has recently been returning to centrality.
The Wall Street Journal has written it’s latest “just so” article about how leftist Latin American leaders (Argentina, Brazil, and Venezuela) are bad and rightist Latin American leaders (Chile, Colombia, Mexico, and Peru) are wonderful.
Gustavo Coronel, a Venezuelan oil oligarch associated with Cato has written to let me know how much he despises Ecuador’s President Rafael Correa. Coronel serves as his own “official scorer” so he has declared that one of my columns “made a failed attempt to whitewash the President of Ecuador, Rafael Correa, who is violating environmentally fragile areas of the Amazonia to drill for oil.” This is a passing strange comment from a man whose professional life was spent growing wealthy by “violating environmentally fragile areas of the Amazonia [and elsewhere] to drill for oil.”
The Economist has increasingly been copying the descent of the Wall Street Journal into dogma. One of it perennial hates is President Rafael Correa of Ecuador. Correa, an economist, has committed the unforgivable offense of succeeding through economic policies that The Economist despises. This is passing strange because Correa’s four foundational policies are expanded health care, expanded education, improved infrastructure, and encouraging entrepreneurs by reducing the time and cost of starting a business in Ecuador. The Economists’ pages are littered with praise for right-wing governmental leaders and candidates who promise that they will implement those same four policies (but rarely do in practice). Correa has actually delivered on his promises – quickly – and the improvements in the economy of Ecuador and the lives of ordinary citizens have been huge. The result is that Correa is the second most popular head of state in the Americas.
Heritage Foundation is run by Jim DeMint, the former Tea Party legislator. Heritage promptly demonstrated the impact of its new leadership with its purported study of the benefits and costs of immigration that ignored the benefits and inflated the costs.
This is a syndicated repost courtesy of New Economic Perspectives. To view original, click here. Reposted with permission. Follow the money. Find the profits!Liquidity is money. Regardless of where in the world that money originates, eventually it flows to and through Wall Street. So if you want to know the direction of the next big…