Ranticles: The irony
Venezuela is paying off 15.2% of its foreign debt in an
ongoing plan to reduce its foreign debt. Their bond rating has been upgraded as
a result, and they are now on par with Brazil, South America's largest
This is the threat Hugo Chavez poses to the Bush Regime. An
independent nation, absent foreign debt obligations, that can use its wealth as
This is the horrific menace to democracy, that a nation
repurchases its debt obligations and finds itself the master of its own future,
to sink or swim on its own merits.
Every time the Bush regime opens its yap to whinge about
Venezuela I have to laugh. The Bush Regime is 8 trillion dollars in debt, it
requires a billion and a half dollars a day of foreign investment a day just to
stay in debt. Much of that comes from China, a nation the Bush Regime vilifies
and criticizes on near constant basis (rightfully so in many cases, but it's
kind of like walking into the bank you're financially dependent on for your
loan and pissing on the office managers spider plant).
Then you have Venezuela, run by the menace to freedom, Hugo
Chavez. More jobs, lower poverty, higher literacy rates than ever before. Has
he been wrong? Oh yeah, I can't praise the man because he's done some stupid
acts. But overall, Venezuela is far better off now than it was before he came
to power. I can't say the same for the United States.
So whose the bigger menace to his people, then? The one who
spends like a drunken sailor while allegedly curtailing individual freedoms in
the name of security? Or the one who pays off his nations debt, builds
infrastructure and social programs, while allegedly curtailing individual
freedoms in the name of security?
* Venezuela is buying back some $3 billion in Brady Bonds
issued by the United States, and Brazil has announced that it will be doing the
same. The economic impact of this on the United States is tiny, but not
invisible. Venezuela and Brazil are collectively repurchasing some $7 billion
in Bond issues early, removing the value of those Bonds from calculations in
the US Federal Budget. In a budget as large as that of the United States, it's
a drop in the bucket, but the danger to the US Economy lies in the decision of
these nations to forego future involvement in US funded Bonds, a critical
component of Federal income.
Canticle on 2/26/2006.