The economic situation in Venezuela continues to deteriorate. There are reports of widespread looting as many essential supplies and food have become increasingly unavailable. The government of President Maduro seems to be incapable of responding effectively to the crisis and Venezuelan society seems close to collapse. The country is under very tight currency and price controls that make it unlikely that food and supplies can be produced or imported profitably.
The Director of the International monetary Fund, Christine Legarde, has made her views on the possible British exit (“Brexit”) from the European Union quite clear. The outcomes for her range from “pretty bad to very, very bad.” The complexity of a British exit–undoing years and years of agreements upon which many corporations and governments have made long-term decisions–would likely freeze economic activity for an extended period of time. Investors will likely be unwilling to make any commitments until such uncertainties are resolved.
US, Canadian and European representatives left the inauguration ceremonies of Ugandan President Yoweri Museveni. Museveni was elected to his fifth term in office, but the abrupt departure of the Western officials was due to Museveni’s mocking criticism of the International Criminal Court (ICC) as well as by the presence of Sudanese President Omar al-Bashir who is under indictment by the ICC. The US itself is not a member of the ICC and has not signed the Rome Statute that created it.
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