There are very few things good about Venezuelan dictator Hugo Chavez, and in fact, you can count those things on one finger.
But that one thing is a big one, for Venezuela appears to be willing to put itself out on a limb and cast aside the global banking hegemony over the nation, and seek to control its own monetary future.
Two events over the past two days have shown just how dedicated Venezuela is.
“In two months, we’ve brought 160 tons of gold valued at around $9 billion back to Venezuela,” Merentes said on state television from the Caracas airport. “Today marks the last day of the mission.”
President Hugo Chavez in August ordered the central bank to repatriate the country’s gold reserves as a safeguard against instability in financial markets. The South American country, which has the 15th-largest holdings in the world, according to the World Gold Council, held 211 tons of its 365 tons of gold reserves in U.S., European and Canadian banks as of August. – Bloomberg via Zerohedge
The Venezuelan government has announced Venezuela’s “irrevocable” withdrawal from the World Bank affiliated arbitration body the International Centre for Settlement of Investment Disputes (ICSID).
According to an official statement released by Venezuela’s Foreign Ministry on Wednesday this week, the move has been taken on the grounds of defending national sovereignty and “to protect the right of the Venezuelan people to decide the strategic orientation of the social and economic life of the nation”. – Venezuelanalysis.com
As with Libya, Iraq, and Iran, the Daily Economist wonders how long it will be before US and NATO warships head to South America to punish the Latin nation for even thinking to defy the global monetary oligarchy.