Why did President Chavez last week order that Venezuela‘s gold reserves held abroad be repatriated and that international reserve funds held in banks in the U.S., Switzerland, Britain–the global north–be moved to banks in Brazil, Russia and China–to BRIC countries? The move is being hailed by Chavistas; but, the generalized anti-imperialist and nationalist rationals being cited are not useful as far as a specific geopolitical analysis. That is , they do not explain why this takes place right now as opposed to having been done at any given time during the last 12 years of his presidency.
So, why is this being done now? The idea is obviously to keep these funds in places where they cannot be seized or frozen. But, WHAT might trigger seizures or freezing of these funds NOW as they lay in U.S., British or Swiss banks? Continue reading