Posts Tagged ‘Fausta’s blog’

Ecuador’s new fake currency

Monday, August 25th, 2014

And it’s not even bitcoin.

Mary O’Grady writes about Ecuador’s Phony Bitcoin Ploy
President Correa’s new ‘electronic currency’ will make it easier to engage in monetary devaluation.

This year Ecuador will run a fiscal deficit, including debt service, of some $9.2 billion, more than 9% of GDP. That’s what happens with budgeting that forecasts that oil prices will grow to the sky. It will be hard to shrink bloated state payrolls and subsidies, and the cost of servicing rising debt levels isn’t getting any cheaper.

To return this year to the international capital markets with a $2 billion 10-year bond, Ecuador had to pay a whopping 7.95% coupon. It also took out a $400 million three-year loan from Goldman Sachs against Ecuadorean gold to meet budget shortfalls. China holds $11 billion in Ecuadorean debt, not including billions of dollars in loans from Beijing secured by future oil shipments at an undisclosed price.

Now Mr. Correa is planning for when he runs out of other people’s money. The central bank says its new money will be a parallel currency backed up by dollars or the “equivalent” and used to pay its 500,000 bureaucrats in a “hygienic” manner. But if so, why not use dollars? In today’s world, there’s nothing special about transferring money electronically. Implying that this is a “virtual” currency is an attempt to lend Bitcoin-like cachet to what will essentially be IOUs issued by a country with a rather dodgy credit history.

And, if you think Ecuador may be a good place to retire, keep in mind that

Ecuadoreans are not free to speak against this threat to their earnings and savings. Mr. Correa is well known for using the judicial system and the army to threaten and silence his critics. Earlier this month he won the passage of a new law that makes it a crime—punishable by up to seven years in prison—to “publish, broadcast or spread” news that creates “economic panic.”

Panic indeed.

A “parallel currency backed up by dollars”? Don’t be the next Lord Crawley.

And now for the #ALSIceBucketChallenge I can embrace

Sunday, August 24th, 2014

100% class.

Good luck with that!

Saturday, August 23rd, 2014

Brazilians can vote for their own ‘Barack Obama’
A congressional candidate for the ruling Worker’s Party in Brazil is running under the name Claudio Henrique Barack Obama

But wait! There are more!

According to the PBR documentary, Brazil has several other Barack Obama’s as political candidates. This unofficial elections website has a list of a few of them.

Yes, but how many of them play golf?


Biometrics and the police state

Friday, August 22nd, 2014

My latest, Biometrics and the police state, is up at Da Tech guy Blog.

Please read it, comment, and hit da tip jar!

TSA: Illegals without ID can fly with ‘Notice to Appear

Friday, August 22nd, 2014

Gateway Pundit has the story:
TSA Misled: Letter Confirms Illegals Allowed to Fly without ID, Just ‘Notice to Appear’

TSA gave the public a false impression. What TSA is saying is that the Notice to Appear is accepted when verified by ICE. But the verification is that a slip of paper was issued by ICE to an illegal alien whose identity cannot be verified by ICE. The illegal alien can give any name they want to ICE and be given a Notice to Appear. They themselves can be an undocumented terrorist or they can give or sell the I-862 form to a drug cartel or terrorist group so that they can penetrate the country beyond the border area.

Breitbart has the letter:

TSA Doc

Click on letter to enlarge.

Despite the letter’s admissions, the TSA had previously insisted that Darby’s report–which detailed the acceptance of Notice to Appear forms at airports–was untrue.

And how unique is the letter?

Hector Garza, a spokesman for the National Border Patrol Council (NBPC) told [Breitbart Texas Managing Director Brandon] Darby that Notice to Appear forms can “easily be reproduced or manipulated on any home computer. The Notice to Appear form has no photo, anyone can make one and manipulate one. They do not have any security features, no watermark, nothing. They are simply printed on standard copy paper based on the information the illegal alien says is the truth.

Meanwhile, you try flying without ID.

Related:
Rick Perry: It’s possible ISIS has crossed southern border

Because the border is insecure, Perry said that “individuals from ISIS or other terrorist states could be” taking advantage of the situation.

Argentina’s shell game

Thursday, August 21st, 2014

Argentina tries to sidestep US ruling with debt swap
“Nervous” Argentina president Cristina Fernandez de Kirchner announces plan to replace Bank of New York Mellon as trustee with state-run Banco Nacion
, because, of course, that would mean Cristina gets what she’s been after all along.

As for that lawsuit Cristina’s government brought to the International Court of Justice in The Hague, claiming the US had “committed violations of Argentine sovereignty”?

The US government must consent to the ICJ’s jurisdiction before the UN can proceed with the case.

She ought to hire this guy; he’d do a better job,

Colombia: Luis Carlos Cervantes murdered

Thursday, August 21st, 2014

A classic mob hit: The Colombian journalist’s car was stopped on the road, and Cervantes was shot dead . . . three weeks after he was denied protection by the authorities, who now claim that “according to the information obtained from a risk assessment, there weren’t any links between the threats Cervantes received, and his work as a journalist.”

Marcela Estrada has the story:

 Four years ago, Cervantes served as a correspondent for news channelTeleantioquia. His problems started in 2010, when he covered the collusion between government employees from the Bajo Cauca region and the paramilitary and drug trafficking group, Los Urabeños. This occurred most heavily in Tarazá and Caucasia, both cities in the department of Antioquia,

In April 2010, Cervantes was attacked by a policeman while he was reporting on the capture of another police officer in Tarazá, who was accused of handling war munitions for paramilitary groups. Three years later, a grenade exploded just a few meters away the radio station where he worked.

In October 2013, Cervantes asserted to the authorities that the local leader ofLos Urabeños, Germer Andrés Rebolledo, also known as “El Escamoso,” was the instigator behind the threats. That same year, Rebolledo was detained by the police, for allegedly killing another journalist, Luis Eduardo Gómez.

After filing several complaints, Colombia’s National Agency for Protection assigned Cervantes around-the-clock state protection. From then on, the journalist was always escorted by two bodyguards and a police car.

Nonetheless, on July 20, the agency determined that the journalist was no longer at risk, and took away his protection program.

Four days after he was off the protection program, a stranger shows up, a text tells him to get out of town, ten days later he was executed, but the National Agency for Protection claims Cervantes’s murder had nothing to do with his profession? The International Federation of Journalists (IFJ) is not buying it.

In response to the clamor generated by the assassination, the Colombian government’s Procuraduría General (prosecutor’s office, the equivalent of the U.S. Attorney General) is creating a “special agency” to work with the Medellín prosecutor’s office’s current investigation (link in Spanish).

As Drudge says, “developing.”


Tonight’s podcast

Wednesday, August 20th, 2014

live at 8PM Eastern, and archived for your listening convenience Panama Canal, Argentina, Mexico & US-Latin America stories of the week

Is Populism beatable?

Wednesday, August 20th, 2014

Today is question day: Is Populism beatable?

Populism has been the driving force behind both our political landscape and our economic misfortunes. This trait has marked the misguided economic policies of several administrations, with Chavismo just exacerbating the problem. Because, in essence chavismo repeats a well’worn recipe: continue to fuel the spending binge, among other insane policies, with an unprecedented oil boom backing this profligate party.

Indeed,

Populism thrives in societies where the rule of law is undermined or non-existent, with sky-high economic inequalities, a weak institutional framework, and polarization among other contributing factors.

Carlos Rangel’s post offers a start, but my question is, can totalitarian Communism be ousted from Venezuela at this point?

Would “gender mainstreaming” fix the border crisis?

Wednesday, August 20th, 2014

Marisol Ruiz writes, Want to Fix Border Crises? Empower Women.

Ms Ruiz, whose research focuses on gender and international relations, states that

A common denominator in most proposals is that they lack a gender perspective or simply ignore the concerns of women and girls. A long-term solution is to urge Central American governments to allocate resources – their own and any that the United States may want to contribute – to policies that reduce inequality and promote “gender mainstreaming” – the “globally accepted approach to achieving gender equality,” according to UN Women, so women’s and men’s concerns and experiences are “integral to the design, implementation, monitoring, and evaluation of all policies and programs.”
. . .
Any approval by US Congress for emergency funds should attach specific conditions to the aid packages, ensuring the money will implement policies focused on gender mainstreaming, highlighting the importance of transforming gender relations, rather than just implementing a one-size-fits-all approach to include women.

Her solutions include government spending in education, family planning, legalizing abortion, and “investing in political equality” by including women in the policymaking.

Yes, good, universal elementary school education and fostering literacy is a vital factor. But what is missing from Ruiz’s picture?

Not a word on the rule of law.

Not a word on curtailing corruption.

Not a word on protecting and encouraging property rights.

Not a word on fostering economic growth by decreasing bureaucracies, streamlining the registration and licensing of businesses, or investing in infrastructure.

Not a word on finding ways to provide access to capital (other than by remittances, that is).

Not a word on attracting foreign investment, industrializing, increasing exports, or increasing productivity.

So, would “gender mainstreaming” fix the border crisis? No.