danarhea

Venezuela has moved all its central bank assets out of the United States, has liquidated all its investments in US treasury securities, and has placed all of its funds in European banks, thus converting it all to Euros.

Does Venezuela see a coming monetary crash coming in the US, or is it merely keeping its promise to take economic action if the US kept supporting the idea of assassinating Chavez?

Article is here.

Pacridge

It's probably more show then anything else. But the massive US debt might have had some small effect on their move.

danarhea

That is exactly my thinking too. What is going to kill us is not only the debt, and currency based on debt, but fractional banking too.

Kandahar

Hardly. Hugo Chavez is an economic troglodyte who can't even see the current monetary crash taking place in his OWN country.

Canuck

333 billion $ over run on U S soil
America's DEBT while less frightening then Ven.
isn't the picture of perfect
and certainly not one that should lead to name calling unless your aiming your name calling directly at policy makers of your own country
Chavez has the guts to stand up
where are the American people that stand up
to this debt of theirs,nuke the iraq people with UD bombs and look at other poorer nation's people as troglodytes is that the real america speaking up
it certainly sounds like the REPS machine along the lines of
abortions for all blacks to save crime and assasinate chavez because he dares to speak out

Canuck

333 billion $ over run on U S soil
America's DEBT while less frightening then Ven.
isn't the picture of perfect
and certainly not one that should lead to name calling
it sounds an awfull lot like russian to me
chavez speaks up REPS say kill him
and bomb iraq with depleted uranium boms while your at abortions for all blacks so crime goes down but let the borders stay wide open for mexican crime
doesnt sound american its foriegn to my ears

Pacridge

Dude (Dudette?) punctuation please. Seriously I'm the last guy to complain about anyone's grammar, But I can't even understand what you're trying to say here.

Plus your above two posts are almost identical, some reason for that?

Kandahar

What are you talking about? Where in my previous post could you have possibly gotten the impression that I supported the huge American debt and war in Iraq? What does any of that have to do with my statement that Hugo Chavez is an economic troglodyte? The fact is that Hugo Chavez has done everything in his power to make Venezuela LESS free and MORE poor. There is no country in the world that has seen a steeper decline in economic freedom over the past decade than Venezuela.

Pacridge

When you decode Canuck's posts, let me know.

How has Chavez made his country less free? More poor? I thought their economy was rebounding lately.

Kandahar

The Venezuelan economy is so unstable that it undergoes wild swings. For example, GDP fell -18% in 2003, rebounded 11% in 2004, and underwent another nasty recession during the first half of 2005. If its economy is currently on an uptick, it doesn't mean the economy is rebounding. The long-term trend for the Venezuelan economy since Hugo Chavez came to power has been very much downward.

He has made Venezuela less free by harassing and intimidating journalists, imprisoning political opponents on petty charges, accepting bribes from local and foreign groups, and (according to some election monitors) fixing the last referendum.

Chavez has driven away almost all foreign investment in his country and has made Venezuela even more dependent on oil for its economy. He has nationalized many foreign-owned businesses, so it's no surprise that other foreign-owned businesses have been scared away.