“This is not a U.S.-Venezuela issue. It is an issue between Venezuela and its people.”
This curt dismissal by White House Spokesman Jay Carney of President Nicolás Maduro’s charges of U.S. plotting against Venezuela epitomizes the different approach between the Bush and Obama administrations on Venezuela.
I was U.S. ambassador to Venezuela from early 2002 to late 2004.
Both then and now the government of the Bolivarian Republic of Venezuela — Hugo Chávez then, Nicolás Maduro now — tried to blame the United States for the short-lived coup in April 2002 and the prolonged demonstrations now.
For most of the Bush administration, the United States allowed itself to be provoked by Chávez.
In so doing, we became a foil that Chávez used to build support.
* Chávez taunted the “devil” George Bush.
* He made racist and misogynist remarks about Secretary of State Condoleezza Rice.
* He allied himself with Saddam Hussein, Bashar al-Assad, Mahmoud Ahmadinejad, Moammar Gadhafi, Fidel C…
Many investors have gotten used to lumping the world's emerging markets into one big asset class.
But in the past year, the drama in Turkey, Venezuela, Argentina, Russia, Indonesia, India, China... all of these countries have had unique local stories that made it very clear that the emerging markets should not be considered as one big thing.
"Amid the pervasive bearishness about developing economies, the term "emerging markets" has never been more unhelpful and misleading," said Nicholas Spiro last month.
"Differentiation remains the watchword, and it's time the term "emerging markets" was jettisoned."
Above is a chart from Citi's global economics team that breaks the emerging markets into five regions. While these regions may also be too broad and general, we at least begin to see the how different the growth stories have been.