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Mutiny Breaks Out At Venezuela’s Central Bank

Mutiny Breaks Out At Venezuela’s Central Bank thumbnail

While the world obsesses how much longer Venezuela’s Nicolas Maduro can remain in power before he loses the support of the local military or the US deploys yet another “humanitarian mission” to depose him, forcing the embattled dictator to place several tons of the country’s dwindling gold on a cargo plane to a non-extradition destination as he takes one final trip abroad, the ongoing “soft coup” is also playing out within the halls of the central bank, where in addition to a lot of currency printing in recent years, Bloomberg reports that staffers are waging a small mutiny and refusing to sign-off on key bank transactions.

The Central Bank of Venezuela stands in Caracas

According to “four people with direct knowledge of the matter”, some central bank employees received “early retirement offers” Friday after disregarding orders from upper management. The mini mutiny took place as staffers fret about potential consequences and repercussions of signing off on financial operations that have been barred by US sanctions, and as discontent bubbles over as Venezuela’s economic and political outlook deteriorates.

As previously reported, attempts by Maduro to repatriate $1.2 billion of gold from the Bank of England and plans to ship 20 tons of the metal abroad for cash have been stymied in the past several weeks, bringing close international scrutiny to Banco Central de Venezuela’s $8.4 billion in reserves due to fears the Maduro regime may try to pillage them next, prompting a freeze on Venezuelan assets held in western banks.

Meanwhile, National Assembly President Juan Guaido – who in recent weeks was declared the legitimate leader of Venezuela by the US and many Western states, if not Russia and China – has called on the military and government workers to abandon Maduro in order to help form a transition government. While few have heeded the call domestically, some diplomats have broken ranks at embassies and consulates in the U.S. and beyond. And now it appears that Maduro may have to staff the central bank with personally vetted supporters as well.

The good news, so to speak, is that with hyperinflation in Venezuela the central bank doesn’t really do much besides, well, print money (metaphorically that is – the actual money printing takes place offshore and the banknotes are shipped in using 747s). As a result, while central bank jobs were once highly sought after by educated Venezuelans with degrees in economics and statistics, rising political tensions and shrinking wages have reduced most teams to bare bones.

Ironically, protests among underpaid workers complaining about increased workloads have become increasingly common. Ironic, because as said above, the central bank no longer does all that much, and no longer publishes most economic data publicly after the executive branch clamped down on transparency amid Venezuela’s worst-ever economic downturn.

zerohedge



127 Comments on "Mutiny Breaks Out At Venezuela’s Central Bank"

  1. Cloggie on Sun, 3rd Feb 2019 12:50 pm 

    Maduro warns against civil war in Venezuela:

    http://www.spiegel.de/politik/ausland/venezuela-nicolas-maduro-warnt-vor-buergerkrieg-in-seinem-land-a-1251359.html

  2. I AM THE MOB on Sun, 3rd Feb 2019 12:57 pm 

    If democratic socialism is so bad, why is Norway so great?

    https://theweek.com/articles/783700/democratic-socialism-bad-why-norway-great?fbclid=IwAR1l5JIRqG8qDkfDCt6c9HcP7P4CmJpxxwNJWSWrVfht132lsul7KZhTlxU

    Clogg you never answered my question..If socialist doesn’t work then why does the US have to spend so much time, money and effort trying to sabotage it?

    Take all the time that you need..

  3. I AM THE MOB on Sun, 3rd Feb 2019 12:59 pm 

    Time to go to my Super bowl party!

    Have fun clogg you low brow loser that nobody loves!

    LOL

  4. Davy on Sun, 3rd Feb 2019 1:06 pm 

    not me above clogg

  5. JuanPee Identity Theft on Sun, 3rd Feb 2019 1:41 pm 

    Davy on Sun, 3rd Feb 2019 1:06 pm

  6. Davy on Sun, 3rd Feb 2019 1:48 pm 

    “Americans Are Losing Interest In The Super Bowl”
    https://tinyurl.com/ycskcxqv

    “While last year’s Super Bowl broke plenty of records (along with the hearts of some Patriots fans), the TV ratings record was not one of them.”

    “Could it be that Americans are losing interest in their favorite pastime?”

  7. Davy on Sun, 3rd Feb 2019 1:54 pm 

    “Why Is There A War On Cheerleaders?”

    “If I were to tell you that a growing group of killjoys wants to ban NFL cheerleading, would you guess that this group is on the political left or right?”

    “Must be the right, right? They’re the religious ones with all the sexual hang-ups.”

    “Wrong. They’re on the left.”

    “Even if you have no interest in football or cheerleading, this should be your issue.”

    “We have to tell the left here, as in virtually every other area of life, and in the most forceful terms possible: Just leave us alone. Let us live our lives with our small joys. And grow up — men like looking at women, and women like being looked at.”

  8. Cloggie on Sun, 3rd Feb 2019 2:11 pm 

    “If democratic socialism is so bad, why is Norway so great?”

    Because Norway is white and capitalist.

    Norway is a Trump-certified non-shithole country.

  9. Anonymouse on Sun, 3rd Feb 2019 2:15 pm 

    Q for you exceptionalturd

    When was the last time any of the animals that are being confined against their will on your horror-story ‘farm’, received any, you know, food, or water even? Sunlight?

  10. Davy on Sun, 3rd Feb 2019 2:50 pm 

    Not me above

  11. I AM THE MOB on Sun, 3rd Feb 2019 4:03 pm 

    AOC Thinks Billionaires Are a Threat to Democracy. So Did Our Founders.

    http://nymag.com/intelligencer/2019/01/ocasio-cortez-aocs-billionaires-taxes-hannity-american-democracy.html?fbclid=IwAR2FCG3QvmzZlD9JbhIx-tFdc_2xaaWmmu5D42cf1SsBPyMTjMIWEckljYs

    The oceans are rising and so is the left!

    First Bernie wins and then Corbyn in the Uk!

    Left wing populism > Right wing (Pluto) populism

  12. I AM THE MOB on Sun, 3rd Feb 2019 4:05 pm 

    Davy

    You are easily duped by click bait..The super bowl is still the largest watched program in America by a mile..Almost 1/3 people watch it..Just because the ratings are down a few percent doesn’t mean Americans are losing interest.

    Maybe you should leave your safe space..But just like clogg you need a biased source that doesn’t conflict with your distorted worldview.

  13. I AM THE MOB on Sun, 3rd Feb 2019 4:08 pm 

    Clogg

    Norway is democratic socialist..Read the article I referenced..Educate yourself..Don’t be ignorant..

    And you never answered my question either..This is the third time.

    If socialism doesn’t work then why does the US have to spend so much time, money and effort trying to sabotage it?

    You can’t..

    LOL

  14. Cloggie on Sun, 3rd Feb 2019 4:44 pm 

    “First Bernie wins and then Corbyn in the Uk!”

    No worries mobster, you will get your shithole socialism, in some forgotten, godforsaken little corner of the US of former fame. PBM will see to that, as long as the joint gets split up.

  15. Davy on Sun, 3rd Feb 2019 6:02 pm 

    MOB, talked to JuanP that was his post

  16. JuanP on Sun, 3rd Feb 2019 9:28 pm 

    Davy “MOB, talked to JuanP that was his post.”

    No, it was not. Davy keeps projecting his using sock puppets and stealing identities onto others, as usual. Nothing but lies, falsehoods, and insults ever come out of his mouth. I was working all day from sunrise to sunset, and only started posting a couple of hours ago. I have never in my life watched an American football game or commented on the subject; I couldn’t possibly care less about it.

  17. Cloggie on Mon, 4th Feb 2019 1:00 am 

    https://edition.cnn.com/2019/02/03/sport/super-bowl-liii-patriots-rams/index.html

    After the win, among the crush of players, reporters and confetti, Brady and Edelman, who are close friends, shared a long embrace. Edelman, 32, missed all of last season with a knee injury and the first four games this season for violating the NFL’s policy on performance-enhancing substances.

    The only reference I could find.

  18. Cloggie on Mon, 4th Feb 2019 1:06 am 

    US-army finally doing what it should do, protect its own border for a change:

    http://www.spiegel.de/politik/ausland/donald-trump-schickt-zusaetzlich-3750-us-soldaten-an-die-grenze-zu-mexiko-a-1251390.html

    That’s what you get if a guy like Trump runs the place, rather than (((neocons))).

    https://vdare.com/articles/thinking-about-neoconservatism

  19. I AM THE MOB on Mon, 4th Feb 2019 3:58 am 

    The Handmaid’s Tale season 3 trailer calls on America to ‘wake up’

    https://www.independent.co.uk/arts-entertainment/tv/news/the-handmaids-tale-season-3-trailer-super-bowl-america-elisabeth-moss-margaret-atwood-a8761831.html

  20. Cloggie on Mon, 4th Feb 2019 5:05 am 

    https://www.dailymail.co.uk/news/article-6663365/Boris-Johnson-proves-let-new-girlfriend-fails-fix-flat-tyre.html

    At least he doesn’t drive a German or French car.

    Boris can be trusted to “fix” Britain in a similar fashion.

    His own daughter call BoJo a “selfish bastard”:

    https://mobile.twitter.com/tnewtondunn/status/1037816728401731584

  21. Go Speed Racer on Mon, 4th Feb 2019 10:59 am 

    Looks like Venezuela will be setting
    a whole lot of sofa’s on fire.

    Actually, they will be setting just
    about everything on fire.

  22. Go Speed Racer on Mon, 4th Feb 2019 11:07 am 

    “Cheerleading implies that women’s proper role is to support men, smile at men and fulfill the sexual fantasies of males.”

    LOL and that IS the women’s proper role.

    So the far-lefty leftists, after eliminating
    borders, eliminating capitalism, eliminating
    discrimination,
    NOW they lefty-leftist liberals,
    also want to eliminate gender.

    And they won’t succeed at that, but
    their useless left-wing delirium
    and insanity has already cemented
    a Trump victory in 2020.

    4 more years!
    Cut the liberal horse crap!
    No more wetbacks from shithole countries!
    Grab ’em by the p*ssy

    Bring back 8 miles per gallon cars again!
    Pollution visible from orbit again!
    Trump in 2020 !!

  23. Free Speech Forum on Mon, 4th Feb 2019 12:55 pm 

    Does anyone get the feeling that if our overlords decreed that everyone must have their thumbs amputated, Americans would agree that the law makes sense and must be obeyed?

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