The International Crisis Group (ICG) sells itself as “working to prevent conflict worldwide” but there is one country where their mission looks more like promoting rather than preventing conflict.  Exhibit A is their report on Venezuela, released on Friday. There is a lot wrong with this report — most of it reads like a statement […]

The White House said today that a 100 percent audit of the votes in Venezuela was “an important, prudent and necessary step.” Now it is no surprise that the White House would be on the side of the opposition to the Chavistas, which has been the U.S. position even before the military coup that Washington […]

One of the great myths about the Argentine economy that is repeated nearly every day is that the rapid growth of the Argentine economy during the past decade has been a “commodity export boom.”  For example, the New York Times reported last week: Riding an export boom for commodities like soybeans, Argentina’s economy grew at […]

The Obama Administration announced two weeks ago that a bumbling Iranian-American used car salesman had conspired with a U.S. government agent posing as a representative of Mexican drug cartels to assassinate the Saudi ambassador in Washington.  This brought highly skeptical reactions from experts here across the political spectrum. But even if some of this tale […]

There has been a lot of hand-wringing and moralizing about the BRICS countries (Brazil, Russia, India, China, and South Africa) blocking a resolution in the UN against the government of Syria last week.  China and Russia used a rare double veto as permanent members of the Security Council, and the other three abstained. “During this […]

Last week Brazilian Finance Minister Guido Mantega proposed that the BRICS countries offer help to Europe, either through the International Monetary Fund (IMF) or by buying up European bonds.  I can understand the sentiment: The European authorities have created a financial crisis that is already slowing the world economy and could potentially have even worse […]

In recent days the press has reported that President Dilma Rouseff has denied having tried to influence the Brazilian central bank to lower short-term interest rates, as the bank did on August 31 from 12.5 to 12.0 percent.  The fact that she would feel obligated to make such a statement shows that there is a […]

The video is profoundly disturbing.  It shows four men, identified as Uruguayan troops from the UN mission in Haiti (MINUSTAH), apparently raping an 18-year old Haitian youth.  Two of them have the victim pinned down on a mattress, with his hands twisted high up his back so that he cannot move.  Perhaps the most unnerving […]

Brazil’s economy is slowing, but the government is increasing its primary surplus by cutting spending, which could slow the economy more.  In June, industrial production fell by 1.6 percent, and economic activity fell for the first time since 2008.  Although monthly figures are erratic and don’t necessarily indicate any trend, the overall picture raises questions […]

One month ago I argued in this space that Brazil should set a timetable for getting its troops out of Haiti, since there is no war in Haiti and no legitimate reason — nor legal justification — for the UN military force (MINUSTAH) to be there.  Now Brazil’s new Defense Minister, Celso Amorim — who […]

The prevailing understanding of economic troubles in the U.S. and Europe, the world’s two largest economies, is mistaken in a number of ways.  First: Imagine that you are driving a car down a road packed with snow and ice and you are worried about an accident.  At the same time you are ignoring the fact […]

All money managers’ eyes were on the U.S. jobs report this morning after the U.S. stock market yesterday suffered its biggest drop since 2009 and panic surged through financial markets worldwide.  The headline numbers were not as bad as many had feared: the U.S. economy added 117,000 jobs in July and the unemployment rate edged […]

Since the U.S. “Debt Crisis” has been a big international story for the last few weeks, it is worth clarifying what is real and what is not.  First, the U.S. government does not have a “debt crisis.”  The U.S. government is paying net interest of just 1.4 percent of GDP on its public debt — […]

As the eurozone authorities move closer to accepting the inevitable Greek debt default/restructuring, there are some who have pointed to the Jamaican debt restructuring of last year as a model.  It’s hard to imagine a worse disaster for Greece.  It is worth a closer look at what has been done to Jamaica, not only as […]

U.S. diplomatic cables now released from Wikileaks make it clearer than ever before that foreign troops occupying Haiti for more than seven years have no legitimate reason to be there; that this a U.S. occupation, as much as in Iraq or Afghanistan; that it is part of a decades-long U.S. strategy to deny Haitians the […]

The Euro is crashing today to record lows against the Swiss Franc, and interest rates on Italian and Spanish bonds have hit record highs.  This latest episode in the Eurozone crisis is a result of fears that the contagion is now hitting Italy.  With a two-trillion dollar economy and $2.45 trillion in debt, Italy is […]

The European authorities are playing a dangerous game of “chicken” with Greece right now.  It is overdue for U.S. members of Congress to exercise some oversight as to what our government’s role is in this process, and how we might be preparing for a Greek debt default.  Depending on how it happens, this default could […]

Imagine that in the worst year of our recent recession, the United States government decided to reduce its federal budget deficit by more than $800 billion dollars — cutting spending and raising taxes to meet this goal.  Imagine that, as a result of these measures, the economy worsened and unemployment soared to more than 16 […]

From 2004 to 2010, Brazil’s economy grew at an average of 4.2 percent annually, or more than twice as fast as it had grown from 1999-2003; or for that matter, more than twice as fast as its annual growth from 1980-2000.  This was despite the impact of the world recession of 2009, which left Brazil […]

In just a few days, on June 5th, an election will take place that will have a significant influence on the Western Hemisphere.  At the moment it is too close to call.  Most of official Washington has been relatively quiet, but there is no doubt that the Obama Administration has a big stake in the […]