Fausta's Blog

American and Latin American Politics, Society, and Culture

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Venezuela: US bans the petro

The new cryptocurrency cannot be legally traded in the USA:

U.S. Bans Use of Venezuela’s Cryptocurrency. Official blasts so-called petro as ‘a desperate attempt by a corrupt regime to defraud international investors’.

With the economy in shambles and the country cut off from debt markets, Venezuela President Nicolás Maduro launched the so-called petro cryptocurrency last month in a bid to skirt intensifying financial sanctions from the U.S., the European Union and others aiming to punish the government for its authoritarian rule.

“Investing in the petro should be seen as investing in the dictatorship,” a senior U.S. official said after President Donald Trump signed an executive order banning the currency.

Indeed, (emphasis added)

U.S. officials say any other cryptocurrencies created by Venezuela’s government in the future will also be subject to the ban, which took effect immediately. Echoing the U.S. action, Venezuelan lawmakers opposed to Mr. Maduro say the petro is illegal because it was created without parliamentary approval, raising questions about the asset’s validity if there were a change of power.

The petro is the regime’s cheap excuse for a make-believe revenue source in exchange for nothing. If they were simply oriented towards creating a money laundering tool, there’s plenty of bitcoin action in that direction.

In other Venezuela news,
Tuberculosis is on the upswing

A city issues its currency: Venezuelan City Launches Its Own Currency Amid Cash Crunch

Even the Russians are starting to worry: Rosneft seeks to ease fears over Venezuela loans.
Russian oil producer says repayments are being made on schedule

Last, but not least,

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Phantom CEO busted for encrypting Blackberry for cartel use

The chief executive of a company that created highly-secure smartphones allegedly used by some of the world’s most notorious criminals has been indicted.

Canadian-based Phantom Secure made “tens of millions of dollars” selling the modified Blackberry devices for use by the likes of the Sinaloa Cartel, investigators said.

The charges marked the first time US authorities have targeted a company for knowingly making encrypted technology for criminals.

The Department of Justice arrested Vincent Ramos in Seattle last week. He was indicted on Thursday along with four associates.
. . .
They are charged with racketeering and conspiracy to aid the distribution of drugs. Both crimes have a maximum penalty of life in prison. Mr Ramos is the only one of the group currently in custody.

“This organisation Phantom Secure was designed to facilitate international drug trafficking all throughout the entire world,” US attorney Adam Braverman told the BBC.

“The difference is this company was specifically-designed to aid international drug trafficking organisations,” and new customers needed a referral from an existing customer. A six-month subscription cost $2,000-$3,000, easily affordable by their target customers.

The only surprising thing is that it took this long to create the business.

UPDATE
Linked to by The Other McCain. Thank you!

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Argentina: Navy rescues US scientists

The BBC reports: The Argentine navy has rescued four US scientists and a contractor from an Antarctic camp after the US icebreaker due to pick them up could not reach them because of thick sea-ice.

The five were carrying out research on Joinville Island off the north-eastern tip of the Antarctic Peninsula.

All five are in good health after being airlifted by helicopter onto the Argentine icebreaker Almirante Irízar.

The US Antarctic Program had requested help from Argentina.

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Arguing over the Frida Kahlo Barbie

The world’s most narcissistic painter is back in the news, this time over – yes, again – her image:

A row has broken out between relatives of the late Mexican artist Frida Kahlo and the corporation which claims it holds the rights to her image.

It comes after the toy company Mattel launched a range of new Barbie dolls based on “Inspiring Women” – Kahlo among them.

In a statement, the family insisted Mattel was not authorised to base a doll on Kahlo.

But both the Frida Kahlo Corporation and Mattel have rejected the claims.

The artist with the famous unibrow was famous for her self-portraits and became a feminist icon. Since she died in 1954, her image has generated an array of consumer products, from tequila to lip gloss.

It is not the first FridaK toy. There’s the Frida Kahlo Surrealist Artist Action Figure Doll:

Salma Hayek doesn’t like the Frida Barbie,

“Frida Kahlo never tried to be or look like anyone else,” wrote Hayek. “She celebrated her uniqueness. How could they turn her into a Barbie?”

I don’t like it, because of a different reason: Kahlo was a devoted communist. I also don’t like the idea of dolls as role models, but Kahlo’s communism by itself is reason enough.

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Moving

I am moving this week, so blogging will be light.

Wish me good luck.

Heartfelt thanks for your support.

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Venezuela: The refugee crisis as the regime’s expansionist weapon

A second post today on Venezuela:

I have been writing about Venezuela‘s man-made crisis for years.

Here’s a question: Qui bono?

Who stands to benefit from it?

The regime stands to benefit:

chaos, desperation and violence give it an excuse to crack down harder. A refugee crisis, sparked by hardship, makes it easier for regime agents to infiltrate neighboring countries, expanding the government’s clandestine networks.

Keep that in mind as the regime enters phase two of its plan for a Pan-American revolution.

Cross-posted at WoW! Magazine.

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