t should have been predictable, although I have seen no predictions of it.  A Sovereign Wealth Superfund for the Third World.     

Hugo Chavez, the leftist President of Venezuela and one of many of Dubya’s ardent fans around the world, proposed Saturday to his allies that they begin withdrawing billions of dollars in international reserves out of U.S. banks.    

At the summit of the Bolivarian Alternative for the Nations of Our America (ALBA) hosted by the President Chavez, he and other leaders launched a new development bank to help pool resources within the region.  ALBA is an acronym that means “dawn” in Spanish.     

It's this large now, But Hot   This fund was created by President Chavez and Iran to support projects in

Oil will make it grow huge!   Third World countries that would have links to a fund underwritten by hot oil.  

This is an interesting development in the political as well as the financial world.  We will be hearing more about it as it matures.  

I’m sure the CIA and other stealth organizations that we don’t even know about are actively participating as well, although not in the same way as Chavez, Iran and their allies.  We will not be hearing more about that, I would guess.  

Reference: for your reading pleasure and subject background, here are a couple of links.

Are We Selling Ourselves Cheaply to the Sovereign-wealth funds?

http://www.voiceofarizona.com/Are_We_Selling_Ourselves_Cheaply-5031-3-9386.htm 

Sovereign-wealth Funds Created by First World Economies. 

http://www.voiceofarizona.com/Sovereignwealth_Funds_Created_b-5031-3-9388.htm