Chavez steals millions from foreign companies.

[Flubber]

Originally posted by Dauphin
Western governments could reimburse companies effected by appropriating Venezuelan assets. Well, maybe not...

Never-- AS much as I find government expropriation for profit to be offensive, no other government should reimburse private companies. Private business can take the risk of such ventures and reap the rewards or the losses as the case may be

[Dauphin]

Well, my view is that the risk (and returns available) of investing in Venezuela was well known long before recent events. I disagree with what was done, but I don't feel sorry for the companies who lost out.

Does not mean that ***-for-tat is not possible for some crackpot country like France or Italy.

[MichaeltheGreat]

Originally posted by Drake Tungsten
This was a large miscalculation on the part of Chavez. He's bound to take a public relations hit in the bastion of the liberals who sympathize with him.

When the heart of Old Europe decides that you're more trouble than you're worth, which they undoubtedly will, and you're still doing your best to stay on America's bad side, I think it's obvious that trouble lies ahead for you.

Chavez knows the US is tied up with other issues, and besides, we're now in a frenzy of blaming other brown people for all our problems.

Meanwhile, the French and Italians don't have a collective ball, so they'll eventually "negotiate" a solution, because we're all a bunch of oil whores and da man got de oil.

Chavez is taking a calculated risk as to how much cage-rattling he can do and get away with it, and so far, he's likely right.

[Dinner]

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'.

The USA circula 1870 through around 1955. The world's largest oil producer as well as the single largest place to receive foreign investment. Rumania from the end of WW1 to the start of WW2 did fairly well for itself. The UAE realizes it's reserves won't last forever and has deliberately sought out foreign investment to diversify its national economy to great success.

I think we can also place Canada and Mexico on the list of big oil producers who've won big in the international investment game. The fact that raw materials have become a much smaller part of both of those economies speaks volumes about how valuable development via market investments really is.

[Arrian]

The USA circula 1870 through around 1955.

Third world country? Naw.

-Arrian

[Sandman]

I don't think that the US from 1870 to 1955 counts as a 'third world country'. The UAE is certainly a possible example, but it has a load of nationalised stuff as well. Investors like a bit of infrastructure, after all.

[Dinner]

Originally posted by Arrian

Third world country? Naw.

-Arrian

The claim was a large oil producer never got rich off of foreign investment. When in fact that is exactly how the US developed from an agricultural economy to an industrial economy. Japan, South Korea, and Thaiwan developed primarially based upon market investments (both domestic and foreign).

[Hueij]

"See, after we kill all the (insert current name of "the damned") and take their stuff...."

Velo, is that a quote from the United Fruit Company? I don't think we kommies came up with that all by ourselves. We learned from the masters...

[Lawrence of Arabia]

Venezuela grew by 10.2% last quarter.

[Proteus_MST]

Originally posted by Dis
Is there no legal recourse for this. Can't he be sued in an international court or something. Unless he did give them the moeny for the companies after he seized them. That's a little more acceptable (though still ****ed up).

OTBOT rating
hold on a sec, i'm calling ming to clear this mess

That might be a good idea,
Lets call ming,
maybe he can ban Chavez or the like

[Dinner]

They've had multiple write ups in the various business magazines on this. Basically oil prices are currently high so the over all economy is up but the non-oil economy is in a nose dive. What makes matters worse is that oil production is steadily declining.

There are considerable reserves out there to be found but the state oil company doesn't have the know how to do it efficently so they've previously tried to attract foreign oil companies with know how to start JVs with them. I'm not seeing to many companies who will be willing to invest now given the current situation so their situation should get steadily worse unless oil prices stay high or Chavez stops strangling the non-oil economy.

[Zkribbler]

Re: Re: Chavez steals millions from foreign companies.

Originally posted by Imran Siddiqui
Its not like the loony left will castigate Chavez for this. They like it when "Western" companies get hurt... even if it hurts the people of the country at least the big, bad companies get hurt. And Chavez is anti-US, so they like whatever he does anyway.

It's irrational. Like their love for Castro.

Oerdin, one of my loony leftist friends, started this thead by castigating Chavez for this. I join in Oerdin's castigation of Chavez for the reasons stated by Oerdin.

BTW: Who the f*** loves that murdering butcher Castro?!

[MichaeltheGreat]

íViva Castro!

You mean, as opposed that murdering butcher (but corrupt M. A. Hanna and United Fruit Company lackey, so that makes it ok. ) Batista?

y chinga la "OTBOT" tambien.

[Zkribbler]

When all else fails, blame brown people.

ROTFLMAO!

[Imran Siddiqui]

You guys only WISH you were loony leftists . Ask che if you are .