All your banks are belong to him;
Venezuelan President Hugo Chavez on Thursday threatened to nationalize the country's banks and largest steel producer, accusing them of unscrupulous practices.Posted by Kate at May 4, 2007 7:25 AM"Private banks have to give priority to financing the industrial sectors of Venezuela at low cost," Chavez said. "If banks don't agree with this, it's better that they go, that they turn over the banks to me, that we nationalize them and get all the banks to work for the development of the country and not to speculate and produce huge profits."
It was not clear if Chavez was only referring to Venezuelan banks like Mercantil Servicios Financieros CA and Banco Provincial SA, or if he was also aiming the threat at major international banks with subsidiaries in the country, such as Citigroup Inc. (C) and Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBV) and Banco Santander Central Hispano SA. (STD)
Chavez also warned the government could take over steel producer Sidor, which is majority controlled by Luxembourg-based Ternium SA. (TX) Shares of Ternium fell 3.9 percent to $26.15 in U.S. trading after Chavez's comments.
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For related reading check out the PBS series Commanding Heights from a few years ago. There is still a great amount of archive information on the PBS website. Those with the mindset of Chavez refuse to learn what the Angloshere has known for quite some time. When will the Venezuelan Maggie T arrive to run their national economy?
Posted by: Steve Jefferson at May 4, 2007 9:31 AMRussian October revolution of 1917 replayed in South America. Been there done that. To the arms, Venezuelans! You are being hosed.
Posted by: Aaron at May 4, 2007 9:44 AMAhhhh yes Seems the Taco King has been reading Commissar Engles step by step guide to statist tyranny.
Step 3 nationalize all private industry and the banking system.
Step 4 when this rpoduces negative growth diue to low incentive, set state productivity quotas.
Step 5 enforce quotas ans prepare killing fields for Step 6 when this fails to produce economic expansion.
Posted by: WL Mackenzie Redux at May 4, 2007 10:27 AMCommunism by stealth. One industry at a time.
Posted by: Reid at May 4, 2007 10:34 AMEverybody practices unscruplous practices especialy politicians and lawyers
Posted by: spurwing plover at May 4, 2007 10:39 AMIt will all end in tears or a hail of bullets.
Probably even both.
Posted by: JJM at May 4, 2007 11:26 AMThere must be some sort of Stalinist script these clowns follow. Stalin, Hitler, Franco, Castro, Hussein, Mugabe, etc. etc. Every time it's the same.
Posted by: Belisarius at May 4, 2007 11:59 AM
Man, ain't the Internet grand. Here we go and get a front row sear to watch a Socialist Country convert into a Communist Country overnite right before our eyes.
Quién es Juan Galt? (Shrug)
Posted by: shooter at May 4, 2007 12:19 PMThe script exists. It's authors are Karl Marx, Friedrich Engels and Vladimir Lenin. Stalin was not known for extensive writing. The sidekicks like Che Guevara followed the suit. Enough junk reading for unstable psychotic minds to have a brain fart.
Posted by: Aaron at May 4, 2007 12:54 PMHistory comes in two stages; first as tragedy, then as farce.
However, as far as communism goes, it all ends in tragedy.
Posted by: Half Canadian at May 4, 2007 1:49 PMWhy doesn't Hugo Chavez just print more money?
Posted by: BillyHW at May 4, 2007 2:29 PMHistory comes in two stages; first as tragedy, then as farce.
However, as far as communism goes, it all ends in tragedy.
We all know they just haven't implemented communism correctly yet. - moonbats
We all know that [your favorite dictatorship goes here] could not correctly implement communism because those sinister Americans could not allow the world to see how wonderful communism was. - moonbats
Well said, CI!
Posted by: Aaron at May 4, 2007 3:18 PMThey voted for him, they can have him.
When they starve, they can die without my help.
If they continue to fund terrorists, drug cartels and insurgents in the other SA countries, they just may need an assassination or two. If the damn fools in Venezuelan want their own country to go down the toilet, so be it. If they try to take everyone else with them they should be stopped by any means necessary.
Posted by: Warwick at May 4, 2007 3:33 PMThe rise of strongmen like Chavez goes much further back in history than 19th century writers like Marx. They just use socialist writings as an excuse. Some have even used anti-communism as grounds for seizing power.
Julius Caesar seems to fit the mold, so does Ghengis Khan, Cromwell in England, Napoleon Bonaparte, and an endless parade of other dictators that have cropped up over and over again in history.
The only common denominator is the methods they use - which Chavez is following to a tee.
Posted by: Belisarius at May 4, 2007 3:41 PMTaliban Jack will love Chavez
Posted by: Keith Thomson at May 5, 2007 12:46 AM