Prof. Steve Hanke, who masterminded Ecuador’s dollarization several years ago before Rafael Correa came to power, recently visited the country. During his stay, Hanke criticized the electronic currency Correa is imposing on the country:
Ecuador’s Dollarization Architect Doubts Correa’s Pledge
With the country facing a record budget shortfall, a new currency may undermine confidence in the monetary system, said Steve Hanke, a professor of applied economics at Johns Hopkins University, who advised Ecuador on adopting the dollar in the late 1990s and early 2000s. His concerns were echoed by Ruth Arregui, a former general manager at the central bank, and the University of Georgia’s Myriam Quispe-Agnoli, who wrote about dollarization as an economist at the Federal Reserve Bank of Atlanta.
Correa was not amused and took to Twitter:
“Young people: avoid mediocrity like the plague. They bring us Steve Hanke to insult our intelligence . . .”
..https://t.co/17OXYkiAXk
Jóvenes: a huir de la mediocridad como de la peste.
Insultando a nuestra inteligencia, nos traen a Steve Hanke,..— Visita Ecuador (@MashiRafael) July 19, 2016
“. . . the “gringo Cavallo” (with apologies to Cavallo). His CV: advisor to Abdalá Bucaram, Carlos Menen [sic] and a number of former Soviet republics that . . .”
…el “Cavallo gringo” (con perdón de Cavallo).
Su CV: asesor de Abdalá Bucaram, Carlos Menen y una serie de ex repúblicas soviéticas que…— Visita Ecuador (@MashiRafael) July 19, 2016
“. . . brutally embraced neoliberalism. His “pearls of wisdom”: “inflation would have been worse if it weren’t for dollarization.” That is, Colombia . . . .”
..brutalmente abrazaron el neoliberalismo.
Sus “genialidades”: “sin la dolarización la recesión hubiera sido peor”. Es decir, Colombia por..— Visita Ecuador (@MashiRafael) July 19, 2016
“. . . devalues when it feels like it.
It’s really embarrassing.
But this is just the beginning. Let’s strengthen the stomach.
To victory always!”
…gusto deprecia.
Realmente causa vergüenza ajena.
Pero esto recién empieza. A fortalecer el estómago.
¡Hasta la victoria siempre!— Visita Ecuador (@MashiRafael) July 19, 2016
About that last tweet, I can’t say that I understand what, if anything, Colombia has to do with Ecuador’s new electronic currency, what Correa is embarrassed about, or what is “just the beginning.”
“A fortalecer el estómago” (Let’s strengthen the stomach) may (or may not) be the equivalent of “gird one’s loins,” but again, what about?
But I do know that ¡Hasta la victoria siempre! is the motto of the Cuban communists, and of Che Guevara.
Related:
Steve H. Hanke: ‘La dolarización funciona en Ecuador, pero el dinero electrónico no’
