Posted on 04/20/2017 8:17:35 AM PDT by SeekAndFind
General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.
Unexpectedly? The bigger question is what the hell did you have a plant in this crap hole country for in the first place?
If a communist revolution in old Mexico closes down all of the offshored factories and that production is repatriated then that would be a win. However, the amnesty whores would use it as an excuse for granting asylum.
I thought GM was already owned by the government? Is this the new socialism? Seizing property already owned by the state for the state???????
RE: The bigger question is what the hell did you have a plant in this crap hole country for in the first place?
It wasn’t a crap hole until Chavez took over.
“You gotta know when to hold ‘em, know when to fold ‘em...”
GM’s factory in the industrial city of Valencia has not produced a single car since 2015. Nationwide, car makers assembled just 2,849 cars last year, from a peak of 172,218 vehicles in 2007.
The seizure is the latest in a long string of government confiscations of factories and other assets that have been a staple of the so-called 21st century socialist revolution in Venezuela started by the late Hugo Chavez two decades ago. Venezuela is currently fighting claims of illegal asset seizures at a World Bank-sponsored arbitration panel from more than 25 companies, making it one of the most-frequently targeted nations in the world.
In March, a World Bank arbitration panel determined that Venezuela did not have to pay $1.4 billion to Exxon Mobil Corp. for confiscating company assets during a wave of nationalizations.
Absolutely. Sick of thug regimes sticking it to America. Just think , we have a portion of American society in Obungholes and Berniebots who think socialism is great and that America can make it work.
The Russians are moving in there so another trouble spot
They aren’t going to build anymore cars. So...the party chiefs sell the tooling for maybe 10 cents on the dollar and the rest as scrap iron for $20 per ton? Peanuts!
It could just be that the GM plant was one of the last/best employers. Misery lives company and communists love misery.
I don’t know the history of GM moving to Venezuela so I can’t really comment on it.
Some questions that come to my mind are:
Did they import cars from there back to the US?
Was the plant there built just to support markets in South/Central America?
Sometimes it makes sense to locate a plant in the market you are serving, whether that market is domestic or international, to minimize transportation cost and tax implications rather than shipping product long distances.
I find the illegal seizure of property appalling regardless of where is happens.
Would you say the same thing if the Trump International Hotel in Panama was seized by the government there?
It’s communism. They hate any business that produces things that is not controlled by the State. Their natural reaction is to seize it.
There is no reason for any business to go anywhere a marxist country.
The people are starving and rioting in the streets, and he blames it on capitalism.
Trump doesn't export hotel rooms to the USA and undercut US workers. So it is a different story. Those cars could have been made in the USA and exported to Venezuela. I don't care what happens to those globalist hacks at GM.
From the article:
"GM has been there for roughly seven decades."
Up until Chavez, Venezuela was a decent place to assemble & sell cars, generating profits for GM and its stockholders and a positive trade balance for the USA.
Think of how investments in the USA would perform if Bernie had been elected? And after 10 years of Bernie, Snowflakes & Company?
My company had a plant there. It was seized last year.
Now the plant is shut down.
As I said in my original reply I don’t know the history of the plant in Venezuela so I can’t really comment on the specifics but I find illegal seizure of property appalling in all cases.
Under Obama, the USA would have bailed out General Motors (in exchange for sizable campaign donations.) Under Trump . . . we’ll see, but I doubt it!
Just did some quick research:
The plant in Venezuela became operational in 1948 so it does not appear to have been part of the more recent globalism push.
In 1964 Venezuela banned the sale of fully built import cars.
Have been production shutdowns because of part shortages between 2014present.
On the Oct 20 2016 GM announced an indefinite hold on Vehicle production at this plant.
Everything about Venezuela is a teachable moment. We should all be watching this awful collapse in great detail. There but for the grace of God ...
I don’t agree. If you can find me a left-anarchist who is not also a Marxist, I would be surprised. The defining characteristic is a rejection of all traditional, non-government authority structures (including church, family, private business etc).
Anarcho-capitalists are at the opposite end of the spectrum as compared to left-anarchist.
Atlas ping. The seizure of Rearden Steel.
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