Tag Archives: Venezuela

In an address to a new legislative superbody, Maduro said:  “I am announcing that Venezuela intends to introduce a new international payment system and to create a currency basket for the liberation from the dollar and, [we intend] to free ourselves from the clutches of the dollar, the currency that is strangling our country.”  “If they pursue us with the dollar, we’ll use the Russian rouble, the yuan, yen, the Indian rupee, the euro,” Maduro said.... Another wipe at what's left of...

Calling bullshit on the US and UK media.CounterpunchVenezuela in the Media: Double Standards and First Impressions Ricardo Vaz AlsoVenezuela’s Elections: Resurgent Chavismo and Unrecognized Democracy (August 3, 2017)Venezuelan Opposition “Consultation”: Playing Alone and Losing (July 19, 2017)

Shortly after the White House unveiled new sanctions last Friday against Venezuela while prohibiting U.S. trading in various bonds issued by the country (while exempting the notorious Goldman "Hunger Bonds"), Venezuela’s "close ally" China slammed the latest diplomatic crackdown and said on Monday that external interference and unilateral sanctions only make things "more complicated and will not help resolve problems." Asked by reporters about the new U.S. measure, Chinese Foreign Ministry...

Brings out some facts that are generally overlooked or suppressed in the neoliberal media. The Vineyard of the Saker Venezuela – Open Letter to President Nicolas MaduroPeter Koenig, former World Bank economist

The back story.  Similar in Brazil and other Latin American countries. In Brazil the Carnival queen was deposed for being too black.Defend DemocracyVenezuela’s long history of racism is coming back to haunt it Hazel Marsh

Backgrounder. EG: Because while there is a state reaction taking place, there is repression with tear gas and rubber bullets, you’re not seeing the other side of it, which is that those are not exactly peaceful democratic protests. There are smaller factions. I mean, there are parts of the opposition in Venezuela that act within a democratic framework, but there is a very violent faction that’s gotten out of control. It’s anarchical. I mean, they where they’re using Molotov cocktails,...

Many pieces have been written recently on the situation in Venezuela, including some on the left, that are very critical of the Maduro government (see for example this Jacobin piece that has been widely cited). Interestingly, during the sleepy months of the summer in which I almost didn’t write anything here, this old post on Venezuela has become the most read on the blog (as we approach almost 3 million hits).Let me first say that I am for democracy and against violence, irrespective of...

The hunger games Ricardo Hausmann blames the situation in Venezuela to excessive heterodox policies. The piece is not particularly well written, but if you look for the deep cause of the crisis, according to Hausmann, then you must conclude that it is a fiscal one. The government spent too much, and got into too much debt. In his words: Governments often struggle to balance their books, leading to over-indebtedness and financial trouble. Yet fiscal prudence is one of the most frequently...

Via Business Insider comes this colourful map and chart of CDS spreads worldwide: Those who thought Greek bonds would be the most expensive to insure, since everyone knows it can't pay its debts, need to think again. Venezuela is the most expensive, by a long way.  Related to that is this: The yield curve has been deeply inverted all year, but yields at all maturities are now rising: When even the yield on long-dated bonds is heading for 30%, the public finances are completely...