Rafael Correa, 43, an avowed leftist “economist” educated at the University of Illinois, has won the presidential election in Ecuador.

He’s a good friend of Hugo Chavez and has campaigned on promises to de-dollarize Ecuador, default on the sovereign debt, and nationalize private oil companies, chasing out every last penny of foreign investment. He’s one of the biggest Idiots in the hemisphere.

Some economist. The guy doesn’t even know arithmetic, let alone human nature.

The only consolation is that he’s likely to be thrown out before his term is up, and he does not have a congress whose parties he can work with.

Of course I am disgusted. But I could also see this coming. Correa’s program, after the primary, was substantially modified in the direction of the right. He toned down his Chavez worship, changed his mind on dollarization and softened his lunatic tone on defaulting on the sovereign debt.

Not that I believe him.

But moving right, just as his rival, banana tycoon Alvaro Noboa moved a little to the left, seemed to be more palatable to Ecuador’s voters. And maybe it’s understandable – Correa was a fresh face. Noboa was an oligarch. Correa must have seemed more like an outsider, more willing to be worth the gamble to focus on the poor, via handouts. Noboa, being an oligarch, is one good reason why Ecuador is so full of poor people. It’s not his wealth that is evil but the fact that he has privileges to operate his businesses at the expense of potential entrepreneurs who cannot get business licenses. They are shut out while Noboa is fully operational and happy to see no rivals flourish. It’s the privilege, not the money, that makes Noboa’s wealth so odious and his candidacy so suspect. It’s a very tough situation but it goes back to much further in time than the advance of Hugo Chavez. Ecuador’s problems begin with oligarchic privilege and the crushing of the private sector. That may be one reason why Correa came out on top.

The sentiment of voters seemed to be the same as Bolivia, too – despair. Voters were thinking – they all suck and they all lie so let’s give this one a chance. Throw the dice! It was the same thing Bolivia’s voters repeatedly said ahead of their vote cast for Evo Morales. Now, Ecuador joins Bolivia in the contest to be the most unstable country of the Americas, going against the current set by its two majestic neighbors, Peru and Colombia. What a sad pity.

ECrisis has further coverage well worth reading here.

UPDATE: Boz at Bloggings by Boz has an absolutely excellent analysis of this new situation in his new ‘Five Points On Correa’ that’s a must-read here.

UPDATE: FT says Correa’s going into the presidency with his hands tied.