Latin American News Skimm for the Week of October 17th, 2016
Skimm for Latin American Politics Week of 10/17/2016
Quote of the Day:
“One of my first acts will be to get all of the drug lords, we have some bad, bad people in this country this have to go out. We’ll get them out, secure the bothered and once the border is secured at a later date we’ll make a determination as to the rest. But we have some bad hombres here and we’re going to get them out.”
-quote by Presidential candidate Donald Trump on immigration during the third Presidential Debate
The Political Peso.
The Story:
The value of Mexican Peso has fluctuated in response to the American election.
What Happened?
Over the past year the value of the Mexican Peso has trended downward. This downward trend correlated with Donald Trump’s rise on the political stage. One of Trump’s major platform issues is the elimination of the NAFTA, North American Free Trade Agreement, if he were to assume the U.S. Presidency. In response the Peso has fluctuated and paralleled the popularity of the American Presidential candidates. During periods of Trump popularity, the value plummeted, but when Clintons popularity rose the Peso increased in value. The popular victory of Presidential debate by Hilary Clinton caused an increase in the value of the Peso in response. As Clinton has become more favored to win the value of the Peso has increased incrementally.
If Dollars Are Speech, the Peso is the Echo.
The fluctuation of the Peso and to a lesser extent the Canadian Dollar in this election have shown how integrated North America has become economically. Many Americans support Trump economic assessment of NAFTA, but this direct economic response from Mexico demonstrates a connection that has been in existence for more than 20 years. While any American election can cause fluctuation in global markets, the direct connection between the popularity of a specific candidate and message is not as common. For Mexicans this election could decide the economic future of Mexico and the Peso reflects that fear.
Uh-Oh Maduro!
The Story:
President Nicolas Maduro of Venezuela has been facing increasing domestic opposition and unrest by the political opposition stemming from economic troubles.
What Happened?
President Nicolas Maduro has been facing increasing domestic pressure from political opposition since the near economic collapse of Venezuela following the crash in oil prices in the past two years. The opposition, Mesa de la Unidad Democrática (MUD), has been pushing for a recall vote as a referendum on both Maduro and the current state of Venezuela’s political system. The cancellation of any recall was announced just after the cancellation of elections in December of governors that Maduro’s supporters were expected to lose. Maduro has made a further decision to ban opposition leaders from leaving the country. In the next election if Maduro were to lose the election planned for next you the current Vice-President would take over as President and Maduro’s Socialists would remain in power.
The End of Democracy in Venezuela?
Maduro’s actions have been quite thorough and fast over the past few weeks. From restricting foreign press access to Venezuela to halting popular opposition initiatives Maduro has systematically clamped down on any criticism. The current economic chaos in Venezuela is progressively worsening as essential medicines and basic goods are becoming scarcer and this frustration is feeding opposition to Maduro and the Socialists. This week’s actions are summarily a block to democratic opposition and bring up the specter that elections next year will not accomplish anything new with the Socialists still in power. In response the OAS is calling for action against Venezuela’s government for its restrictive measures from the United States and other Latin American leaders such as Peru’s President Pedro Kuczynski are now openly supporting the opposition. The next two months will be critical for Venezuela and could mark the end to one of the most continuous democracies in Latin America before the conclusion of the year.
Articles in Order of usage:
https://www.washingtonpost.com/world/the_americas/who-won-the-us-presidential-debate-watch-the-mexican-peso/2016/10/20/2f447164-9566-11e6-9cae-2a3574e296a6_story.html
http://www.dw.com/en/tensions-rise-in-venezuela-after-government-blocks-referendum-bid/a-36108592
http://www.bbc.com/news/world-latin-america-37729161
http://www.wsj.com/articles/venezuelas-moves-signal-gutting-of-democracy-1477068719