July 1, 2010      President Correa of Ecuador, who calls himself a well educated economist reveals hat he is not. And he is not even a very good liar. But he is president and he is dishonest. While Correa is busy lying a lot that Ecuador’s economy will yet again grow this year, he claims by a whopping almost 7% when it fact, the nation is broke by Correa’s dazed, confused, dishonest cartel movements, contracting another notch. Oil production is down, exports are down, imports are up…in general. You can mash these numbers all you want, but the forecast is not good and the outlook is growing dimmer for these incompetents. And that is the data we know, which is of course jiggered to make Corea look good [which it does not] so we all know that things are actually much worse. The government of Ecuador is not accountable, is not transparent and it delivers very very little for all the money it takes in by high taxes, state thefts and money laundering for its own wallet. Thus is the Pink Curtain of stupidity ringing down.

Here is a sound review of Correa’s failed and doomed stupidity:

July 1, 2010    (CLEARED FOR EXTERNAL USE)
GOLDMAN SACHS
Emerging Markets Daily Economic Comment
ECUADOR

Real GDP Up a Meager 0.6% YoY During 1Q2010

The central bank has finally published the real GDP figures for 1Q2010 (the last country among the major economies in the hemisphere to publish date for 1Q). Oil GDP declined a large 9.62% yoy while non-oil GDP grew 2.39% yoy. According to the central bank data real GDP grew a meager 0.6% yoy during 1Q2010. On a QoQ basis real GDP expanded a minor 0.33%. According to the official data domestic demand expanded 3.0% yoy during 1Q2010 but the external sector subtracted 1.8 pt from GDP during 1Q as imports grew 4.0% yoy while exports declined 2.5% yoy.

The economy continues to underperform under the weight of market unfriendly populist policies and exacerbated national resources nationalism, which has led to a significant decline in private sector investment and production in the critical oil sector. The government is still forecasting a 6.8% expansion of real GDP in 2010, which we see as unrealistic.

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While we have no embrace for Goldman Sachs whatsoever, we have found the analysis on Latin nations accurate. You do not need to be Goldman to look around and know that Correa’s plans have financially bled out this nation. Note the key points here:

          “underperforming …         market unfriendly populist policies…     exacerbated national resources nationalism

          significant decline in private sector investment and production in critical oil sector…       unrealistic growth forecasting”

This is not some propaganda effort by global economists to debase Ecuador. No indeed: these are proven analyses which you see daily anyway except you refuse to be honest about what is happening. Self delusion is not healthy. Although this may seem like ice cold water thrown in your face, it is long past time to stand up and comprehend that Correa’s ALBA trickery and dishonesty is not working for you. Unless of course you are a criminal and far too many are criminally engaged today.

You think this is good. You think no one notices Ecuador’s criminality? Think again. It will take some serious cleaning out, which needs to be done, to restore any sane, mature leadership in Ecuador. You can chose to stay on the path of liars and criminals like Correa’s psychopathic team of pervs and perps or you can stop manipulating yourself, your family, your workplace and your nation and stand for something honorable.

You think Correa has made a mess of Ecuador’s finances by stealing and teaming with the FARC and Iran’s terrorists? Why is your free speech gone? Why did Correa steal TV stations and newspapers? What has Correa been doing at Manta? What weapons has he been buying? Where has your money gone? What is he doing? You can ask. How many Cubans now spy on you? How many Hezbollah and FARC are in Sucumbios… busily polluting the so called environment with their toxic chemicals and overt crimes of terror? Ask.

-Pedro Camargo for ECrisis