We speak to Willem Buiter, Global Chief Economist at Citigroup (2010-2018). In contrast to our interview with Bitcoin.com founder Roger Ver, Willem Buiter argues Bitcoin and other cryptocurrencies are essentially is an environmentally unfriendly, speculative fiat currency with no use countries trying to evade Western economic sanctions. He also disputes that it can be used as a currency and discusses why there won’t be mass-scale adoption.
More than words are at work. Last week the Bank of England blocked Mr. Maduro from withdrawing $1.2 billion in gold reserves. On Friday the U.S. gave Mr. Guaidó control of Venezuelan government accounts at the Federal Reserve Bank of New York and other U.S.-insured banks... Venezuelans have made numerous attempts since 2002 to restore the liberties lost when Chávez used his majority backing to dissolve civil rights and a free press. But they were never able to persuade the military high command, infiltrated by Cuba, to break ranks with the dictator. If this time is different it’s because Mr. Maduro can no longer guarantee the interests of the top brass.
Mr. Guaidó is rumored to be backed by Venezuela’s military rank-and-file and midlevel officers. There are also reports that some commanders of detachments around the country no longer support Mr. Maduro.
The regime is unleashing repression and the international community wants to avoid more bloodshed. The U.S. has offered the military high command safe passage out of the country, and if international efforts to cut financial channels for the leadership are successful, many may find it an attractive option.
.. On Jan. 10 Canadian Foreign Minister Chrystia FreelandwarnedMr. Maduro that he would not be recognized: “We call on him to immediately cede power to the democratically-elected National Assembly until new elections are held, which must include the participation of all political actors and follow the release of all political prisoners in Venezuela.”
.. Mr. Maduro says this is a U.S. conspiracy. But as a member of Canada’s Liberal Party and the lead negotiator of the bitter rewrite of the North American Free Trade Agreement, Ms. Freeland is hardly a Trump administration lackey.
The tyrant isn’t entirely alone. Russia, China, Iran, Cuba, Bolivia, Nicaragua and Hezbollah stand with him. Havana runs the counterintelligence network charged with controlling the Venezuelan armed forces and brownshirts. Reuters reported Friday that Russia has flown an unspecified number of paramilitary contractors into the country. A new asymmetric war can’t be ruled out.