Bolivia nationalizes natural gas industry

[Fake Boris]

Originally posted by Brachy-Pride
Argentina had almost no debt before the 1976 coup, when the dictatorship ended they owed 40.000 million dollars (mainly because of the 1978 world cup and falklands war), would that be a good example?

Somehow I doubt that a World Cup and a minor war costed 40 billion 1976 dollars.

[Vince278]

Did they even win the world cup?

[Colonâ„¢]

http://news.yahoo.com/s/ap/20060516/ap_on_re_la_am_ca/bolivia_gas;_ylt=Ampa_w7F40oWHoraFNvOZihvaA8F;_ylu =X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

LA PAZ, Bolivia - The Bolivian government pressed ahead with its moves to re-nationalize its energy industry on Monday, ordering foreign financial companies to surrender control over shares they administer for a public pension fund.

Taking away shares from a pension fund. That's pretty social.

[KrazyHorse]

They're not taking them away from the pension fund as long as the fund continues to receive the benefit of those shares. They're transferring management of the shares to government control from a financial company.

[Dinner]

Morales has said the hydrocarbon industry is only the start and next he intends to nationalize agricultural land which would then be either leased or sold to peasants. More likely, as so frequently happens, the best land will go to his cronies and/or supporters while the opposition will be the first to have their land stolen. We'll see if the nonloyal citizens (I.E. opposition politicians, journalists, or anyone else Morales doesn't like) get anything.

This whole thing stinks exactly like Mugabe circula 1980.

[notyoueither]

Originally posted by KrazyHorse
They're not taking them away from the pension fund as long as the fund continues to receive the benefit of those shares. They're transferring management of the shares to government control from a financial company.

I gather you'd be singing something uplifting as the Titanic broke in two.

[notyoueither]

Originally posted by Oerdin
Morales has said the hydrocarbon industry is only the start and next he intends to nationalize agricultural land which would then be either leased or sold to peasants. More likely, as so frequently happens, the best land will go to his cronies and/or supporters while the opposition will be the first to have their land stolen. We'll see if the nonloyal citizens (I.E. opposition politicians, journalists, or anyone else Morales doesn't like) get anything.

This whole thing stinks exactly like Mugabe circula 1980.

Hehe.

Wait for it to play out.

Petrobas is pissed.

My money is this clown comes to a sudden, tragic end.

[KrazyHorse]

Originally posted by notyoueither


I gather you'd be singing something uplifting as the Titanic broke in two.

Nope. I think it's a dumb idea, and if my money was in that pension fund I'd be pissed.

But it's not stealing until they start using the returns for their own purposes rather than those of the people whose money it is.

Like, say, the US gov't does with SS, by "borrowing" at artificially low rates...

[Sandman]

Guardian comment

Four days before Morales seized the gas fields - on May 1 - an even bigger expropriation took place in an even poorer country: the African republic of Chad. When the Chadian government reasserted control over its oil revenues, not only did it ensure that an intended lifeline for the poor really was removed from their reach, but it also brought the World Bank's claims to be using oil as a social welfare programme crashing down in flames. So how did all those bold critics of Morales respond? They didn't. The whole hypocritical horde of them looked the other way.

[notyoueither]

Originally posted by KrazyHorse


Nope. I think it's a dumb idea, and if my money was in that pension fund I'd be pissed.

But it's not stealing until they start using the returns for their own purposes rather than those of the people whose money it is.

Like, say, the US gov't does with SS, by "borrowing" at artificially low rates...

Good use of the UR manoeuvre, but alas just as effective.

I think the pension funds might have invested with the idea that the companies would be run with profit for the shareholders in mind, not the agenda of the latest dear leader, don't ya think?

[KrazyHorse]

Uh...what the **** did I just say?

I'm agreeing with you there, but it's not theft until Morales actually carries through on that (running it for his own ends rather than dues-payers)

[KrazyHorse]

Sometimes I wonder if you're just looking for a fight by ignoring what I'm saying, so here it is in point form:

I don't think that Morales should have nationalised control of the fund's assets.

I think that this is probably the first step toward running those assets for his own ends rather than for the ends of those invested in the fund.

I'm unwilling to call it theft until he actually does so.

[Last Conformist]

Originally posted by Sandman
Guardian comment

Nobody cares about Africa. That's hardly news.

But I wonder what their point is. Morales screwing up Bolivia is a good thing because the Chadian gov't is screwing up Chad even worse?

[notyoueither]

Originally posted by KrazyHorse
Uh...what the **** did I just say?

I'm agreeing with you there, but it's not theft until Morales actually carries through on that (running it for his own ends rather than dues-payers)

So, let me get this straight.

You leave your car parked for long periods of time.

I'm not guilty of theft if I steal your car and leave it sit for a long period of time after driving where I need to go.

[notyoueither]

Originally posted by KrazyHorse
Sometimes I wonder if you're just looking for a fight by ignoring what I'm saying, so here it is in point form:

I don't think that Morales should have nationalised control of the fund's assets.

I think that this is probably the first step toward running those assets for his own ends rather than for the ends of those invested in the fund.

I'm unwilling to call it theft until he actually does so.

It's theft as soon as he does it.

Doesn't matter what he does afterward.

He could use proceeds to fund the cure for cancer and make the cure free to all humanity for all it matters to the people who's pensions just got highjacked.