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Today just hours before new year President Evo Morales gave a press conference where he announced that he will “obey the people” and annule Supreme Decree 748 which he had his vice president announce while visiting Venezuela on December 26th. Vice President Alvaro Garcia Linera had announced on December 26th that Bolivia spends 380 million dollars subsidizing fuel each year. The decree had caused gasoline, diesel, jet fuel, and vehicular natural gas prices to skyrocket by 57% to 82% and led to a nation wide bus and transport strike that paralyzed the country during the holidays. Morales’ spokesman Ivan Canelas had announced to the national press that this move to cut subsidies was “valiant and patriotic” because the gas subsidies were “shedding Bolivia’s blood and neoliberal” and “this is why all the right-wing opposition leaders and ex-mayors of neoliberal ex-presidents agree in denouncing this decree.” Morales has spent the past 4 days justifying his decision to end gas subsidies, calling them “neoliberal” and blaming transport workers for raising prices. Bolivian groups have been almost unanimous in denouncing the gas-hike, even the coca growers unions which Evo used to lead decided to block the Cochabamba-Santa Cruz road.CONTINUES HERE
Ten bands in one!
"You won't be hearing much about Bolivia's fuel hikes and protests one week from now. It's already blowing over, the "massive calls for Evo's resignation" as seen on CNN, Fox and other dumbass sources of information on all things LatAm amounted to about 20,000 people (and 20,000 does not a resignation make), the transport strike has already been called off, there are no runs on banks as the rabid right tried to suggest, Evo will take a temporary hit in the polls but will get through this just fine. So sorry Stratfor, sorry Economist..no blood on the streets this time."
Today's LatAm weirdnews translation, from this report:
In the city of Pereira, a man was condemned to pay his domestic employee for sexual services she had given him that had not been remunerated.
Judge Eisenhower Zapata, speaking on Caracol Radio, explained that the patron paid his employee her salary for housework and had also agreed a payment of 20,000 pesos (U$10) for each sexual favour.
The domestic employee "made note in a notebook how many times she had slept with him for four years until the relationship soured and she demanded the payments be liquidated."
The judge added that the domestic employee "had proven that she had slept all those times with the gentleman and that he didn't want to pay her."
The man was ordered to pay on consideration that "prostitution is age-old and is as respectable a profession as any other."
Esp for setty
Ooooh, probably this bit, all things considered:
Based on our current plan of operations as set forth above, we estimate that we will require approximately $1,000,000 to pursue our plan of operations over the next twelve months if we complete Phase I only, but approximately $2,000,000 over the next twelve months if we also proceed to Phase II during that time frame. As at November 30, 2010, we had cash and cash equivalents of $87,597 and a working capital deficiency of $186,987. However, we may require additional financing to pursue our plan of operations over the next twelve months. There can be no assurance that we will obtain any additional financing in the amounts required or on terms favorable to us. If we are unable to obtain additional financing, we may have to re-evaluate or abandon our business activities and revise our plan of operations.We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our plan of operations going forward. In the absence of such financing, our business plan will fail. Even if we are successful in obtaining equity financing, there is no assurance that we will obtain the funding necessary to pursue our business plan. If we do not continue to obtain additional financing going forward, we will be forced to re-evaluate or abandon our plan of operations.
First, Coro Mining's (COP.to) news release:
Now, our friend the owl gives us worthy analysis on the situation:Press Release Source: Coro Mining Corp. On Thursday December 30, 2010, 9:10 amVANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 30, 2010) - Coro Mining Corp. ("Coro" or the "Company") (TSX:COP - News) is pleased to announce that the Interdisciplinary Commission for the Environmental Evaluation of Mining Projects ("CEIAM" in Spanish) of the Province of Mendoza has completed its compilation, collation and evaluation of the previously completed sectoral reviews; the outcome of the public hearing and public consultation process; and the results of additional hydrological studies completed earlier this year, and has recommended that the EIS be approved by the provincial government. The CEIAM is comprised of the various entities which completed individual sectoral reviews of the project in 2009 and 2010, together with representatives of the pertinent Provincial Government ministries.The recommendation of approval is conditional upon the Company's Argentinean subsidiary, Minera San Jorge ("MSJ"), complying with the highest standards of environmental protection, control and monitoring prior to, and during the construction and operation of the project, including the requirement for the paste tailings deposit to be made impermeable with a liner. The CEIAM's report will now be submitted to continues here
...road traffic deaths in Latin America.
Here are the monthly production numbers for gold in Peru, 2009 to date (November's numbers out today):
*yes, that's irony
My friend in China theorizes: "I guess all the public sign translations in this country are done by lazy bureaucrats, with the help of Google Translate." It will be sad when these finally go away.
|2009 quota limit||50,145mt|
|2009 quota used||26,770mt|
....the gold/oil ratio.
1) They're small gold producers working in Latin America2) They have a dubious track record of promising more than they can deliver3) Their share prices have all performed much worse this year then their main product, gold.4) They all quote on the US exchanges5) They've all, in their time, been pumped to death by brokerages and analysts who care more about the commissions and cheap shares thrown their company's ways than decent, unbiased analysis
The first post is on how the country's Veep called the the current Panama Canal expansion "a disaster", which is interestng enough but nothing destabilizing. However it was a mere hors d'oeuvre for what followed in....
...the second Banamana Republic Wikileaks post, an absolute gem. Here we get a great rundown an analysis of the big scandal currently hurting President Martinelli and his government, how he tried to strongarm the US into giving him illegal phonetaps on his political enemies, plenty more rogue behaviour detailed and a character assessment of the Prez dude from the US ambassador that will remain for the ages; "His penchant for bullying and blackmail may have led him to supermarket stardom but is hardly statesmanlike. He risks losing the good will of his backers in the Panamanian elite and business communities. Martinelli is not a member of Panama’s traditional elite, and he could be on thin ice if his “anti-corruption” measures end up being seen primarily as shake-downs for fast cash."
Then yesterday we had the third installment of Bananama Republic's Wiki-coverage, with the fallout from the wiretap revelations and more on the DEA in Panama.
Go read them all now, especially that second one. Top stuff and we very heart Bananama Republic.
Sent in by reader 'J', somebody who knows what he's talking about on this subject:
I like this quote from the Chairman of Scottish Branch of the Institution of Structural Engineers (1946) “Engineering is the art of modelling materials we do not wholly understand, into shapes we cannot precisely analyze, so as to withstand forces we cannot properly assess, in such a way that the public at large has no reason to suspect the extent of our ignorance.”
LA PAZ, Bolivia, Dec 26 (Reuters) - Bolivia's leftist government raised fuel prices on Sunday by as much as 83 percent to foster oil production and cut state subsidies, in a politically tricky move that set off a transportation strike.To offset the measure's impact, the government also froze public utility rates and said it will promote wage increases that top the 6 percent inflation estimated for this year.In 2006 Bolivia's socialist leader Evo Morales nationalized the energy industry, which is centered on natural gas exports."We are bringing fuels up to international price levels ... State subsidies cost $380 million a year. We don't want this to continue. We buy expensive diesel fuel and sell it cheap," said Vice President Alvaro Garcia, who is standing in for Morales during the president's visit to Venezuela."We had to raise prices so energy producers feel the need and incentive to produce (oil), so there will be more diesel and gasoline and we will import less ... in one, two or three years, we won't have to import any gasoline or diesel at all," Garcia said.Diesel prices will rise CONTINUES HERE
UPDATE: An example of US analytical mediocrity: Of all the quotes on this issue that "academic" Greg Weeks could have chosen, he goes for the one that makes himself look like a total dumbass. A better example of total non-comprehension of South America would be difficult to come by.
...the 2010 performances of silver (using SLV, the silver bullion ETF, as proxy) and gold (using GLD, the gold bullion ETF, as proxy).