Freedom of Press is limited to those who own one - H.L. Mencken

The People’s Bank

by Hal_10000

What could possibly go wrong?

Iran and Venezuela on Friday inaugurated a joint bank to finance their development projects, during a visit by Venezuelan President Hugo Chavez to Tehran, state media reported.

The Iran-Venezuela Joint Bank, based in Tehran, has an initial capital base of 200 million dollars, with each nation providing half of the funds, the state broadcaster said.

The Export Development Bank of Iran, which is under sanctions from the US Treasury, was tasked with creating the joint bank with the Venezuelans.

“The capital will be raised to 1.2 billion dollars with the aim of supporting joint economic, industrial and mining projects as well as speeding up the current projects,” the report said.

“What happened today represents a strong will to build a new world,” Iranian President Mahmoud Ahmadinejad said, attending the opening ceremony with Chavez.

These are two countries that have managed to cripple their economies despite sitting on lakes of oil.  These are two men who would finish in the top five for nut job world leaders.  All they need to do is add Robert Mugabe and Lil’ Kim and they’ll have the market cornered on economic, religious and ideological stupidity.

I wonder if we could persuade them to buy up some credit default swaps…

Comments

Posted by HARLEY on 04/06/09 at 02:07 AM from

looks like Obama wants to maintain control over the banks.

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