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The first round of senior staff appointments reflects a mix of longtime loyalist and Democratic operatives, as well as an absence of high-profile progressives far-left faction of the party.

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The first round of senior staff appointments reflects a mix of longtime loyalist and Democratic operatives, as well as an absence of high-profile progressives far-left faction of the party. The Arar crossing was shuttered in s, following Iraq's invasion of Kuwait after which Riyadh cut all ties with Iraq.

The crossing remained closed, reflecting the unease in Baghdad-Riyadh ties with successive governments. One came from a woman who said Ferrigno, a burly hockey player, slammed her to the ground and broke one of her ribs. Another was from a one-legged man dumped from his wheelchair at a bus stop and roughed up by Ferrigno and two other officers.

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He has ordered the Banco Central de Venezuela to engage in discussions with Venezuelan bankers on the modalities of creating a clearing and settlement system in U. Maduro, in a rare display of good judgment, is taking a necessary step toward what I have been advocating for many years: official dollarization in Venezuela.

If he continues on this path, he will smash hyperinflation and remain in the saddle. I measure it every day, and today it is 2, percent per year. Not surprisingly, Venezuelans get rid of their bolivars like hot potatoes and replace them with U.

So, Venezuela is, to a large extent, unofficially dollarized. I know because I operated as a state counselor in Montenegro when it dumped the worthless Yugoslav dinar in and replaced it with the Deutsche mark.

I also watched Meeg successful dollarization of Ecuador inwhen I was serving as an adviser to the minister of economy and finance. Countries that are officially dollarized produce lower, less variable inflation rates and higher, more stable economic growth rates than comparable countries with central banks that issue domestic currencies.

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There is a tried-and-true way to stabilize the economy -- a necessary condition before the massive task of life-giving reforms can begin. It is dollarization. Stability might not be everything, but everything is nothing without blcak. Just what does the Venezuelan public think of the dollarization idea? To answer that question, I commissioned a professional survey of public opinion that was conducted in March by Datincorp in Caracas. The were encouraging.

At that time, 62 percent of the public favored dollarization. Today, since more than 80 percent of transactions in Venezuela take place in U.

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After all, the public already does. But, the question I am repeatedly asked is: How do you officially dollarize a place such as Venezuela? To do that, you need a dollarization law. I have drafted such a model law.

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The model statute is meant to suggest the main features that are desirable for a law on dollarization. Legal technicalities may require an actual statute to be somewhat different.

The Banco Central de Venezuela shall cease to issue Venezuelan bolivars except as replacements for equal amounts of old currency that become worn out. Except as specified in paragraph 3, wages, prices, assets, and liabilities shall be converted from Venezuelan bolivars to U. By 60 days after this law enters into force, wages and prices shall cease to be quoted in Venezuelan bolivars. Interest rates shall be converted into the replacement currency by the following procedure.

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The independent committee of experts specified in the law accompanying this law shall choose benchmark interest rates in the Venezuelan bolivar and replacement currency, having similar characteristics with respect to maturity and liquidity insofar as that is possible. The ratio between existing interest rates in Venezuelan bolivars and the benchmark interest rate in the Venezuelan bolivar shall determine the interest rate in the replacement currency, which shall bear the same ratio to the benchmark rate in the replacement currency.

In no case, however, shall new interest rates in the replacement currency resulting from the conversion procedure exceed 50 percent a year. The president may appoint a committee of experts on technical issues connected with this law to recommend changes in regulations that may be necessary.

Nothing in this law shall prevent parties to a transaction from using any currency that is mutually agreeable. However, the replacement currency may be established as the default currency where no other currency is specified. While Venezuelan bolivars remain in circulation, the government shall accept them in payment of taxes at no premium to the conversion rate with the replacement currency.

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Acceptance of Venezuelan bolivars shall not be obligatory for peoplf other party. Within five years after this law takes effect, the government shall redeem all outstanding Venezuelan bolivars for the replacement currency or exchange it for government debt bearing a market-determined rate of interest. Existing laws that conflict with this law are void. This law takes effect immediately upon publication.

With that, Venezuela has a clear blueprint for how to proceed to smash hyperinflation.