Hi Sabri,
I don't have any data and have only statements by Chavez to go on
[and there tends to be a gap between discourse and practice for various
reasons here]; however, it is my impression that Vzla has been moving
out of the USD gradually for a number of years now. [Chavez recently
announced how Vzla has protected itself from the US crisis because of
the revolution, citing this.] The step advocated but not taken [which
can't be done alone] is to designate the euro for oil prices.
In any event, all this is outside my areas of knowledge. On Bank of
the South, among thosen much concerned with issues related to that is
Eric Toussaint [as well as the Left Economists network in Latin America].
best,
michael
On 30/09/2008 1:16 AM, Sabri Oncu wrote:
Micheal L:
Rather than use its rent gains for accumulating foreign ownership claims,
vzla's
orientation [exemplified by ALBA] is to engage in solidaristic relations
within
Latin America and to support with its funds the creation of regional
institutions
[eg., the Bank of the South] that can challenge imperialist hegemony.
I know about the Bank of the South project and am interested in
contributing to that, too. But, given the current world system, rather
than parking your petro-dollars in low yielding US Treasuries, would
it not be better to park them in other US dollar denominated assets
with better yields that would help your cause better? Is this not part
of challenging the imperialist hegemony?
I support the Bank of the South wholeheartedly!
I am sure we can do much better than the banks of the north, if we
think about it carefully!
By the way, what happens if we screw up?
Can we do any worse than the banks of the north?
Look what is happening in the North!
Best,
Sabri
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Michael A. Lebowitz
Professor Emeritus
Economics Department
Simon Fraser University
Burnaby, B.C., Canada V5A 1S6
Director, Programme in 'Transformative Practice and Human Development'
Centro Internacional Miranda, P.H.
Residencias Anauco Suites, Parque Central, final Av. Bolivar
Caracas, Venezuela
fax: 0212 5768274/0212 5777231
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