Skip to comments.
Venezuela Nationalizes French-Colombian Retailer Exito
The Wall Street Journal ^
| January 17, 2010
| Darcy Crowe
Posted on 01/17/2010 1:36:09 PM PST by Cheap_Hessian
CARACAS (Dow Jones)--President Hugo Chavez ordered Sunday the seizure of a French-owned retail chain on accusations that it raised prices after Venezuela devalued the currency by half.
"Until when are we going to allow this to happen?" Chavez asked during his Sunday television program in reference to the alleged price hike by Almacenes Exito, headquartered in Colombia and controlled by French retailer Casino Guichard-Perrachon S.A. (CO.FR).
The Venezuelan leader said that new law may need to be approved to carry out the nationalization. "I'm waiting for the new law to begin the expropriation process," he said. "There's no going back," he added.
Almacenes Exito saw some of its stores closed this week by government authorities on accusations that it was increasing prices regardless of Chavez's orders that retailers were not to adjust prices after he devalued the currency to 4.3 bolivars per dollar from the previous rate of VEF2.15.
(Excerpt) Read more at online.wsj.com ...
TOPICS: Business/Economy; Foreign Affairs; Front Page News; News/Current Events
KEYWORDS: chavez; france; nationalization; socialism; venezuela
Navigation: use the links below to view more comments.
first previous 1-20, 21-37 last
To: Cheap_Hessian
Chavez’s end will come quickly during the night. The country will celebrate. Hollywood will cry.
21
posted on
01/17/2010 3:29:18 PM PST
by
kempo
To: Cheap_Hessian
Exito should have went Francisco d’Anconia a long time ago. Too late now.
To: Cheap_Hessian
“Comerso, a new government-run retail chain which seeks to sell its products at “socialist” prices”
And they’ll become just like the Soviet GUM store, where the prices are so high that only High Party Officials and the Well-connected Rich can afford to shop there.
The Peons will be forced on to the Black market for every day goods.
Welcome to Socialism!
23
posted on
01/17/2010 4:03:44 PM PST
by
tcrlaf
(Obama White House=Tammany Hall on the National Mall)
To: Cheap_Hessian
French socialism meet Venezuela socialism.
24
posted on
01/17/2010 4:43:39 PM PST
by
steveab
(When was the last time someone tried to sell you a CO2 induced climate control system for your home?)
To: Cheap_Hessian
Venezuela is a big importer. Either prices go up or the shelves are empty. Which does he prefer?
25
posted on
01/17/2010 5:06:18 PM PST
by
expatpat
To: Rome2000
26
posted on
01/17/2010 5:10:09 PM PST
by
expatpat
To: Rome2000
27
posted on
01/17/2010 5:10:59 PM PST
by
expatpat
To: Recon Dad
DEAD is the preference of freedom-loving Venezuelans and sane Americans.
I’ll even send him some flowers - poison sumac.
28
posted on
01/17/2010 9:40:07 PM PST
by
ToTheMax
To: ToTheMax
When he's gone I can then use one of my favorite quotes,
I didn't attend the funeral, but I sent a nice letter saying I approved of it. — Mark Twain
29
posted on
01/18/2010 3:54:37 AM PST
by
Recon Dad
( USMC SSgt Patrick O - 3rd Afghanistan Deployment - Day 89)
To: Cheap_Hessian
Over on DUmmie Underground almost every post on this topic is “Viva Chavez” and “Way to go Hugo” It just boggles the mind how people can go through life so economically illiterate as to actually believe the government can provide something “For Free” and that the only thing standing in the way of an endless supply of free stuff is those evil corporations and their profit motive.
30
posted on
01/18/2010 4:21:09 AM PST
by
NavVet
("You Lie!")
To: ricks_place
Hmmm Chavez will take the retailers bank accounts, Real Estate Property, fixtures, and stock of goods. But how does Chavez restock the store shelves?
Nationalize the wholesalers and so on up the supply chain. They can't raise prices either. Yes, at some point you run out of businesses to nationalize, but think of all the private property you've stolen. You may be able to run the nationalized distribution network for a while on all those stolen good.
Eventually of course it falls apart. Then you blame the United States.
31
posted on
01/18/2010 4:43:30 AM PST
by
Cheburashka
(It's a _happy_ Russian novel. Everybody still dies, but everybody dies happy.)
To: Cheap_Hessian
Comerso, a new government-run retail chain which seeks to sell its products at "socialist" prices
The Soviet Union had Gosudarstvennyi Universalnyi Magazin, a/k/a The State Department Store. Government owned and operated stores, which of course started out as stores seized from their evil capitalist owners.
Chavez hasn't come up with anything new.
32
posted on
01/18/2010 5:01:24 AM PST
by
Cheburashka
(It's a _happy_ Russian novel. Everybody still dies, but everybody dies happy.)
To: Cheburashka
What Chavez does today, Obama does tomorrow.
To: Cheburashka
Nationalize the wholesalers and so on up the supply chain. Problem for Chavez: the goods are imported!!! lol
To: ricks_place
Problem for Chavez: the goods are imported!!! lol
When he reaches the point where no one will export to him then he blames the United States.
35
posted on
01/18/2010 7:03:27 AM PST
by
Cheburashka
(It's a _happy_ Russian novel. Everybody still dies, but everybody dies happy.)
To: Cheburashka
When he reaches the point where no one will export to him then he blames the United States.Chavez will blame the US of course. International Businesses will export to Venezuela or Venezuela retailers but will demand cash terms. The retailers will then face the dilemma of selling goods at a loss or face nationalization. The government businesses can sell at a loss as economics is immaterial when the welfare of the people is at stake. Viva la Revolución ! lol
To: Cheap_Hessian
All the corporations who suffer from nationalization of their investments in Venezuela should come to invest in Honduras. Their investments are safe here.
Navigation: use the links below to view more comments.
first previous 1-20, 21-37 last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson