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Venezuela: Chavez begins nationalizing

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bobsponge
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My hunch is that Chavez's idea of what the plant is worth might be a little bit lower than its actual fair market value.

For sure, but at least they will get something out of it. And having the thug Chavez go over to the Chinese just puts the full stop to the idea that this guy is a populist leader and humanitarian. I wonder what the Chinese would do if Chavez were to turn around in the future and nationalize the Chinese nationalized plant?

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The Venezuelans are now planning to seize 11 oil rigs from an American company.

http://www.businessweek.com/news/2010-06-23/pdvsa-to-seek-seizure-of-11-helmerich-oil-rigs-in-pay-dispute.html

If the US had a rights respecting government, this would be a tremendous opportunity to protect the private property of our citizens. However, given the recent seizure of banks, auto companies and the entire US healthcare industry, Obama will probably look at this as further validation of his domestic policies. After all, overseas public opinion is very important to our global president. :rolleyes:

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The thing is that Obama effectively nationalized the off-shore oil rigs by demanding that they shut down after the recent BP oil spill. In a capitalist country, he wouldn't have the power to do that, he and other individuals would only have the power to shut them down after going through a court processes demonstrating that those oil rigs were damaging private property. As to the BP oil spill, I think BP is doing what it can to shut the gusher, but I've heard that Obama has turned down about 30 foreign proposals that could stop the leak. Like any other dictator, Obama wants to seize power, he doesn't want to solve problems.

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The thing is that Obama effectively nationalized the off-shore oil rigs by demanding that they shut down after the recent BP oil spill. In a capitalist country, he wouldn't have the power to do that, he and other individuals would only have the power to shut them down after going through a court processes demonstrating that those oil rigs were damaging private property. As to the BP oil spill, I think BP is doing what it can to shut the gusher, but I've heard that Obama has turned down about 30 foreign proposals that could stop the leak. Like any other dictator, Obama wants to seize power, he doesn't want to solve problems.

He needs that thing to keep on gushing right until November, when he and the majority congress will ride in on a golden unicorn to solve the problem.

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More on the 11 US owned oil rigs:

http://news.yahoo.com/s/nm/20100624/ts_nm/us_venezuela_nationalizations

The 11 drilling rigs have been idled for months following a dispute over pending payments by the OPEC member's state oil company PDVSA. Oil Minister Rafael Ramirez said on Wednesday the rigs, the Oklahoma-based company's entire Venezuelan fleet, were being nationalized to bring them back into production.

[...]

The takeover of Helmerich and Payne's rigs was not a surprise, considering Chavez penchant for nationalizations and the company's refusal to work before being paid the $49 million it has invoiced PDVSA.

This is just naked theft in broad daylight. No one in the US media and certainly not the US government is talking about this. I wish they would just hire Blackwater or Xe or whatever and sell their contract to someone else. Or at least blow the rigs up before Chavez' goons arrive. (Or after they arrive...)

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