Adding to pressure mounting against the U.S. dollar, left-wing Latin American leaders gathered in Cochabamba, Bolivia, over the weekend for the seventh Bolivarian Alliance for the Peoples of Our Americas (ALBA) summit and agreed to create a new regional currency in a bid to stop using American Federal Reserve Notes, according to foreign news reports.
In the wake of failed “land reform” policies, Hugo Chavez’ socialist government is now aiming to invalidate pharmaceutical patents that his commerce minister calls a “barrier to production.” The plan would allow domestic drug makers to produce the medicines under a license from the government. But critics of the move warn that it will likely lead to shortages and less foreign investment, problems that have already begun to plague the nation as it continues its attacks on the private sector.
The “Socialist Revolution” will continue in Ecuador for at least another four years after President Rafael Correa was reelected by a wide margin Sunday. “We’ve taken a historic step in consolidating our social revolution,” he proclaimed to supporters after exit polls indicated victory. “We will never defraud the Ecuadorian people.”
Though the United States was still the focus of plenty of the usual criticism, observers noted that it was toned down at this year's meeting of the Summit of the Americas. Reporters commented that Barack Obama was the “star” of the gathering. The three-day summit began Friday, April 17 in Port-of-Spain, Trinidad and Tobago.