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As the disaster-relief effort enters its second week, air traffic is slowly resuming, which means hundreds of thousands of Puerto Ricans will likely flee the devastated island to stay with friends and relatives in the continental US as they wait for FEMA to rebuild roads, repair power grids and and revive the island's communications infrastructure – a process that could take months, if not longer.

While the urgency of the situation leaves many of Puerto Rico’s 3.4 million population little choice, the Financial Times is reporting that the scramble to flee could worsen the population decline as some of those leaving may opt to permanently resettle. Meanwhile, cities with large Puerto Rican populations are asking for federal assistance as they prepare to absorb as many as 100,000 people fleeing the hurricane. Mainland US cities with large Puerto Rican populations are warning that they will need federal help to cope with an anticipated influx of island residents fleeing the devastation visited on the US commonwealth by Hurricane Maria. “If it’s as large-scale as we anticipated, it’s got to be a federal and state-co-ordinated response,” said Buddy Dyer, Orlando’s mayor. “It can’t be city by city.” Some have said they expect to host the disaster victims for up to six months.

Months after Russia became the first country to announce the creation of a state-backed Cryptorouble, Venezuela has followed suit, announcing the creation of El Petro, a state-sanctioned cryptocurrency to be backed by Venezuela’s extensive reserves of crude oil. Venezuela has already broken free of Dollar dependence months ago when Caracas announced it would be trading its oil using China’s Petroyuan. Venezuelan President Nicolas Maduro also stated that he would like to begin trade with Russia in the Rouble. With Venezuela heavily sanctioned by the United States, El Petro looks to be another tool which Venezuela can use to continue and conduct international commerce without relying on Dollar based financial institution.

Crucially, while existing Cryptocurrencies tend to create their initial value through an arithmetic process called “mining”, leaving them heavily subject to market fluctuation, El Petro will be backed by a known commodity, oil, thus giving it a clear advantage for risk-averse investors. While the world’s most popular cryptocurrency Bitcoin, has seen its value skyrocket against the Dollar, some remain unconvinced of its long-term prospects for stability. A currency, backed by oil would, by contrast, ostensibly fluctuate in accordance with the well established global price of Brent Crude.

An official oil-backed cryptocurrency could work in tandem with Russia’s soon to be launched Cryptorouble, a digital currency which will ostensibly be backed by the vast resources of the Russian state. With western governments ambivalent about how to treat existing cryptocurrencies, Russia and Venezuela have taken the lead to both normalize cryptos while backing them by well-known assets.

Russian President Vladimir Putin has made history today, when he endorsed the creation of a soon to be unveiled CryptoRouble, the world’s first cryptocurrency endorsed by a state. Russian monetary experts and political leaders have recently begun engaging in a debate which pitted monetary conservatives against monetary radicals. Most Russian officials agreed that allowing the use of western designed (though not western state endorsed) cryptocurrencies such as Bitcoin, was not compatible with Russian financial security concerns. China, for example, reached a similar conclusion about existing cryptocurrencies. In Russia, the debate then quickly evolved into to a question over what role if any, a government and central bank should have in respect of cryptocurrencies. Conservatives argued that the entire process of blockchain cryptocurrency technology should not be accepted as a legal alternative to traditional state issued notes, while radicals argued for the creation and regulation of a uniquely Russian cryptocurremcy. The radials have clearly won and appear to have been embraced by President Putin.

The United Socialist Party of Venezuela won at least 17 of the 23 governorships, also garnering 54 percent of the vote. U.S. Ambassador to the United Nations, Nikki Haley, cast doubt on the results of Venezuela's Regional Elections where candidates from the governing Socialist Party won a vast majority of seats, claiming the vote was not "free and fair." 

The United Socialist Party of Venezuela, or PSUV won at least 17 of the 23 governorships, also garnering 54 percent of the vote. The PSUV candidate for Bolivar state, where no official results have been declared yet, also claimed victory. Turnout was 61.14 percent in Sunday's polls, with ballots cast at 13,559 polling stations nationwide. Venezuelan President Nicolas Maduro said it was the highest turnout in 15 years - more than 10 million people voted.

Prior to the vote, the U.S. State Department issued a statement questioning the "fairness of the electoral process" in Venezuela, and expressing "great concern that the regime will not permit the presence of independent international electoral observers." Over 1,300 national and international observers, including opposition appointed auditors, were on hand for the Oct. 15 vote. An audit of the vote will also be held, election officials confirmed Monday. The U.S.-backed opposition meanwhile, has stated they would not recognize the results that have been reported by the head of the National Electoral Council (CNE), Tibisay Lucena. "We do not recognize the results offered by Tibisay Lucena," said opposition coalition MUD campaign chief Gerardo Blyde. Blyde said the results are not reflective of those being tracked by his party. He also accused the electorate of misrepresenting the location of the polling stations in a bid to confuse voters.

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