Uh-oh, we have a nationalist on our hands! (You know what happens to those) http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20050930&ID=5157487 Chavez: Venezuela Moves Reserves to Europe CARACAS, Venezuela (AP) - Venezuela has moved its central bank foreign reserves out of U.S. banks, liquidated its investments in U.S. Treasury securities and placed the funds in Europe, Venezuelan President Hugo Chavez said Friday. "We've had to move the international reserves from U.S. banks because of the threats," from the U.S., Chavez said during televised remarks from a South American summit in Brazil. "The reserves we had (invested) in U.S. Treasury bonds, we've sold them and we moved them to Europe and other countries," he said. Chavez, a sharp critic of what he calls "imperialist" U.S.-style capitalism, has often criticized foreign banks for the power they wield in international financial markets at the expense of poorer countries. Chavez again proposed the creation of a South American central bank that would hold the foreign exchange reserves of all the central banks in the region. "I'm ready right now with the Venezuelan central bank ... to move $5 billion (euro4.15 billion) (of Venezuelan reserves), to a South American bank," Chavez said. Central bank officials could not be immediately reached for more details. Chavez has also argued against central bank autonomy, saying excess foreign reserves should be spent on economic development projects. Under his presidency, Venezuela's mostly pro-Chavez Congress changed central bank laws earlier this year so the government could tap reserves for spending, despite criticism that it would lead to devaluation of the local currency and higher inflation. Every year the central bank must now compute an "optimum" amount of reserves and hand over the rest to a newly created national development fund. Money held in the fund will be used for overseas purchases and to pay off outstanding debt. Foreign exchange reserves held by the central bank stood at $30.434 billion (euro25.27 billion) as of Sept. 28, according to central bank data.
LOL! no, I am not obsessed with any single topic Seriously though, I didn't get around to reading any of these articles until an hour ago, and therefore I just decided to post all the 'interesting' ones at once.
Wow, I would have sworn I've seen this before. It's like discovering the ivory-billed woodpecker isn't extinct after all. The past, relived in spectacular technicolor. A mural of President Hugo Chávez on the wall of a government complex in Caracas that houses a subsidized food market and two factories. http://www.nytimes.com/2005/10/30/i...l=1&adxnnlx=1130663617-cVLDsUFpkgaP6fA6l2Nl7A I'm always stirred by a little humility. (did they find that woodpecker??) Keep D&D Civil.
This guy talks about being threatened by the US every time I hear him. I think he's just using it to rally support behind him. Make yourself the 'hero' underdog. Its a little played out by now. I don't know if any of you have been to Eastern Europe or Cuba but hopefully this place doesn't end up being another Cuba where lawyers and doctors and other professionals can't afford to feed their families so they are hookers for tourists as their evening jobs. Viva la Revolution!
When the U.S. organizes a coup to throw you out of power, which the U.S. tried to do to Chavez, it might make you believe they are out to get you. Since the evidence backs up what he says I can hardly blame him for talking about it.
FB, don't you find the billboard I posted a picture of at least a little disturbing? It reminds me of too many memories I have of the Cold War. Keep D&D Civil.
It is total propoganda, and very cold war-esque. But that was one part of the cold war that didn't bother me. It was so out of the realm of what would affect me and speaks of such huge ego, that I always found those kinds of things funny, and wanted my own huge statue/mural/billboard with my face on it in some heroic context. But I was also addressing Khan's specific point that Chavez is using a gimmick when talking about the US being out to get him.
True, it's a pretty small amount, it's not as if Saudis are taking out $1 trillion in investments from the US market, but i think what's significant is if this becomes a 'trend' that other Latin American countries would soon follow, as well as other countries that have had sour relations with the US recently.
Is Venezuela also moving their oil-trade currency to Euro? I'd assume so. Hopefully this doesn't start a domino effect that further weakens our currency (and you wonder why U.S. always only paid lip service to alternative energy...).
Should have let the Germans have them in 1902. I think this goes back to the alternate energy debate. We can either continue to be held hostage to two bit dictators or we can lead the next great industrial change into alternate energies. It makes the most long term economic and geopolitical sense to lead this next revolution. Then we can just laugh off any grandstanding by losers like Chavez. "Oil is the basis of Chavez's power. The world's fifth-largest crude oil exporter, Venezuela sells 60 percent of its output to the United States, accounting for 15 percent of the latter's petroleum imports. The Venezuelan state also has a major stake in refining and distribution in the United States through its ownership of Citgo. The recent high oil prices provided the stimulus for Venezuela's economy to grow by 17.3 percent in 2004, leading to a decrease in unemployment from 17 percent in early 2004 to 14 percent in February 2005." http://www.pinr.com/report Maybe we should consider nationalizing Citgo if he continues to nationalize corporations in Venezuela.
