Leaders throughout Latin America are increasingly hinting that they may defect from the United Nations-inspired and U.S. government-led “War on Drugs.” But the Obama administration, despite adding trillions in new debt in recent years, forcefully vowed to continue pursuing the controversial war while pledging more American taxpayer funds to foreign governments for the battle.

Venezuelan strongman Hugo Chavez threatened to nationalize private banks which refuse to obey an official mandate and finance the regime’s development projects, sparking more concerns about the future of Venezuela and its ailing economy. The socialist “President” also vowed to step up his failed land confiscation and redistribution schemes.

CELACLeaders of Latin American and Caribbean governments gathered in Caracas, Venezuela, on Friday and Saturday to forge a new regional organization that includes representatives from every country in the Western Hemisphere except the United States and Canada. According to socialist rulers backing the new scheme, it is aimed at providing a counterweight to U.S. “imperialism” in the region while promoting “integration.” The communist regime ruling mainland China celebrated the news and vowed to support the group.

When Venezuelan President Hugo Chavez announced last Tuesday the imposition of new price controls on a long list of consumer items, he expressed optimism that they would help curb inflation:

Colombian government officials claim that the leader of that nation’s most prominent rebel group was killed Friday in an operation carried out by the Colombian military.

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