[mgist]

This is the Cuban version of the fact that Venezuela bribed Ecuadorian politicians to take a billion $ contract away from an American company (Oxy.) They orchestrated the whole thing as if it were a "public mandate" and a benefit to Ecuador. People believe it. They aren't dumb, just very vulnerable. The damage that Chavez/Castro are doing in Latin America is sad.

[Tulane]

I am sure his state controlled monopolies will create jobs and wealth the country has never dreamed of...down with the evil "coporatists." / sarcasm.

[avacado]

It's easy to rally poor people by claiming to be the NEXT SAVIOUR. Daniel Ortega did it in Nicaragua. And once he was in power he did a Marxist land grab and promised the people equitable distribution. And then days turned into months and months turned into years and still no equitable distribution of the nation's wealth. In the meantime, Ortega's cronies had been skimming off the top all of the goodies that were supposed to go to the people.

Moral of the story: The people of Latin America are about to shoot their own feet off.

[GeorgefromGeorgia]

The history of Latin America is replete with such cases.

[marron]

Exactly. They just kicked out their primary source of income. The problem is that their own national oil company is incapable of making any money. It has first pick of the prime oil fields, and still they can't even maintain production, or pay their contractors.

You will note in the article that their refineries don't even produce enough gasoline for the country, so they spend the money they make selling crude to buy gasoline. This is the national oil company for you.

The only way they make money, and the only way they are able to increase production, is through concessions to private oil companies, who are only allowed to exploit the lower quality oil fields. And now they've kicked out the main one, no one in their right mind is going to invest any more money trying to increase production in fields that may be taken from them at any time. And no international bank is going to loan them any money until the dispute with Oxy is resolved, if then.

Since they are starved for investment, this will force them into the arms of Chavez, who has gallantly offered to take over Oxy's assets. All the leftists agree that private oil companies that pay their way represent slavery for Ecuador, while Chavez, who will put up nothing, represents freedom.

Trying to build a country when its full of leftists is like trying to swim with an anchor tied around your neck.

[thackney]

Venezuela bribed Ecuadorian politicians to take a billion $ contract away from an American company

Worse than that, they stole the private assets of equipment and the lease Oxy had paid for.

[Thunder90]

PIng