Bank of the South: vamos a ver
Celebrating May Day, Hugo Chávez announced that
Tuesday, May 01, 2007
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3 comments:
Can it generate enough capital to replace U.S.-dominated institutions? Will more countries sign on? Will it be multilateral, or primarily a Venezuelan affair? Would it loan to countries with governments opposed to Chávez? Can it do any worse than the IMF?
I think the answers to your questions are: no, maybe, Venezuelan (until the price of oil drops), no, and yes (especially after the price of oil drops).
Yes, it goes without saying that cash from Venezuelan oil is critical to the entire endeavor. For the last question, though, I was thinking more in terms of the effects of its loans/projects on the average person.
"For the last question, though, I was thinking more in terms of the effects of its loans/projects on the average person."
Let's be honest. The neoliberals aren't interested in what's good for the average person. They're interested in what's good for U.S. and Latin American elites. If someone's first priority --however disguised-- is to preserve existing class relations in Latin America, he or she will naturally see the Bank of South as potentially "worse than the IMF."
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