After sending 15,000 more troops to the border, leftist Venezuelan President Hugo Chavez is warning his military and the population to “prepare for war” against neighboring Colombia and the “Yankee empire,” further inflaming tensions in the region.
Adding to pressure mounting against the U.S. dollar, left-wing Latin American leaders gathered in Cochabamba, Bolivia, over the weekend for the seventh Bolivarian Alliance for the Peoples of Our Americas (ALBA) summit and agreed to create a new regional currency in a bid to stop using American Federal Reserve Notes, according to foreign news reports.
In the wake of failed “land reform” policies, Hugo Chavez’ socialist government is now aiming to invalidate pharmaceutical patents that his commerce minister calls a “barrier to production.” The plan would allow domestic drug makers to produce the medicines under a license from the government. But critics of the move warn that it will likely lead to shortages and less foreign investment, problems that have already begun to plague the nation as it continues its attacks on the private sector.
The “Socialist Revolution” will continue in Ecuador for at least another four years after President Rafael Correa was reelected by a wide margin Sunday. “We’ve taken a historic step in consolidating our social revolution,” he proclaimed to supporters after exit polls indicated victory. “We will never defraud the Ecuadorian people.”