Hugo is taking hard turn to the Left. The dimocRATS will be right behind him if they win in 2008.
I guess this writer does not know how to spell COMMUNIST DICTATOR ... so he uses leftist... let us call a spade, a spade.
Frankly, I think that WE need to withdraw from (1) the United Nations AND (2) the World Banque.
Phuque both of these ANTI-AMERICA, ANTI-FREEDOM (except where it financially “suits” them) “organizations”......
Code Pink says: Pullllll outtttt Nowwwww!
The World Bank was not very nice to Venezuela — this was long before Chavez’s time. What happened was that the World Bank had a habit of making loans to poor countries to build their infrastructure.
The conditions are that the country MUST use the engineering firms of the nation doing the lending. (Think Bechtel) They cannot spend the money in country.
So, Bechtel builds a bridge or a water purification system or a highway — but Venezuela can’t pay the money back according to the terms — since the project does not pump revenues in the immediate future. Meanwhile, Venezuela has put up their oil fields or other natural resources as collateral.
These resources are then seized by companies affiliated to the lending nation. (Think Exxon)
As a result of these practices, the WorldBank has a not so good reputation with developing nations.
The significant thing about Venezuela’s recent statement is that they are joining the Iran Oil Bourse — which plans to sell oil for Euros. If you have dollars, you can’t buy oil. This is going to cause big problems for the United States.
We’re seeing the very beginnings of what’s about to happen.
I don’t know which I like least, the IMF of Chavez. Oh well.
Hold on Hugo! Bella Puglosi is on the way!
It seems like he’s doing this right before he nationalizes the oil fields tomorrow for May Day, so they can’t try to impose economic consequences.
I wish it was the U.S. pulling out instead of Venezuela.