Venezuela Marxist Failure Continues, Pawns $1 Billion In Gold, In Hyperinflation, Has Obama Team Admirers

Venezuela Marxist Failure Continues, Pawns $1 Billion In Gold, In Hyperinflation, Has Obama Team Admirers

The Central Bank of Venezuela has pawned nearly $1 billion of its gold reserves, sources close to the central bank say. The swap operation, as it is called in the financial markets, was signed with the US bank Citibank, which was chosen from a group of five international organizations, which also aspired to structure this financial instrument.

Although details of the operation are unknown, experts have estimated that the US bank will charge a fee of between 6 and 7 percent for preparing the swap. The gold remains in the vaults of the Bank of England. But it would be taken as collateral in case the Central Bank of Venezuela does not pay on time the amount borrowed from Citibank.

It was thought that the swap’s value would be $1.5 billion, but in the end a lower figure was achieved. The funds will be used to pay for imports, an unofficial source said.

Venezuela has hyperinflation already.

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Several members of the Obama Administration have lauded the Venezuela Marxist dictatorship as a model they want to follow:

Obama appointed Federal Communications Commission (FCC) Chief Diversity Officer (“Diversity Czar”) Mark Lloyd praises Venezuelan Marxist dictator Hugo Chavez’s “incredible…democratic revolution.”

The admiration goes both ways.  The Venezuela dictator Hugo Chavez endorsed Obama in the 2012 election.

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