– Venezuela faces epic default as China and Russia pull the plug
H/t reader squodgy:
“The problem now is who will be the first to invade.”
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The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– Venezuela faces epic default as China and Russia pull the plug
H/t reader squodgy:
“The problem now is who will be the first to invade.”
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Venezuela's president, already mocked for gaining weight amid a hunger crisis, pulls out an empanada from his desk during a live TV address. pic.twitter.com/sPw63dbt83
— Hannah Dreier (@hannahdreier) November 3, 2017
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– “Tomorrow Will Be Ugly”: Venezuela To Restructure All Debt As Creditors Panic Over Imminent Default:
One week ago, we and many others wondered, if the time has finally come for Venezuela, which was facing a “no grace period” $842 million principal payment for bonds issued by state-run energy company PDVSA, to default on its billions of unrepayable obligations. As we reported then, the liquidity crisis for Venezuela was especially acute because even if it did make the first PDVSA payment, it was facing a second, even larger one today, when PDVSA had to make another $1.121BN payment.
Well, despite a several day transfer delay, Venezuela did make the first payment, however it was not clear if Caracas would also make today’s payment, although as Reuters reported earlier, “markets remained optimistic that President Nicolas Maduro’s government will make the payment, though investors expect delays. PDVSA last week struggled for days to deliver funds for a separate bond payment amid confusion over which banks were charged with transferring the money.”
PDVSA bonds were down slightly in early trading on Thursday, while Venezuelan bonds were mixed, according to Thomson Reuters data.
However, as we previewed again last week, and as Reuters confirmed today, “most economists say a default is increasingly likely in the medium term as Venezuela’s collapsing socialist economic model has left the once-prosperous population destitute and led to deterioration of the OPEC nation’s vital oil industry.”
It now appears that that is indeed the case, and the long overdue Venezuela default, which has been speculated ever since 2014, is finally nigh, because during a nationwide TV address, Venezuela’s socialist president Nicolas Maduro said the country will seek to restructure its global debt after the state-owned oil company makes the PDVSA payment due at midnight. Maduro blamed a financial blockade that is preventing the nation from rolling over its debt, according to Bloomberg.
“I decree a refinancing and restructuring of all foreign debt and all Venezuelan payments,” Maduro said. “We’re going to a complete reformatting. To find an equilibrium, and to cover the necessities of the country, the investments of the country.”
– Venezuela: Mixed reaction online after election results:
Venezuela’s ruling socialists won a surprise majority in Sunday’s gubernatorial elections, prompting the opposition to refuse to accept the results and call on its supporters to take to the streets.
Tibisay Lucena, the president of the National Electoral Council (CNE), announced that the ruling party (PSUV) swept the regional elections, winning 17 of the 23 the governorships, with a turnout of more than 61 percent.
Read moreVenezuela: Mixed reaction online after election results
– Venezuela has support of ‘whole world’ against US hostility: Maduro:
Following a tour of Russia, Turkey and Belarus, Venezuelan President Nicolas Maduro says his country is receiving support from a “new world” thanks to the sanctions ordered by his US counterpart, Donald Trump, against Caracas.
Speaking on a weekly program on state TV on Sunday, Maduro said he has found out that his country “is not alone and has the sympathy, solidarity and support of the whole world.”
“A whole new world is opening up for Venezuela thanks to Trump’s sanctions,” Maduro said.
Read moreVenezuela has support of ‘whole world’ against US hostility: Maduro
– This is what $100 buys you in Venezuela:
The gunfire on the streets near my hotel started around 9pm last night.
The sound is unmistakable, especially at night on an otherwise quiet city street.
I had recently returned to the hotel after a few evening meetings. And coming back after dark it was as if they had rolled the sidewalks up — restaurants with no patrons, bars and clubs that were totally empty.
There was an incredibly striking woman I remember, standing in front of her restaurant playing hostess to absolutely nobody.
And with few people on the streets, it felt like some sort of zombie apocalypse.
Amazingly enough this country used to be THE wealthiest in the region. And not too long ago.
…
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– Maduro To Generals: Prepare For War With “Criminal Empire” US:
After barely managing to scrape together the nearly $200 million needed to make a bond payment earlier this month (the country made the payment a week late), Embattled Venezuelan President Nicolas Maduro is refocusing his attention on the US, warning military leaders Tuesday to begin preparing for war with the US. Maduro’s call to arms comes after the US has repeatedly tightened sanctions against Maduro’s regime and the country’s state-run oil company; earlier this week, the Trump administration blocked Venezeulan officials from entering the US as part of the White House’s new “targeted” travel ban. Trump has also repeatedly threatened a military intervention if Maduro doesn’t leave voluntarily.
Maduro is probably still brooding over Trump’s call for the world community to help restore “democracy and political freedoms” to Venezeula by ousting Maduro (to which Maduro reportedly responded in typical leftist fashion by comparing Trump to Hitler). Trump made those remarks last week during his first address to the UN General Assembly. Earlier this year, Trump said he wouldn’t rule out a military option for dealing with Venezuela, adding that the US has an obligation to take of the country because it’s “our neighbor.”
Maduro said Trump’s threats were the reason for him ordering the military to be on alert.
Read moreVenezuelan President Nicolas Maduro To Generals: Prepare For War With “Criminal Empire” US
Coming to a country near you (after the greatest financial collapse in world history or even before)…
Related info:
*****
– Venezuelan Women Forced To Turn To Prostitution To Afford Food:
All twelve women who work at the “Show Malilo Night Club” brothel in Arauca, Colombia are from Venezuela. As Venezuela’s socialist economic crisis continues, many Venezuelan women have turned to the sex trade in neighboring Colombia to eat and provide for their families.
“We’ve got lots of teachers, some doctors, many professional women and one petroleum engineer,” brothel owner Gabriel Sánchez said of the women who sell their bodies for $25 an hour. “All of them showed up with their degrees in hand.”
Read moreVenezuelan Women Forced To Turn To Prostitution To Afford Food
– Suddenly, “De-Dollarization” Is A Thing:
For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar.
China, Russia, and India have cut deals in which they agree to accept each others’ currencies for bi-lateral trade while Europe, obviously, designed the euro to be a reserve asset and international medium of exchange.
These were challenges to the dollar’s dominance, but they weren’t mortal threats.
What’s happening lately, however, is a lot more serious.
It even has an ominous-sounding name: de-dollarization. Here’s an excerpt from a much longer article by “strategic risk consultant” F. William Engdahl:
– Oil Rich Venezuela Stops Accepting Dollars:
The oil-rich country of Venezuela has stopped accepting the U.S. Dollar as payment for oil.
Last week President Maduro warned that the country would this week ‘free’ itself from the US dollar.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,”
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– Venezuela Is About to Ditch the Dollar in Major Blow to US: Here’s Why It Matters:
Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.
According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in a multi-hour address to a new legislative “superbody.” He reportedly did not provide details of this new proposal.
Read moreVenezuela Is About to Ditch the Dollar in Major Blow to US: Here’s Why It Matters
… because Goldman is doing God’s work!
You’ll better ask Blankfein what God has he been talking about.
– Goldman Sachs Exempt From Trump’s Venezuela Bond Trading Ban:
Crony Goldman wins again.
David Stockman notes:
Trump’s ban on trading Venezuelan bonds stupid & corrupt. Largest holder exempted. Who? Goldman Sachs! PITIFUL!
–RW
H/t reader squodgy:
“One rule for everyone else…..except Rothschild’s Goldman Sachs.”
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– Venezuela: Target of Economic Warfare
H/t reader squodgy:
“VENEZUELA:~
Delve deeper to find the system is being sabotaged by the US backed Private Enterprise Sectors who are determined to break the country and its people so the Global Oil Corporations…Exxon, Shell, BP etc can step in, unhindered and steal the largest oil reserves in the world.”
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– Attack Venezuela? Trump Can’t be Serious!
There is something unsettling about how President Trump has surrounded himself with generals. From his defense secretary to his national security advisor to his White House chief of staff, Trump looks to senior military officers to fill key positions that have been customarily filled by civilians. He’s surrounded by generals and threatens war at the drop of a hat.
President Trump began last week by threatening “fire and fury” on North Korea. He continued through the week claiming, falsely, that Iran is violating the terms of the nuclear deal. He finally ended the week by threatening a US military attack on Venezuela.
He told reporters on Friday that,
Read moreRon Paul: “Attack Venezuela? Trump Can’t be Serious!”
“Venezuela could very much become a risk for the United States of America. The Cubans are there; the Russians are there, the Iranians, Hezbollah are there. This is something that has a risk of getting to a very very bad place, so America needs to take this very seriously.”
You really can’t make this stuff up!
– CIA head says ‘Iran, Hezbollah & Russians’ involved in Venezuela, pose ‘risk’ to US:
Pompeo appeared on Fox News Sunday where he responded to comments made by President Donald Trump on Friday, in which he said there was “a possible military option” for Venezuela.
‘Unprecedented threat to national sovereignty’: #Venezuela’s Communications Minister on #Trump‘s ‘military option’ https://t.co/SrEPdIm9GP
— RT (@RT_com) August 12, 2017
The CIA head said he believes Trump’s comments were an effort to “give the Venezuelan people hope and opportunity to create a situation where democracy can be restored.”
Pompeo described “continued deterioration” in Venezuela as “[President Nicolas] Maduro is continuing to assert more power, inflict more pain on the people of Venezuela, you can see the beginning of fissures among various groups.”
Read moreCIA head says ‘Iran, Hezbollah & Russians’ involved in Venezuela, pose ‘risk’ to US
– Dear President Trump: What the F* Business is Venezuela of Ours?:
Dear President Trump, forgive my harsh language, but since you and your staff can use harsh language, why can’t anyone else?
That’s a minor question. Since you are busy, I prefer an answer to this question: What the F Business is Venezuela of Ours?
I ask because you stated: “We have many options for Venezuela including a possible military option if necessary.”
Dear President Trump, here are some additional questions that I am sure are on the minds of nearly everyone familiar with the story.
Read moreMike “Mish” Shedlock: “Dear President Trump: What the F* Business is Venezuela of Ours?”
– Trump: “We Have A Military Option For Venezuela”:
Having made the week for Vix buyers quite profitable, President Trump – whose North Korea rhetoric sent market volatility soaring in the past week – appeared ready to spread the love among long-suffering oil bulls, when on Friday afternoon Trump refused to rule out a U.S. military intervention in Venezuela, and said that the US has a military option in the insolvent, quasi civil war Latin American nation.
“I’m not going to rule out a military option,” Trump told reporters at his New Jersey golf club discussing recent events in Venezuela. “We have many options for Venezuela, including a possible military option, if necessary,” Trump said after a meeting with Secretary of State Rex Tillerson and UN Ambassador Nikki Haley.
President Trump: “We have many options for Venezuela, including a possible military option if necessary” https://t.co/EIPUTM5T5D
— NBC News (@NBCNews) August 11, 2017
The president did not answer whether American troops would lead that potential operation.
“We don’t talk about it. But a military operation, a military option, is certainly something we could pursue,” he responded.
– The Latest: Regional top diplomats reject Venezuela assembly:
CARACAS, Venezuela (AP) — The latest on Venezuela’s political crisis (all times local): 6:55 p.m. Foreign ministers from 17 Western Hemisphere nations are condemning Venezuela’s new constitutional assembly, saying their governments will refuse to recognize the all-powerful body.
…
H/t reader squodgy:
“Here we go.
Ooooh! look at all those oil reserves!!!
Hmmm, think of a bullshit reason to use to justify an invasion so we can steal all their oil and make sure the nation’s wealth NEVER gets to the people.
Watch this space.”
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– What The Media Isn’t Telling You About The Jailing Of Opposition Leaders In Venezuela:
H/t reader squodgy:
“Cabal/CIA puppets actively undermined and disobeyed conditions of House Arrest…hence arrest.
MSM silent.”
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– After Venezuela’s Election, U.S. And Allies Turn Up Heat – A Coup Could Be Ahead:
H/t reader squodgy:
“And again. The cabal don’t ever allow the country in their sights to distribute the fruits to the population. The wealth never filters down to the ordinary man and woman, because the yid bankster cabal want it for themselves and their cronies, so American CIA coordinates disruption opening the gates for invasion as necessary.
Iraq, Iran when it was Persia, Syria, Libya, Afghanistan, Ecuador, Argentina, Chile, Brazil, This time it is Venezuela.”
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– Venezuela Repels Attack On Military Base By Rogue Paramilitaries:
Venezuela’s Bolivarian National Armed Forces, FANB, responded courageously to the paramilitary-style terrorist attack carried out this Sunday against Fort Paramacay in the central state of Carabobo, President Nicolas Maduro said.
“I cannot describe it in any other way, it is a terrorist attack against the Bolivarian National Armed Forces and the Armed Forces has reacted in a united way, with morality, with decisiveness,” the Venezuelan head of state added.
Maduro noted that among the anti-government group, two were killed and seven arrested.
H/t reader squodgy:
“Another example of John Perkins guilt trip expose of how the banksters covertly destroy Nations.
Venezuela has the Worlds LARGEST oil reserves.
Of course America & the Rothschild/Rockefeller cabal would’t dream of stealing it….would they????….erm!”
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– Alternative Media Is Ignoring Venezuela’s Regime Change Problem:
CARACAS– (Analysis) Even though the independent media community in the West is diverse, there are often some common themes that unite alternative media outlets from different sides of the political spectrum. Common among these unifying forces is a criticism of the U.S. imperial war machine and U.S. efforts – both covert and direct – to subject governments throughout the world to regime change, often for simply conflicting with the U.S.’ “national interest.”
This has held true for independent media coverage of U.S.-led regime change efforts in countries like Iraq, Libya, Ukraine and Syria, where the reporting of most alternative media outlets has brought them into direct conflict with mainstream media, government-approved narratives. However, for several conservative-leaning independent media outlets, there is one glaring exception: Venezuela.
While some more left-leaning independent media sites have acknowledged the U.S.’ role in the destabilization of oil-rich Venezuela and its multi-million dollar funding of the political opposition, some on the more conservative side – such as Zero Hedge, InfoWars and We Are Change – have often ignored this outright or only mentioned it as a mere afterthought.
H/t reader squodgy:
“Has ZERO HEDGE been compromised?
It was a worthy leader of Alt News anti establishment exposure, but after the deep state Hillary/Trump “Russia” issue, where the shadow government have relentlessly gone for the Alt News genre, both financially and subvertly, I am thinking that Zero Hedge, being a prime target & source, just might be under the microscope and this could be why they seem to be towing the official line.”
ZeroHedge has also been extremely unfair in their reporting about Iran.
There are so many alternative media outlets that are compromised in my opinion. Sigh.
And I have to admit that I am asking myself: Why am I still doing this?
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