Chavez steals millions from foreign companies.

[Saras]

Originally posted by techumseh


So are you saying that because at one time in it's history, a country didn't have the technical and financial capacity to do those things, it must forever surrender it's natural resources to the oil companies of other nations?

No, what I'm saying is let the lawyers pore over the legal docs and not go around expropriating assets.

Teh evil corporations are, after all, owned by future pensioners

[Proteus_MST]

Originally posted by techumseh


So are you saying that because at one time in it's history, a country didn't have the technical and financial capacity to do those things, it must forever surrender it's natural resources to the oil companies of other nations?

It depends on the treaties Venezuela made with the Oil Companies.

If the Oil Companies legally bought the land where the oilfields are located, the only thing Chavez could legally do is, to buy it back from them (even if he forces them to sell it to Venezuela for the same price for which they bought it).
If he just forces the companies to either accept 51% state control of the oil field or loose the whole oil field without compensation, that´s just robbery.

[Dinner]

Originally posted by techumseh

So are you saying that because at one time in it's history, a country didn't have the technical and financial capacity to do those things, it must forever surrender it's natural resources to the oil companies of other nations?

I'm going to sell you my car but after you pay me I'm going to tell you that god really intended me to have it, that it was a treasure to me, and that I'm taking it back. Oh, BTW I'm still keeping the money.

[Darius871]

Originally posted by techumseh
So are you saying that because at one time in it's history, a country didn't have the technical and financial capacity to do those things, it must forever surrender it's natural resources to the oil companies of other nations?

As Oerdin noted earlier in the thread, Venezuela hardly has that technical and financial capacity now.

[Whoha]

Chavez the CIA puppet

and Gepap has a brain, its not going to explode,etc because of the internet.

[C0ckney]

chavez sucks the hairiest donkey balls, but then what else is new.

nice to see the usual band of 'useful' idiots have turned out to defend him though

[Sandman]

If I were a Venezualan peasant I'd probably take the tangible rewards of oil wealth now over a nebulous concept like investor confidence. I don't see Venezuala doing particularly well either way - oil exporting countries usually have distorted economies anyway.

[Dinner]

That is, of course, the position most autocrats take. They'll steal from the foreigners then try to beat up a false sense of national pride to cover their own brutish behavior. Nasser loved doing this as did Saddam and dozens of other "leaders". They all lead their nation's to ruin and increased authoritarian rule.

[Velociryx]

Now guys....go easy on him, will you? He's just living up to the tradition set forth by all his Big Red Predecessors, and in fact, his abuses are small potatoes indeed, when compared to the REAL communist movers and shakers.

Like Oerdin said, he's a common thug, and will likely be remembered as such. Aside from bread lines and misery, the red tide has a longstanding tradition for producing thugs and brutes. Why is this surprising? Did you HONESTLY BELIEVE he was somehow different? He is the son of the same failed ideology that spawned his forefathers. He can no more escape it than they could.

NOT surprising.

-=Vel=-

[Sandman]

I'm dying to hear of an oil-exporting third world country that managed to successfully make it big via 'investor confidence'.

[RGBVideo]

I'm dying to hear of an oil-exporting third world country that managed to successfully make it big via 'investor confidence'.

Qatar?

Also, It's not just the oil companies, there's no way any sane foreign company or invididual is going to invest in to the country now.

Short-term, this is good for the people of Venezuela (or Chavez, I presume he's taking majority of the $$$ for himself) since they get to keep the oil profits. Long-term, probably not since Venezuela is precisely the sort of country (low level of infrastructure, little to none heavy industry let alone human capital to run it, undeveloped countryside) which requires large amounts of capital in order to make economic progress. Stealing with the excuse of "nationalisation" can be good for some countries in some circumstances, but I think it's a counter-productive move in this case, especially when you think about the future of Venezuela.

[Sandman]

Qatar's a possible candidate, I suppose. They have a national oil company as well, though.

[Velociryx]

Yeah, but like the man said....who the hell would want to invest in Ven. now...oil or any other enterprise?

What would be the point, when odds are excellent that the boogey man will just come steal it from you?

Result: Ven doesn't have the infrastructure (or the expertise) it needs to thrive, and it's a lot less likely to get it, thanks to the thuggish, unthinking behavior of dear leader.

-=Vel=-

[Kontiki]

Originally posted by Sandman
I'm dying to hear of an oil-exporting third world country that managed to successfully make it big via 'investor confidence'.

UAE is probably the best example.

[Dauphin]

http://news.bbc.co.uk/1/hi/world/americas/4871938.stm

Analysis by the US Department of Energy (DoE) - seen by Newsnight - shows that at $50 a barrel Venezuela - not Saudi Arabia - will have the biggest oil reserves in Opec.

Mr Chavez told Newsnight that "Venezuela has the largest oil reserves in the world. In the future Venezuela won't have any more oil - but that's in the 22nd Century.

Amongst other things I like the effectively creative accounting on this issue.