The 'Devil's Droppings' Yet Again
Tuesday, March 29, 2016
Conventional wisdom regards oil as a boon to countries who have it, not as a curse. However, Juan Pablo Perez Alonso, one of OPEC's founders, would beg to differ. He called oil 'the devil's excrement', the harbinger of disasters. There are many countries that are rich in oil, yet mired in debt and economic mismanagement, all because their leaders seem enthralled by the oil's bounty.
Alonso had this insight back in 1975 and how prophetic he turned out to be. Let us look at Venezuela, Alonso's motherland, now in chaos and on the brink of bankruptcy. Then there is Brazil, whose former president must perform legal acrobatics to avoid imprisonment on corruption charges, while the economy is in a mess.
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Conventional wisdom regards oil as a boon to countries who have it, not as a curse. However, Juan Pablo Perez Alonso, one of OPEC's founders, would beg to differ. He called oil 'the devil's excrement', the harbinger of disasters. There are many countries that are rich in oil, yet mired in debt and economic mismanagement, all because their leaders seem enthralled by the oil's bounty.
Alonso had this insight back in 1975 and how prophetic he turned out t
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