Sounds beautiful, man. Power to the people!!! Yet, even with evil corporations gone Venezuela will stay poor.
Let's say you study the history of oil first, then you can ask questions like to whom the oil belongs to....
I never asked who the oil belongs to. Try reading comprehension. So like I said before, I hope Chavez turns out to be the revolutionary figure you guys make him out to be. But if it wasn't in Venezuela, you agree to a bad deal, you eat it. And if it was corruption, then prove it and take those guys to jail and rescind the deal. Don't just cop out and "nationalize" the energy sector.
I puked out of my position in hecla mining (HL) over the last few weeks because of this. Its a shame too, since the technicals looked favorable. But country risk is one thing I don't fool around with since it does not follow any predictable or rational paradigms and I can't handle that easily, so I don't. One of those maybe 20% upside and 75% downside things so, forget it. Would expect others start to see things the same way down in latin america, and certainly wouldn't be long anyone except brazil, chile, or peru. Don't take that as gospel, either, as I really don't have a great handle on that either. So, I'm out.
They did similar things in Russia in the 1920's. I really doubt that Chavez is going to be altruistic, it is not a statistical probability based on history. Communist leaders might range from altruistic to the Causescaus who were selling secrets to the west, taking money from Moscow, starving, I mean literally starving their own population while building the largest castle ever built in all the history of the world. Check that little overlooked piece of history out, it is very revealing. There was no extenuating circumstance to account for the Causescaus, I defy any communists to explain how that happened. Embargo?? Sure the cold war was on, all of the marxist world had a shitty economy, that does not explain how that came about. Somebody tell me why socialism could not even provide food for people?? Oh, I suppose it "will be different this time", I had a girlfriend way back in the day that would say "but it will work in America" and of course she could assume the moral high ground based on her passion and dedication..... to people like Causescaus. Talk about useful fools.... That is the range, if Chavez is somewhere in the middle it is over for Venezuela. In fact if he is 75% of the range towards altruistic, it is still over for Venezuela, maybe even 90%. Once the workers catch on that things are not getting better and Chavez starts to get a siege mentality anything could happen.
Which is why I just beat a guy senseless for grabbing the nickel I dropped on the sidewalk. You never know when I might need that nickel. For instance I could leverage that nickel into $25 by putting it in the parking meter and avoiding the gestappo meter maid ticket. Besides that nickel grabbing dirt bag deserved it. As for Venezuela. Some of the finest women on the earth. Perhaps we should set-up a drilling equipment for hottie swap program. No pun intended.
Funny you say that after responding to a post showing that he already is. But OK, let's say he is not going to be altruistic. For the average Venezuelan what difference does it make if the country's oilwealth is taken by foreign companies or a local dictator? In the 2nd case at least is their own bastard... P.S.: For those who are bitching about the nationalization here is a quiz: Name the countries among the top 20 oilexporters where the oilindustry HAS NOT BEEN nationalized...