Venezuela Takes Control of Oil Fields

**VtEC** · May 15th, 2007 08:34 PM

The good thing about Venezuela is they are not in debt anymore.No more pressure from IMF and the WB which makes life more miserable.

**wildthing** · May 16th, 2007 05:24 AM

AMEN to that... no "need to be thanking IMF/WB" for the loan... kung binayaran naman nila (Venezuela) ng FULL and all the interest yung loan na yun sa IMF/WB.

Furthermore, those loans where never incurred during the time of Hugo Chavez... it was done when there was a "more credible" president in Venezuela.

**mazdamazda** · May 16th, 2007 08:31 AM

IMF-WB loans are not just about money - but is a program to help developing countries to develop sound economic policies. While some of their suggested policies are a bitter pill for most people - including prioritization of debt repayments - they have proved to be very valuable lessons in the end.

While you maybe harping about Venezuela - you should also note the high poverty & inflation rate that is currently plaguing them. Their economy is on a rising boom thanks to the inflated oil crude price but this will halt in light of the recent nationalization of some key industries.

**wildthing** · May 16th, 2007 10:41 AM

"this will halt in light of the recent nationalization of some key industries.." is this another speculation or is it a fact? (I hope it is not another rumor).

They already have high poverty long before Hugo Chavez tenure in the office...in FACT, it was his "revolutionary" programs that are making the lives of his poor countrymen better (and not IMF/WB programs, mind you and this is not a rumor or a speculation).... the same reason why he was getting famous and have better support from his countrymen. (you just have to type HUGO CHAVEZ on Wikipedia to know this)

He might not have popular support from foreigners (ie. US) but then again, he was doing good for his countrymen (at the moment) - and that is a fact.

**mazdamazda** · May 31st, 2007 10:48 AM

Originally Posted by wildthing

"this will halt in light of the recent nationalization of some key industries.." is this another speculation or is it a fact? (I hope it is not another rumor).

That's a fact. Telecoms & steel companies was just nationalized - including media companies.

By the way, Chavez just closed down on the only other non-government controlled TV station (the oldest & biggest) and replaced it with another government owned station.

Originally Posted by wildthing

They already have high poverty long before Hugo Chavez tenure in the office...in FACT, it was his "revolutionary" programs that are making the lives of his poor countrymen better (and not IMF/WB programs, mind you and this is not a rumor or a speculation).... the same reason why he was getting famous and have better support from his countrymen. (you just have to type HUGO CHAVEZ on Wikipedia to know this)

He might not have popular support from foreigners (ie. US) but then again, he was doing good for his countrymen (at the moment) - and that is a fact.

Making it better?

Their national debts is steeply rising, poverty level is still hovering at 40+%, inflation is still not managed, etc.

He may have the people's approval for now but as I've said before, this will all come crashing down once the nationalization euphoria wears off and their oil funds dry up.

**Flagg** · June 4th, 2007 03:59 AM

Originally Posted by wildthing

"rumors" or facts... I'll probably believe on facts rather than rumors..

OT1: Hey man, don't get all heated up now... but what's your basis in saying the above quote?

BTT: IMO, we don't know the full oil story of Venezuela, so I give Chavez the benefit of the doubt... (we don't like people who worm out of contracts, but then again, there are some contracts which shouldn't be honored in the first place... for example the Bataan Nuclear Power Plant)

However, outright demagoguery like the taking over of RCTV and banks... tsk tsk. Sad, sad commie bastard, this Chavez.

IMO, comparing Venezuela with Singapore is very unfair, especially to Mr. Lee and his achievements. Has anyone ever wondered what would happen to Singapore if it's government decided to nationalize the oil, banking and mass media industries (or any other industry, for that matter)? It is something rightly unimaginable.

If one thinks about it, Singapore has less of a dictatorial and more of a corporate setup. Though less democratic than other states, it's government is run more or less according to an international standard which, in turn, promotes cooperation from the international community (which has proven to be very good economically).

This is very different from the self-serving conduct of a dictatorship, or even an oligarchy. The standard of this government's performance is what it itself sets. Unfortunately, history has shown that this is usually not in line with international standards and therefore, the government ends up on its own... sooner or later ending up in failure.

In other words, Singaporeans are treated more as the government's industrial partners as opposed to the Venezuelans who, IMO, are treated as charity cases of Mr. Chavez - this exemplified most clearly through his "one-class" rhetoric.