Even the Venezuelan despot is panicking.

Last month he accelerated his crackdown on freedom. But far from being a sign of strength, the steps he took were desperate measures designed to stave off an economic debacle.

The "nationalize everything" approach that is symptomatic of his panic works if you're seizing something that is already built and producing. Yes...this hapless idiot is between a rock and a hard place. My guess is that (after all the smiles, fluff and posturing) Fung has diplomatically issued Chavez a drop dead ultimatum....come up with a deal that will allow KRY to function and profit as a company or KRY will immediately file for International Arbitration. Deadline: Friday, July 31st.

This against a backdrop of the Russians closing down mines, GRZ waiting for their payday in court, televised protests of angry unemployed marching miners with their fists in the air and gold skipping by $1,000.00\ounce on its way to $1,300.00+\ounce later this year.

Hugo truly is a gigantic A-hole.