The Cartel Strikes Back: S&P Downgrades Venezuela to B+
 |
| The New Revolucion is GOLD |
The first retaliatory shot has been fired in the great gold war.
In another Friday night shocker, S&P tonight downgraded Venezuela's credit rating to B+ from BB-.
Shockingly, S&P actually admited that the reason for the downgrade was Hugo Chavez demanding Venezuela's gold be repatriated from the BOE (kept by JP Morgan and friends)!
S&P "expressed concern" that Venezuela's gold will no longer be held at The Morgue.
Bwahahaha!
Standard & Poor's on Friday downgraded Venezuela's credit ratings as it implemented a new methodology more heavily focused on political risk—a key weakness in the oil-producing country.
 |
Walker and Walker | Getty Images
|
Political risk has been a constant issue in Venezuela, where change in economic rules and nationalization of companies are common. Uncertainty about the health of President Hugo Chavez, who had surgery in Cuba earlier this summer to remove a cancerous tumor followed by chemotherapy treatment, has added to those risks, S&P said in a statement.
"In our opinion, changing and arbitrary laws, price and exchange controls, and other distorting and unpredictable economic measures have undermined private-sector investment and hurt productivity, weakening Venezuela's domestic economy," S&P analyst Roberto Sifon Arevalo wrote in a report.
Venezuela's vast oil and gas reserves "somewhat" offset the policy uncertainty, S&P said. The country posts steady current account surpluses which, combined with strict capital controls, result in positive net asset positions.
However, S&P expressed concern about the actual level of Venezuela's gold and foreign exchange reserves after reports that the country plans to repatriate them.
"When you have the reserves held abroad, you do have some level of confidence," Arevalo told Reuters in an interview. "That is not going to be the case anymore. They are going to be held at the central bank domestically, then you fall in the same circle of lack of transparency that everything else has in Venezuela."
Replies to This Discussion
-
Permalink Reply by Maria De Wind on
-
Hmm, let's review: They've got Oil and they've got Gold. Sounds like Venezuela just became the new land of opportunity. The S&P just lost whatever shred of credibility it still had.
The worry is "they might be next Libya" as Libya had exactly the same oil & gold, since Chavez, is not part of the cartel, they will 'create' a reason to 'regime change'
-
-
Permalink Reply by KingKhan on
-
S&P lost "all" credibility when they were giving AAA ratings to mortgage backed security funds days before they collapsed and caused the economic disaster. And we cant forget about the 2 trillion dollar mistake they made when downgrading the US credit rating. Oops.
Their credit ratings are a joke.
In terms of Venezuela, I'm sure the US has sent in their jackals and something is brewing.
-
-
Permalink Reply by Jose Villarreal on
-
From the looks of it this seems like it is going to be quite a feat. See this article
http://lonerangersilver.wordpress.com/2011/08/20/traders-brace-for-... -
-
Permalink Reply by Nikki on
-
I was wondering what the blowback would be
http://12160.info/video/chavez-calls-back-venezuelan-gold-interview...
-
-
Permalink Reply by guest_blog on
-
-
-
"Destroying the New World Order"
THANK YOU FOR SUPPORTING THE SITE!
Latest Activity
- Top News
- Everything
"cheeki kea, you're right, Great Britain invented the Harrier Jump Jet which the US Marines…"
The TRUE Story of a Government-Sponsored Alien Hoax | Fallen World Films | #ufo #uap #drones
**This video is a selected clip from the full-length film, "The Heavens and the Earth: The Final Card"*WATCH the Full Movie HERE!*The Heavens and the Earth: ...
" https://www.youtube.com/watch?v=HHStTN8z1MQ <--jump jet link. An American…"
" I find it hard to seriously believe anything that the powers that be say or their…"
"Mass psychosis Formation. Mass Formation in itself is not necessary a bad thing but 90% of it is…"
Final Judgment Approaches: What the Noahide Laws Reveal
The Seven Noahide Laws, often seen as a precursor to a global system of judgment, stand in stark contrast to the teachings of the New Testament. Jesus Christ...
Too Brainwashed to Use Common Sense
You know that you have a society in a death grip when you can propose ridiculous intelligence…See More
Screenshot_20250111-011628
"AND Newsom puppet was Happy about it ! So much so he was jigging in delight just thinking about it.…"
Robot Reality: They Will Be Our Intimate Companions
Here is the stark unrequited reality. In China alone there are 300 thousand more men than women…See More
IT IS MA'AM! Full Transgender Freakout Video
Subscribe for more!Follow us on Instagram instagram.com/trumped.america
Blackout
"ps - Some Trump fans are concerned over these latest stunts but look how he gives the stage over to…"
Stargate (1994) Official Trailer HQ
An interstellar teleportation device, found in Egypt, leads to a planet with humans resembling ancient Egyptians who worship the god Ra.
© 2025 Created by truth.
Powered by
