Free Republic

The situation in neighboring Venezuela is going from strange to foreboding. President Hugo Chavez has been unsuccessful in getting the voters to make him president for life, but he has used his presidential powers to replace thousands of key officials with people selected mainly for their loyalty to Hugo Chavez. Since the government controls so much of the economy (mainly because of the oil industry), this has had disastrous results. There are increasing power blackouts, and an increasing number of state employees are not getting paid, or paid on time. There are increasing shortages of consumer goods. There is growing...

10 in favor of Z 80 against Z.

CARACAS (Reuters) - Venezuelan President Hugo Chavez on Wednesday said his government may target more banks for state intervention, sparking investor jitters two days after his government shut four private banks. Venezuelan benchmark bonds fell by the most in three months and the cost to insure Venezuelan debt shot to its highest since July amid what one analyst called "significant distress" in the financial system. Authorities closed four small banks on Monday owned by a wealthy businessman with close ties to the government, citing internal irregularities. That brought hundreds of worried depositors onto the streets, and sparked talk among Venezuelans...