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Chavez poised to take control of banks
Financial Times (UK) ^
| 9/1/2005
| Andy Webb-Vidal
Posted on 09/02/2005 10:11:56 AM PDT by Santiago de la Vega
Caracas - Venezuela is preparing to take political control of private banks as part of a drive to spread revolutionary government control over the economy of the world's fifth largest oil exporter. Trino Alcides Diaz, Venezuela's banking superintendent, has privately told the heads of several of the country's banks that President Hugo Chavez wants to place two government representatives on the institutions' governing boards.
(Excerpt) Read more at news.ft.com ...
TOPICS: Business/Economy; Constitution/Conservatism; Crime/Corruption; Foreign Affairs; Government; Politics/Elections
KEYWORDS: banking; communists; hugochavez; venezuela; voting
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This is perfect.
Nationalizing the banks is the first step to economic disaster.
Next, we'll have inflation, as soon as they've spent the oil money on idiotic projects that produce nothing but votes from los pobres.
Venezuela is doomed and it serves 'em right. They voted for this clown and he's now running the circus into the sea.
It further shows how important a good constitution is, requiring compensation for taking private property, and a supreme court willing to understand and enforce the rights of the people.
To: Santiago de la Vega
This ought to accelerate the Venezuelan exodus to Miami.
2
posted on
09/02/2005 10:15:08 AM PDT
by
Brilliant
To: Santiago de la Vega; Brilliant; Cincinatus' Wife
To: Santiago de la Vega
Even an incompetent socialist govt can go a long way, sitting on a lake of oil.
4
posted on
09/02/2005 10:18:03 AM PDT
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Santiago de la Vega
Diving into Soviet-style communism...
5
posted on
09/02/2005 10:18:42 AM PDT
by
RockinRight
(What part of ILLEGAL immigration do they not understand?)
To: Santiago de la Vega
This is going to make Katrina look like a drizzle...
6
posted on
09/02/2005 10:19:07 AM PDT
by
2banana
(My common ground with terrorists - They want to die for Islam, and we want to kill them.)
To: Travis McGee
Even an incompetent socialist govt can go a long way, sitting on a lake of oil. Especially when it's at record prices.
We could use a crash, for so many reasons.
7
posted on
09/02/2005 10:19:32 AM PDT
by
atomicpossum
(Replies should be as pedantic as possible. I love that so much.)
To: Santiago de la Vega
Next, we'll have inflationHyperinflation is a standard Marxist tool to destroy a society.
8
posted on
09/02/2005 10:19:37 AM PDT
by
Tijeras_Slim
(Now that taglines are cool, I refuse to have one.)
To: anniegetyourgun
I don't mind wealthy Venezuelans coming to Miami. The poor love Chavez, so we won't see them.
9
posted on
09/02/2005 10:20:27 AM PDT
by
Brilliant
To: Santiago de la Vega; anniegetyourgun
He's taken the oil, the congress, the supreme court, the freedom of press and now the banks.
To: Santiago de la Vega
Nationalizing the banks is the first step to economic disaster And when it happens he will blame it on the US and President Bush
11
posted on
09/02/2005 10:21:22 AM PDT
by
msnimje
To: Santiago de la Vega
Allende did something similar. Look where it got him.
12
posted on
09/02/2005 10:21:59 AM PDT
by
untenured
(http://futureuncertain.blogspot.com)
To: Cincinatus' Wife; atomicpossum; Tijeras_Slim
Chavez is the communist "anti-saviour."
He has breathed new life (via petroleum and petrodollars) into the dying Cuban revolution, and he is helping to spark radical socialist revolution all across South America.
13
posted on
09/02/2005 10:23:38 AM PDT
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: untenured
There is not Pinochet in Venezuela. When the coup leaders had him in custody, they had their chance, but they let him go.
"When you go to kill the king....KILL THE KING."
(Otherwise.......)
14
posted on
09/02/2005 10:24:52 AM PDT
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
To: Santiago de la Vega
Panama had a bank crisis about 15 years ago. All banks closed and over night; the entire country went on a barter system, and everyone just lived their own lives for a year and a half in spite of predications of immediate doom. Venezuela has serious problems-- at least in Panama they could imagine that Noriega seized power against the wishes of the people (yeah, right). Panamanians were able to get the US to clean up their mess, but the Venezuelans are probably stuck with the one they're in.
To: Travis McGee
Travis ol' buddy,
Well said.
You've been listening to Meyer again, haven't you.
To: Santiago de la Vega
As I understand it (trying to channel what remains of Macro 101 here), the 70's brought similar governmental expansion in South America, and preceded the implementation of "Import Substitution" strategies there. It also was a period where the global oil crisis led to huge debts in those governments in SA that are oil-rich -as they bet that oil would continue to rise indefinitely. The results were disastrous for the continent. In the period that followed, oil prices did not match expectations, and this combined with rapid inflation led to the grinding halt of progress in South America. In addition, the act of isolating themselves economically to try to duplicate the industries of their neighbors for which they had no competitive advantage led to tremendous economic inefficiency.
While Asia followed an "Export-led Growth" strategy, and grew at a staggering pace, South America crumbled.
But hey, this time it'll probably work. I mean, with an economic wizard like Fidel with you, how can you be wrong?
To: Santiago de la Vega
Zimbabwe, South Africa America.
18
posted on
09/02/2005 10:59:27 AM PDT
by
John Jorsett
(scam never sleeps)
To: Santiago de la Vega
Was this announcement timed with Katrina in mind?
I can't help thinking that this is a great time for oil-rich communist Venezuelan Chavez to move now that the US is having a large oil crisis.
To: Santiago de la Vega
20
posted on
09/02/2005 11:15:48 AM PDT
by
Travis McGee
(--- www.EnemiesForeignAndDomestic.com ---)
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