Tuesday, May 01, 2007

Dictator du Jour

Hugo Chavez returns to play a double header.

First up, he finishes off nationalization of Venezuela’s oil fields. Technically, he only wants 60%. For now. The rest will come later, probably due to the pressing need to increase his offshore holdings.

In a laughable note, the article describes the negotiations as ‘tough’. Depends on your point of view, I guess. Since Chavez has the AK47s and the oil company’s don’t, it’s not very tough from his perspective.

And in a related note, he’s withdrawing from the IMF and World Bank. On balance, a plus for the US taxpayer, since it means that we won’t be subsidizing developments that Chavez will later seize for his personal enrichment.

The downside is that, bad as the IMF / World Bank are at development, they are still many steps closer to reality than Chavez.

On the sunny side of the street, Fidel is too ill to make the May Day celebration.