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Thursday, April 03, 2003
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Chavez blasts Central Bank. President Hugo Chávez blasted the Venezuelan Central Bank on Wednesday for allowing "savage" levels of interest rates to prevail. Chavez said: "I demand, with all due respect for the autonomy of the Central Bank ...the Central Bank has to listen to the country". For the second time in a week Chávez said that if the Central Bank does not listen to him, he would go to the Supreme Court to force it to do it. He said the structure of the Bank still was "infiltrated by neoliberal currents which serve those that want a coup". Finally, in the most irresponsible statement, which simply describes Chavez' tenure in the Presidency, he reminded the Directors of the Central Bank that sometimes decision have to be more political than technical. Clearly Chavez is fed up with the independence of the Central Bank, much like he has been fed up with every institution that does not follow his whims and wishes at every step. The question is what type of retaliation there will be on the Central Bank if it does not follow the Presidentâs orders. By the way, Venezuela's Constitution, written by a Chavez dominated Constituent Assembly (96% were from his party) grants the Central Bank independence. [Miguel Octavio: Venezuela]
I'll bet Chavez wants to inflate the money supply. It seems like he's done everything else possible to destroy a country's economy, so I wouldn't be surprised.
11:51:03 PM 
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Put the Brits in Charge. There is still a great amount of respect in the Arab world for Britain and the British. Despite all the shouts about the wicked British imperialists, the term Kilmet Inglizi ("the word of an Englishman") still rings true in the ear of the Arabs. [Counterpoint]
Here's an idea stupid enough to be in the National Review. And sure enough, it is. However, absurd as the idea is, I've wondered since Tony Blair sent so many troops if control of part of Iraq might be the payoff.
2:53:44 PM
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Report: Iraqi Officials Warn Citizens To Leave Baghdad Area. Iraqi officials have been driving in pick-up trucks mounted with loudspeakers in the vicinity of the Saddam International Airport, CNN reports, citing sources in Baghdad. The officials reportedly are instructing citizens in the area to leave their houses and exit the city in the direction of the airport. [Stategic Forecasting, LLC]
I decided to pay the $49.95 for a six-month subscription to Stratfor's coverage of Gulf War Two. It appears to be worth the money.
1:31:32 PM
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Amazing video on CNN a couple of moments ago about a demonstration in Najah (which as of yesterday was one of the most welcoming cities we have entered) against American troops. The mob quickly formed and turned ugly when a rumor emerged that US troops were planning to enter some holy site in the city. [John Robb's Radio Weblog]
I'd be willing to bet that the US troops never had any such plans, and the rumor was spread by some Iraqi government loyalists looking to stir up trouble.
Addendum: According to Strafor, the troops involved where supposed to meet with Shiite leader Said Ali Sistani and secure his residence. The Stratfor author suggests that the "demonstration" may have been a setup to demonstrate his power to the US so they couldn't ignore him.
12:40:55 PM
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Why No Recovery?. While one hopes that this current sorry situation does not metastasize into a full-blown calamity reminiscent of the Great Depression (let me emphasize the word "hopes"), there are some not-so-obvious but important issues that need to be raised if we are to climb out of this economic mess. In these pages, we have covered the obvious problems like the insistence of the Federal Reserve System to keep interest rates artificially low, government intervention to prevent liquidation of malinvested capital, and the explosion of government spending, complete with yet another war. [Ludwig von Mises Institute]
9:35:45 AM
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© Copyright
2006
Ken Hagler.
Last update:
2/15/2006; 1:52:59 PM.
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