Posted on 05/20/2010 1:33:30 PM PDT by big black dog
Venezuela has the largest oil reserves outside the Mideast and some of the largest known natural gas deposits. Yet the country is an economic shambles thanks to the mismanagement of its buffoonish and authoritarian president, Hugo Chavez.
This past week he further crippled the economy by effectively banning private bond trading to stop Venezuelans from sequestering savings in dollar accounts.
He instituted currency controls of 2.60 bolivars to the dollar for priority goods and 4.30 for nonessential items. The black market rate is 8.20 bolivars to the dollar. Not surprisingly, there is a thriving black market, widespread shortages and soaring inflation of over 30 percent.
In 2003, when Chavez began experimenting with price controls, Venezuela was self-sufficient in beef. Last year it imported over half of what it consumed. After his police began rounding up butchers for selling beef at more than the state mandated price, beef disappeared almost altogether from the stores.
The same has happened with coffee. After expropriating roasting companies, coffee warehouses and plantations, production in coffee-producing Venezuela fell by over 16 percent last year.
Because of lack of investment in the national grid - and with some help from a drought - electricity is rationed and there are frequent blackouts and mandatory power cuts. Similarly, since he barred Western firms from participating in Venezuela’s oil industry, investment has fallen.
Chavez has been incapable of dealing with the country’s chronic crime.
He has spent $4 billion on Russian weapons against the imaginary threat of a U.S. invasion. His foreign policy consists of trying to build an anti-U.S. alliance of “21st century socialists” like Cuba, Nicaragua, Iran, Bolivia. He has been accused, convincingly in the case of Colombia, of aiding communist guerrillas and harboring violent Basque separatists.
In advance of next September’s congressional elections, he has begun jailing opposition leaders on assorted trumped up charges such as the crime of spreading false information, the false information being criticism of Chavez and his policies.
Venezuelans, to their credit, stubbornly cling to democratic traditions. Despite his control of the judiciary, suppression of the opposition media and lavish spending on his base in the sprawling slums, his reelection in 2012 is no foregone conclusion. There may be a limit to Venezuelans’ tolerance for lowered standards of living and diminished freedoms.
Chavez’ explanation: “There’s an economic conspiracy against the revolution to boost inflation, increase shortages and malaise among the people.” We know who the conspirator is.
That's assuming a fair election process takes place.
Yes. I expect a “crisis” manufactured by Hugo to suspend the elections.
“Yet the country is an economic shambles thanks to the mismanagement of its buffoonish and authoritarian president, Hugo Chavez.”
There’s alot of that going around.
Dictators don’t lose elections until after they’re hung.
Ha-Ha-Ha-Ha-Ha. That's the greatest joke I've heard all day!
Hugo has nationalized foreign exchange to the Central Bank all of a sudden, at a whim, which has no mechanism to do the job. It will not start for 2 weeks.
What do people do when goods vanish from the shelves?
Oh wait, thats been happening for a long time now since Chavismo started nationalizing businesses.
Like something as meaningless as losing an election is going to bother Chavez.
The Left LOOOOOVVVVVEEEESSSS shortages. It makes them feel more needed as a result.
“Our country is in great peril and I must suspend elections for the time being.”
“But, can’t we just try a little free election?”
“No, no, it’s too perilous.”
” Dictator’s re-election not assured”
I didn’t know dictators ran for election.
Oh- you mean a mock election.
I'm sure it seemed like a good idea at the time to allow Jimmy Carter to bless Chavez's ballot box stuffing, but look what he left behind.
Too bad it's imaginary...
I would fully support a US-led covert operation to have someone infiltrate Venezuela’s inner circle, and put a bullet in Hugo’s head.
Some good/okay Venezuela blogs:
http://daniel-venezuela.blogspot.com/
http://caracasgringo.wordpress.com/
El Universal has a limited english site
http://www.eluniversal.com/eng_index.shtml
They’re having an election? Who knew.
When enough Venezuelans are close enough to chronic starvation, only then will things begin happening.
Ordinarily, they could look to the US for help in subverting
the dictatorship. NOW, however, they will be on their own.
This in by now almost the proverbial “old story” with this
Administration: Obama is more sympathetic with dictators like him than with the aspirations of the people.
Don’t make me go on.....I’m already short of time.
“America has the largest oil reserves outside the Mideast and some of the largest known natural gas deposits. Yet the country is an economic shambles thanks to the mismanagement of its buffoonish and authoritarian president, Barack Obama. “
that first sentence could be just as easily rewritten this way.
That's assuming a fair election process takes place.”
Why are we talking about Obama’s 2012 presidential campaign on a thread about Venezuela??
If he is alive, he will be reelected.
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