Another Step Down (Chavez)

[cannon_fodder]

Hugo is nationalizig more industry in Venezuela.  This time a Canadian owned gold mine:
http://www.breitbart.com/article.php?id=081105220533.9xxyupf3&show_article=1

Really a great scam he has going on.  Sell mining rights, encourage infrastructure investment, then take it over.  

quote:Over the past year, he has taken over the electricity, oil, steel making, cement and telephone enterprises

Add to that food and export controls.


Interestingly enough, all of those industries are now failing.  Oil output is down 25%, food is not making it to shelves, steel production is scant, electrical failures common, phone service disruptive.  Funny, you'd think a bunch of government cronies would be better at running things...

Even better, they announced the plan publicly before telling the company:
http://www.theglobeandmail.com/servlet/story/LAC.20081106.RCRYSTALLEX06/TPStory/Business

With oil prices slumping, national output dropping like a rock, and real GDP falling - Hugo is going to be fighting an uphill battle to keep his country alive.  Another hot spot to watch out for.