Latin America

Ecuador Central Bank President Resigns After Admitting Fake Degree

"The president of Ecuador’s central bank, Pedro Delgado, resigned late Wednesday after admitting he faked having a university degree. Mr. Delgado, a cousin of President Rafael Correa, also resigned from his administrative posts with other state agencies. 'I committed an error, a serious error 22 years ago. I made a mistaken decision in order to reach an academic goal. I made mistake and I am paying the price now,' he said." Continue reading →

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The Worst Inflation in My Lifetime

"Shortly after we took this family photo in 1951, Dad decided to buy a second home in Brazil, where we experienced the worst inflation of the 20th Century. One day, the president announced an appeal to patriotism — 'gold for Brazil.' All loyal citizens were asked to collect any gold they had in their home and donate it to the government. Later, when inflation surpassed an annual rate of 2,000 percent, the government got so desperate it didn’t bother making public appeals. It summarily announced that everyone’s bank accounts were frozen and everyone’s savings were confiscated." Continue reading →

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New York judge’s ruling sparks nationalist surge in Argentina

"A legal tug-of-war with a $20 billion US hedge fund plays out in a New York case that has sent nationalist sentiment soaring in Argentina and raised concerns about the impact on future efforts to help debt-ridden countries recover. NML Capital, part of American billionaire Paul Singer’s Elliott Management, is among a handful of creditors demanding full repayment of bonds that Argentina defaulted on in 2002. In recent months, the government’s inability to settle with a handful of holdouts led by NML has resulted in one of its Navy tall ships being impounded in Ghana and an expensive court case in New York." Continue reading →

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Uruguay Marijuana Legalization Bill Allows Home Grows and Sales

"The bill introduced Wednesday says only that the government will manage and regulate commercial cultivation and sales. Whether it will actually open state-run pot farms or marijuana retail outlets is yet to be decided, but in either case, a National Cannabis Institute will be in charge. Under the pending legislation, each household could grow up to six plants or possess up to 480 grams, or slightly more than a pound. People could also join 'smoking clubs' with up to 15 members and grow six plants per member, up to an annual production of 15.8 pounds." Continue reading →

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Puerto Rico Statehood Experts Challenge Results

"The territory question had two parts. The first part asked voters if they favored their current status as a U.S. territory. About 54 percent of voters said no. From there, everyone could answer a second question that gave three options: statehood, sovereign free association or independence. Sovereign free association is not the same as the current status. Only about 1.3 million voters answered the second question. Of those, 61 percent chose statehood, 33 percent chose the semi-autonomous choice and 6 percent chose independence. Nearly 500,000 people left the question blank. The population of Puerto Rico is nearly 4 million people." Continue reading →

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Latin American leaders urge review of U.S. pro-marijuana referenda

"The leaders of Mexico and three Central American nations called Monday for a review of anti-drug policies after two US states voted to legalize marijuana. The presidents of Mexico, Honduras, Costa Rica and Belize called on the United Nations to hold a special session by 2015 to examine the 'successes and limits' of current strategies against drug trafficking. In a joint declaration read by Mexican President Felipe Calderon, the leaders asked the Organization of American States (OAS) to draft a report on the impact of last week’s referenda in the US states of Colorado and Washington." Continue reading →

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Krugman’s “Success Story”: 700,000 Strong Protest in Argentina Against Inflationist Prez

"Demonstrators marched against rising inflation, crime and corruption under President Cristina Fernandez de Kirchner, whose popularity has plummeted since she was re-elected last year as the economy wobbles, reports the UK's Standard. In Buenos Aires, crowds filled the Plaza de Mayo in front of the presidential palace and chanted: 'We’re not afraid.'" Continue reading →

Continue ReadingKrugman’s “Success Story”: 700,000 Strong Protest in Argentina Against Inflationist Prez

Mexico says marijuana legalization in U.S. could change anti-drug strategies

"President-elect Enrique Peña Nieto and his team are scrambling to reformulate their anti-drug strategies in light of what one senior aide called 'a game-changing' referendum in the United States. Mexico spends billions of dollars each year confronting violent trafficking organizations that threaten the very security of the country but whose main market is the United States, the largest consumer of drugs in the world. With the Washington’s urging and support, Mexican soldiers roam the mountains burning clandestine plantations filled with marijuana on its way to the United States." Continue reading →

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Ayahuasca-drinking shamans in Peru give Obama the win

"Using maracas, coca leaves and a hallucinogenic brew, shamans in Peru got down to business Monday using pre-Columbian traditional ceremonies to pick a winner in the US presidential race. Members of the group placed flower petals on photos of the candidates that were also swept over with tobacco smoke. The shamans chewed coca leaves, a traditional ceremonial and medicinal plant since Inca times that helps fight altitude sickness. And the crew took some swigs of ayahuasca, a psychoactive brew used widely among Amazon basin indigenous people." Continue reading →

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Honduras court bans private cities project

"The Honduran Supreme Court has ruled unconstitutional a project to build privately-run cities, with their own police and tax system. The 'model cities' project was backed by President Porfirio Lobo, who said it would attract foreign investment and create jobs. By 13 votes to one, Supreme Court judges decided that the proposal violated the principle of sovereignty. An American company was expected to invest US$15m in the initial phase of construction of the first city, on the Caribbean coast. The inspiration for his 'model cities' were Singapore, Macao and Hong Kong, President Lobo said." Continue reading →

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