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Bolivia: English media acting predicably again

In an amazing, stunning, incredible turn of events, the IMF praised Bolivia’s economy to the rafters yesterday. Check out the dozens of Spanish language news stories available on the speech given by IMF bigwig Gilbert Terrier right here. As for content, here’s a typical bit translated from the Reuters note.

Gilbert said that, inside a Latin America that has responded better to the (financial) crisis than the industrialized nations, Bolivia stands out with the highest projected growth rate for 2009 of 3.2%, in contrast to Mexico that is heading for a close of negative 7.5%.

“Bolivia has applied successful macroeconomic policies. Its savings and reserves now permit it to apply a countercyclical policy we we suggest it should continue to face any further extrernal economic shocks in the future”, he said.

Amongst the successes of Bolivian policy, he highlighted the savings made in the bonanza times of high priced primary goods instead of having spent nearly all the income as other regional countries have done.”

The brass-necked bullshittery of the IMF knows no bounds. Anyone with an inkling of economic nous about Bolivia knows that the country managed to increase its international currency reserves to its current all-time record of U$8.5Bn due to one simple policy change, namely the nationalization of the hydrocarbons (i.e. natgas) industry. Now do you remember back in 2005 and 2006 when the world and his wife was decrying this Evo-led policy move? How it would never work? The very same IMF neolib assholes saying it would all end in tears?

So here we are three years later, going through the worst financial crisis in modern times, and the policies of Evo Morales’ government are getting praise from those who would have led the country down the path to total ruin. The IMF really deserves this week’s coveted award for this one.

But finally, please note how many stories about the IMF’s praise for Evo’s Bolivia and its macro policy have been published by English language media: Zero. Amazingly….. stunningly… incredibly……

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