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Venezuela, allies starting up a NEW BANK

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posted on Jan, 27 2008 @ 06:33 PM
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Venezuela, allies starting up a NEW BANK


ap.google.com

CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez and three of his closest allies are teaming up to create a regional development bank intended to strengthen their alliance and promote independence from U.S.-backed lenders like the World Bank.

The bank is to be launched Saturday as Chavez hosts a summit with leaders from Nicaragua, Bolivia and Cuba — members of the Bolivarian Alternative for the Americas, or ALBA.

The left-leaning regional trade alliance is intended to offer an alternative, socialist path to integration while snubbing U.S.-backed free-trade deals.

The ALBA Bank will be started with $1 billion to $1.5 billion of capital, Venezuelan Finance Minister Rafael Isea said Friday, according to the state-run Bolivarian News Agency.

Venezuela, with its plentiful oil earnings, is expected to be the leading financier. The funds will go toward social programs and other joint efforts, from farming projects to oil ventures.

Chavez and the leaders of six other South American countries last month launched a similar venture, the Bank of the South, which is projected to have as much as $7 billion in startup capital and offer loans with fewer strings attached than those given by the World Bank or the International Monetary Fund.

Nicaraguan President Daniel Ortega said he believes the ALBA Bank will bring "mutual benefits." For instance, he said, Nicaragua's farm projects could "start supplying Venezuela with milk, with beef" — which could help Chavez's government stem recent shortages of such products.

The two governments Friday signed a series of accords, including one for "food security" under which Nicaragua pledged to help supply milk, corn, beans and beef to Venezuela.

"I want to thank Daniel and all of Nicaragua," Chavez said. "We still have to depend on a lot of imported foods."

In turn, Chavez's government is selling oil under preferential terms to Nicaragua and has sent the country fertilizers, tractors and electric generators.
(visit the link for the full news article)




posted on Jan, 27 2008 @ 06:33 PM
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WHOA...This could be huge. Turns out Hugo wasn't bluffing about taking funds out of U.S. banks. He's leading the charge!

Pretty crazy.

ap.google.com
(visit the link for the full news article)



posted on Jan, 27 2008 @ 06:50 PM
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I agree I do think this is huge. Any one who has taken the time to read knows how big the world bank is, and that it is mostly U.S. controlled. From what I remember that is any way. Another place for developing nations to go for there loans will be a big deal for the world bank. The world bank also very much robbed the developing nations of the natural resources, so that will be another reason for nations to go to Chavez now. However, I also feel that Chavez and his bank will be pulling the same underhanded stunts that the world bank has done. He will try to rob what ever nation he loans to for the developing of resources. He may or may not have the resources to carry out the assassinations and such that the world bank has done, but I do feel he will be following down the same path, being the path of greed.



posted on Jan, 27 2008 @ 07:57 PM
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reply to post by RedGolem
 


Solid points. Time will tell I suppose.

But with the world bank's track record, I'm up for seeing this come to fruition, and maybe, just maybe, more nations will follow suit and end this monopoly of greed and crookedness so inherent with the current world bank systems.

This has the potential to start off a chain reaction that could change the world financially IMHO.



posted on Jan, 28 2008 @ 01:17 AM
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reply to post by DimensionalDetective
 


Detective
I agree that this will most likely prove fruitful. I just also don't think the greed will go away. Since that is kind of what is behind banks to begin with.
Change the world yes, that could very well happen, but not really to make it a different place, just a different source of financial power.



posted on Jan, 28 2008 @ 03:21 PM
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I think this is a pretty important topic. I hope people are paying attention. Chavez gets labled as a "nobody" and a "lunatic", but this could literally spark off a world-wide financial storm IMHO.



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