Interesting - Chavez Tells IMF / World Bank to Pack Sand

[Mike Ellis]

Venezuela continues to chart a different path under the leadership of Hugo Chavez, and the globalists are gnashing their teeth. First he commits the most unholy of all Dollartarian sins by nationalizing oil company assets. Now he has thumbed the international money elites in the eye by disassociating with the World Bank / IMF. Won't be long before we are treated to a rousing series of speeches by our leaders "GOTTA ATTACK VENEZUELA!"

I remain skeptical of the long term stability of his government given the traditional Bananastanian politics of the region, but I have to admit it is fascinating to see VENEZUELA pay off its debts while Condoleeza Rice, representing the most debt-addicted government in human history, condemns Chavez's policy as "damaging" to his nation. Reducing debt is bad policy? So that's the secret of Bush-o-nomics!

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Venezuela exits IMF and World Bank

Venezuela is to withdraw from the International Monetary Fund (IMF) and the World Bank, after Hugo Chavez, the country's president, said it no longer required the institutions.

Chavez made the announcement on Monday as part of plans to create an alternative lending bank run by South American nations.

I want to formalise our exit from the World Bank and the International Monetary Fund," Chavez said, issuing an order for Rodrigo Cabezas, Venezuela's finance minister, to begin proceedings to withdraw from the organisations.

We are going to withdraw before they go and rob us."

Chavez intends to set up a new lender run by Latin American nations which he has called the 'Bank of the South'.

He has pledged to support it with Venezuela's oil revenues.

(snip)

After years of strong oil prices, Venezuela said it paid off its final debts to the World Bank this month.

On Monday, Chavez announced a 20 per cent minimum wage rise and a gradual reduction in the working day to six hours, as part of a rejection of IMF and World Bank policies.

(snip)

Condoleezza Rice, US secretary of state, said last week that Chavez was damaging his country "economically and politically".

As part of his continuing programme of nationalisation, Chavez on Tuesday will lead a rally to take over the operations of oil projects in the Orinoco Belt, currently run by some of the world's largest companies.

"The importance of this is that we are taking back control of the Orinoco Belt which the president rightly calls the world's biggest crude reserve," said Marco Ojeda, an oil union leader, before the planned rally.

Chavez has promised to take at least 60 per cent of the four projects, valued at more than $30bn.

US companies ConocoPhillips, Chevron, Exxon Mobil, Britain's BP, Norway's Statoil and France's Total have agreed to obey a decree to transfer operational control.