What is the Price?

In the first months of the year, the markets of commodities had important increases of prices, where the prices of petroleum and minerals stand out. These increases of prices have constituted an important and unexpected surplus for those countries whose economy is sustained in some strategic natural resource, as it is the case of Chile, for example.

In the first three months of the present year, the state cupper firm (CODELCO) transferred to the state treasury 700 million dollars, by concept of surpluses generated thanks to the record prices that reached the copper in the international markets. In the last month a great discussion has untied with respect to what the government should do with this surpluses. The economic system based on rules as much for the monetary policy as for the fiscal policy, prevents that these resources can be spend extremely in the economy. In fact to introduce these dollars surpluses would mean to generate an excess of supply, which would appreciate much more the currency of the country, affecting the external competitiveness.

A lot of proposals have been listened to and it has been decided to save those resources abroad, in such a way that in the future when the economic situation would not be so good, those resources plus the generated interests, could be used. This is the economic logic of the saving that all people have. We save a dollar because we hope to have that dollar plus interests in the future. Nobody would save if somebody knows that he is going to have less of a dollar in the future.

If we think that Venezuela is also a mono-producing country, that is also generating important surpluses by the high price of petroleum, it is logical to think that they are looking for forms to use those surpluses in a way that for each dollar they spend or invest, they can receive more than a dollar in the future. If for Chile the best option were to save in a bank, it seems that for the Venezuela, the best option is to put that money in Bolivia.

Unofficially, I have the information that they have already placed 100 million dollars in hydrocarbons projects, bank, among other things. Then, we do not have to believe the story that the money that enters the country is unconditional aid. Probably Venezuelans have good intentions and they really want to help us, but at the time to see the returns, obvious that they will hope to receive that dollar that they have put plus an extra gain. The question is: From where is it going to come that extra? I hope it is not going to be money taken from the Bolivians pockets. Or stated in another from: What is the price they are paying for opening our country to them? I hope it is not a cheap price.