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.
Leaders 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:
With the discovery of huge oil fields off the coast of Brazil in the fall of 2007 came estimates of just what impact they would have on Brazil’s already booming economy. Prior to the discovery of “pre-salt” reserves estimated to be the size of Florida and in excess of 120 billion barrels, Brazil’s economy was already considered to be the 7th largest in the world, according to the International Monetary Fund (IMF), the World Bank, and the CIA.