Argentina and Venezuela are still under Attack By The Vultures

As most of my friendly bloggers are reporting on the financial crises in Greece, China, Puerto Rico, and elsewhere, I continue to sense that a major event is due in South America.

I am surprised that Venezuela has managed to prolong the collapse this long, because the evidence reveals that the vultures and money masters are attacking vulnerable currencies and have down graded Venezuela’s bonds yet again.

The People living in Venezuela are facing an emergency.
S&P, Fitch, and MOODY’S credit rating agencies have been slashing Venezuela’s rating repeatedly over and over again and again.
S&P cut in September 2014 from B- to CCC+ (which is seven levels below investment grade), then from CCC+ it was cut to CCC .
The following governments have consistently been listed with the “highest default probabilities” in percent of being unable to honor their debts within the next five years:
Greece 98.54%, Cyprus 70.08%, Argentina 55.36%, Portugal 51.87%, Pakistan 48.92%, Venezuela 47.74%, Ukraine 44.05%, Illinois/State of 38.67%, Spain 37.45%, and Ireland 35.73%

Earlier market reports recorded Venezuela’s foreign currency reserves are currently at their lowest level since 2003, dropping $5.7 billion this year alone to $16.4 billion.
“Venezuela’s sources of FX financing are limited, the sovereign last issued a global bond in 2011, and significant multilateral funding is not expected in 2015 – 2016.” –

Some Venezuela regions have dealt with food and medical shortages.

Harvard University Professor, Ricardo Hausmann, predicts that Venezuela will have no choice but to default next year.
Recall that last year I recorded the Wall Street investors’ predicted that Venezuela would default this year 2015!
What is worse is that institutional investors are advising firms and clients to sell off their Venezuela bonds and stay away from buying any more!
1financial terrorism
Hedge funds are eyeing Argentina and Venezuela like hungry vultures.
After default, the bankers expect to repossess assets and property as bounty in the aftermath of their loan sharking schemes.
As always, Follow The Money. ~Ron

Video posted 01 Aug 2015


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6 comments on “Argentina and Venezuela are still under Attack By The Vultures
  1. RonMamita says:

    Meet the Hedge Funders and Billionaires Who Pillage Under the Shield of Philanthropy

    Posted on August 4, 2015 by Yves Smith

    Yves here. This post is a tad on the shrill side, but as you’ll see from the information marshaled, the vitriol is well warranted.

    By Lynn Parramore, s contributing editor at AlterNet and senior editor at INET. She is cofounder of Recessionwire, founding editor of New Deal 2.0, and author of “Reading the Sphinx: Ancient Egypt in Nineteenth-Century Literary Culture.” She serves on the editorial board of Lapham’s Quarterly. Follow her on Twitter @LynnParramore. Originally published at Alternet

    America’s parasitical oligarchs are masters of public relations. One of their favorite tactics is to masquerade as defenders of the common folk while neatly arranging things behind the scenes so that they can continue to plunder unimpeded. Perhaps nowhere is this sleight of hand displayed so artfully as it is at a particular high-profile charity with the nerve to bill itself as itself as “New York’s largest poverty-fighting organization.”

    British novelist Anthony Trollope once wrote, “I have sometimes thought that there is no being so venomous, so bloodthirsty as a professed philanthropist.”

    Meet the benevolent patrons of the Robin Hood Foundation.

    Robin Hood in Reverse

    The Robin Hood Foundation, named for that green-jerkined hero of redistribution who stole from the rich to give to the poor, is run, ironically, by some of the most rapacious capitalists the country has ever produced — men who make robber barons of previous generations look like small-time crooks. Founded by hedge fund mogul Paul Tudor Jones, the foundation boasts 19 billionaires on its leadership boards and committees, the likes of which include this sample of American plutocracy:

    -Hedge fund billionaire Steven A. Cohen, who, when he is not being probed for insider trading (his company, SAC Capital Advisors, pled guilty to securities and wire fraud) is busy throwing parties for himself worthy of a Roman emperor at his Hamptons palace and bragging about his $700 million art collection. He suspends a 13-foot shark in formaldehyde from the ceiling his office, perhaps as an avatar of his business practices.

    -Billionaire Home Depot founder Ken Langone, who threatened to turn off the charity donations if Pope Francis dared to continue criticizing capitalism and inequality, and also likened the plight of the wealthy in America to Nazi Germany. The GOP megadonor doesn’t care for bank regulation and it’s no surprise that he is the main booster for New Jersey Governor Chris Christie’s presidential bid, as his plan to shred Social Security is a fond wish of the tycoon’s.

    – Hedge fund billionaire Stanley Druckenmiller, funder of right-wing causes who dedicates himself to spreading deficit hysteria and ginning up generational warfare on college campuses by trying to convince young people that they are being robbed by seniors using Social Security and Medicare. A long-time anti-tax crusader and supporter of such anti-labor enthusiasts as Wisconsin Governor Scott Walker, Druckenmiller warned President Obama that any attempt to tax the rich to pay for social services for the poor would be futile.

    By occupation (the more useless and parasitical the better), it comes as no surprise that 12 of the 19 men in leadership positions at the Robin Hood Foundation happen to be hedge fund managers. A group called Hedge Clippers, supported by a coalition of labor unions and community groups and devoted to exposing how billionaires scheme to inflate their wealth and influence, has pointed out in a scathing report that the Robin Hood Foundation has close ties to an organization called the Managed Funds Association (MFA) that — shocker! —lobbies tirelessly for unjustified tax breaks for hedgies. Paul Tudor Jones’s top deputy, John Torell, chairs the MFA, and 31 members of Robin Hood’s governing board and leadership committees are executives at firms that belong to the highest membership levels of the organization.

    Read More:

    Spain Face Secession Movement

    Don Quijones: Businesses Flee Catalonia, Foreign Investment Plunges, as Confrontation with Spain Comes to a Boil
    Posted on August 5, 2015 by Yves Smith

    By Don Quijones, Spain & Mexico, editor at Wolf Street. Originally published at Wolf Street

    As the countdown begins to Catalonia’s plebiscite-style elections, scheduled for September 27, cracks are already beginning to show in Spain’s most important economic region (at least pound for pound).

    A few days ago, a study by Axesor showed that since the region’s pro-independence premier, Artur Mas, took office in 2011, 3,800 companies have upped sticks and left Catalonia for other regions of Spain. By contrast, just 2,547 companies have relocated from other regions to Catalonia during the same period.

    Of the 3,839 companies that abandoned Catalonia, almost half ended up relocating to Madrid. Indeed, during the same period Madrid has seen a net inflow of 1,766 companies while Spain’s third largest city Valencia registered a net influx of 361 companies.

    While some of those companies were lured away from Catalonia by the prospect of lower taxes – Catalonia is currently the highest-taxed region of Spain – fears are growing that more and more local companies are voting with their feet against Catalonian independence. These fears were compounded by recent tweaks Rajoy’s government made in Spain’s corporate governance law to make it much easier for the country’s biggest publicly listed companies to move the location of their headquarters.

    It’s not just local companies that are getting the jitters. In March of this year Spain’s Ministry of Economy released data showing that in 2014 foreign direct investment in Catalonia plunged 16%, while in Spain as a whole it increased 9.2%. In Catalonia’s neighboring province, Valencia, overseas investment grew by a staggering 300% in the space of just one year.

    “With foreign investment falling in Catalonia by 15% and surging in Valencia by more than 300%, it’s pretty obvious that foreign investors are beginning to have serious doubts about the political and economic future of Catalonia,” said the president of Catalonia’s Business Association Josep Bou:

    It’s clear that the so-called independence process is in the interest of neither Catalans as a whole nor Catalan businesses in particular, given that it creates economic and political instability and limits our economic growth and job-creation potential. The regional government needs to join forces and pursue synergies with the rest of Spain and not seek to divide it. That is the best way of getting out of the crisis.

    Beyond Pragmatism

    To a certain extent, Mr. Bou is right: most businesses, whether local or international, abhor political or economic instability or uncertainty. Some will inevitably try to relocate, although some international companies (Volkswagen, Nestle, Nissan) seem quite happy to expand their operations in Catalonia.

    However, what Bou seemingly fails to realize is that it’s already too late in the game to appeal for reason in Catalonia’s simmering war of words and gestures with Madrid. The issue of Catalan independence is no longer one based on pragmatic realities; as tensions have festered, it has become an almost purely emotionally driven issue, not just in Catalonia but throughout Spain. Instead of a reasoned national debate, all that now exists is one almighty shouting match between diametrically opposed nationalists who refuse to listen to one another.

    And now that the wrecking ball is in motion, stopping it will be a tough task, especially with neither side willing to give an inch. Today Catalonia’s coalition government gave the ball a powerful kick by officially announcing plebiscite-style elections.

    If pro-independence parties win a majority of the seats in parliament, they have promised to declare unilateral independence from Spain. Rajoy’s government hit back by modifying Spain’s system of regional governance to enable the central government (i.e. itself) to take full control of a region’s governance institutions in the event of an emergency.

    It is against this emotionally charged backdrop that Catalan citizens will go to the polls on September 27. Who they vote for will depend almost exclusively on their feelings regarding national independence. Whether Catalonia will benefit economically from separating from Spain is just part of the equation. Whether or not businesses will pack their bags (or even fail) is a secondary issue. For fervent pro-independence Catalans so, too, is the question of whether or not a nascent Catalonian nation-state would be allowed to remain in the EU; or, for that matter, whether its banks will continue qualifying for ECB credit.

    Nothing to Lose

    As I noted in The Mother of All Storms Builds over Catalonia’s Independence, Rajoy is more than happy to perpetuate this dynamic: by adopting a belligerent line against Spain’s internal enemy (Catalonia), Rajoy keeps his party’s core constituency of fervent Spanish nationalists on board while making other parties that favor dialogue appear weak. The twin blowbacks of rising regional tensions and economic instability are a price worth paying to bolster his embattled political party’s electoral prospects.

    This is a government that lied on just about every one of its election manifestos to get into power (including its infamous pledge that it would not give a cent to the banks before awarding them the biggest bailout in Spanish history). Imagine what it is willing to do to hold onto power?

    In the last few months alone it has passed a law that effectively criminalizes most forms of political protest; it has announced its budget for 2016 half a year before 2016 has even begun, just so that it can entice gullible voters with the promise of guaranteed tax cuts and spending rises, despite the fact that the IMF has already said that Spain will probably have to tighten the austerity screw after the elections; it has even created a new electoral law just months before the general elections to make it easier for the People’s Party to take control of hung parliaments in future local elections.

    Its latest move was to pass control of the party’s apparatus in Catalonia to Xavier Garcia Albiol, a xenophobic, anti-immigrant, anti-separatist former mayor of a satellite city on the edge of Barcelona. The party believes that his populist appeal has the best chance of taking votes from the rising anti-independence party Ciutadans. In putting its faith in Albiol, Rajoy’s government sends a clear message to the people of Catalonia: it is not interested in healing any wounds or bridging any gaps. All it wants is votes – and at any price. If that means throwing even more gasoline on the fire of Catalonian independence, so be it. By Don Quijones, Raging Bull-Shit.

    And the repercussions of this strategy go far beyond Spanish borders. Read… The Mother of All Storms Builds Over Catalonia’s Independence


  2. Economic warfare always seems so much more efficient (and easier to hide) then sending in the Marines.


  3. RonMamita says:

    Brazil’s Debt and Economy Shaking…

    [On the investing edge of JUNK status]

    Rating Action: Moody’s downgrades Brazil’s rating to Baa3 from Baa2; outlook changed to stable The document has been translated in other languages

    Global Credit Research – 11 Aug 2015

    New York, August 11, 2015 — Moody’s Investors Service has today downgraded Brazil’s government bond rating to Baa3 from Baa2. The rating agency also changed the outlook on the rating to stable from negative …



    Brazil Treasury suspends new debt requests by states -finance ministry

    BRASILIA, Aug 14 (Reuters) – Brazil’s Treasury asked state governments to halt requests for new loans to avoid lifting its overall debt which is being closely watched by credit rating agencies that have threatened to take away the country’s coveted investment grade rating, the finance ministry said in a statement on Friday.

    “The request reflects the current state of the economy and the large amounts of credit requested by and approved for sub national entities,” the statement said.

    Annual credit disbursement for Brazilian states have ballooned to over 35 billion reais ($10 billion) in the last few years…

    Earlier this week the state of Rio Grande do Sul missed a payment on its debt with the federal government as it struggles to balance its overdrawn accounts.

    ($1 = 3.4811 Brazilian reais)

    (Reporting by Anthony Boadle)

    Police In Brazil Raid World Cup Stadium In Corruption Investigation

    Aug 15, 2015

    Police in Brazil raided a stadium in Recife used for the 2014 World Cup on Friday, in an investigation into fraud committed during the construction of the arena.

    According to a story by Reuters, federal police are investigating the contractor Odebrecht SA, which held the primary contract for building Arena Pernambuco. Authorities said the company secured an agreement in 2010 that was overpriced by more than $12.26 million.

    A conservative estimate of the arena’s cost puts it at $152.7 million, but cost overruns are gradually increasing that total.


    Brazil officials find workers living like slaves at Olympic venue

    (AP) 15 Aug 2015

    RIO DE JANEIRO – Brazil’s labour ministry says its inspectors have found 11 men hired by the construction firm building the athletes’ village for the 2016 Rio de Janeiro Olympics living in slave-like conditions.

    The ministry’s website says the workers were hired by Brasilia Global Services, the construction firm in charge of the “Ilha Pura” project where athletes will be housed during the Olympic games.
    The ministry says the workers were found living in cramped, rat- and roach-infested lodgings provided by the company.

    Rio de Janeiro’s Extra newspaper says the company has denied it made it workers live in slave-like conditions.

    Brasilia Global Services was contracted by the Ilha Pura consortium that says it is co-operating with investigators.

    Brasilia Global Services was not immediately available for comment on Saturday.


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