President Lula da Silva doesn't understand public choice theory. He also can't outsmart a cheeky Newsweek reporter:
Newsweek: You often criticize the privatization process. But thanks to the sale of state companies even the poorest Brazilians have cell phones, and former public companies like Vale have become world-beaters under private ownership.
Lula: But the state could have done the same things.
Newsweek: Except that it didn't.
Lula: It didn't because the Brazilian elite used public companies for their own ends. When you do that, any company will go broke, anywhere in the world.
Er, yep.
Via KPC, who also quote Lula's views on the state of Venezuelan democracy.
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