National / World Politics 30 Mar 2007 09:10 pm
Week in review
Best Articles on the Web this week
Pelosi to the Brits “Drop Dead”
President Bush’s talk at the Radio and TV Corespondent’s Annual Dinner. Video and text at this link
Chavez takes another crazy step by stripping a bank’s assets take a link to the Chavez story here
I couldn’t get an archived link, so I will print the story below –
He’s NUTS!
CARACAS, Venezuela — President Hugo Chavez ordered Venezuela’s bank deposit protection fund to transfer its assets “to the poor,” the latest move threatening to undermine one of the country’s autonomous financial institutions.Venezuela’s Fogade insurance fund holds properties and other assets, which guarantee deposits in the banking system, much like the U.S. government’s Federal Deposit Insurance Corporation.
“I want all the assets held by Fogade to be passed to the Republic,” Chavez said Thursday on his “Hello, President” TV talk show.”Fogade has many warehouses, it has many properties. All that I am going to give to the people, to the poor,” he said.
“Fogade must disappear.”Chavez added Fogade has a “long list” of acquired properties that are not being put to use. “This cannot be. Pass me (the list) and I’m going to pass it on to the people,” he said.Chavez said the government would compensate the fund “little by little” for any assets that it loses.He also said banking deposits would remain insured but did not say how.
Fogade, although affiliated with the Finance Ministry, is an autonomous institution. It played an important role in re-capitalizing Venezuelan banks after a 1994 collapse of the banking system that cost the government some $11 billion in bailouts and damaged the economy for years.
Chavez also diverted billions of dollars (euros) from the central bank’s foreign reserves which are critical to backing a nation’s currency toward a state development fund that finances his popular social initiatives.Since winning re-election in December and vowing to deepen his socialist revolution, Chavez has pledged to do away with central bank autonomy altogether.
[April 2 update] here is another note from Michelle Malkin website linking to another this time, showing the end of a TV station (with pictures of the destruction). The TV station had broadcast in Venezuela for 54 years. “power to the people” wow.
I can only imagine those who create any wealth (read: create anything!) in Venezuela will start moving to FLA if they haven’t already, then who will support the government and drive the economy? Oh, what economy you say? “power to the people” wow.
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