We're going to keep hitting them hard, we will become more radical, the more imperialism and its allies attack us: Chavez.

May 22, 2010 (Hamsayeh.Net) - After a major crackdown on private moneychangers last week, Venezuelan President Hugo Chavez renewed warning of further actions on remaining mafia networks in the country.

Last week security forces arrested four directors by raiding15 private brokerage houses in the capital city Caracas. Venezuelan currency the bolivar has been battered against other currencies particularly the US dollar in recent months.

 

Generally, there is a growing uncertainty in the global currency exchange market following European Union’s economic vows. The euro is performing very poorly as a counterweight to US dollar.

 

Europe’s lack of political coherence and unity has caused uncertainties over the future of euro as a dominant world currency. European Union’s blind following of US policies has helped increased doubts leading to devaluation of euro against other major currencies. 

 

President Hugo Chavez promised to crackdown harder on speculators when said in a speech on state TV, ‘we're going to keep hitting them hard, we will become more radical, the more imperialism and its allies attack us.’ He added that Venezuelan bourgeoisie had launched a concerted attack since Tuesday's currency announcements.

Venezuela is Latin America’s largest oil producing country and it imports huge quantities of foreign produced goods through oil revenue payments.  Also like all other oil exporting countries, Venezuela suffers from an increasing number of market speculators within an unproductive consumer-based economy.