End of the Year Top Five

Well then, here they are… 

 

Comment:

“One Response to ‘Brazil’s Part’”

http://mmaszara.wordpress.com/2007/03/02/brazils-part/#comment-7

Blogs:

“Venezuela in Nicaragua”

http://adale.wordpress.com/2007/02/12/9/

“And He’s Outta There!!!!”

http://adale.wordpress.com/2007/05/03/and-hes-outta-there/

“Ok, Chavez Buys Subs forVenezuela”

http://adale.wordpress.com/2007/02/21/12/

“Here he goes again…”

http://adale.wordpress.com/2007/05/01/here-he-goes-again/

AND HE”S OUTTA THERE!!!!

Recently, Hugo Chavez announced that he intends to remove Venezuela from the International Monetary Fund and World Bank.  Over the last eight years, his government has been able to pay off all of its debts to both organizations and now that he is not obligated to them, he wants to sever the ties with what he calls the “Washington organizations.”  Furthermore, he is looking to create a regional equivalent to the two organizations with the help from several other Latin American countries. 

            So the question is: will this action set a precedent for the rest of South America to stop relying on the United States and other so called neo-liberalist institutions?  Currently, I am unaware of the rest of Latin America and South America’s debt issues, but most likely they are still repaying the IMF and World Bank.  Therefore, if these countries were able to pay off their debts, would they join Venezuela in creating a regional economic institution with many of the properties of the IMF?  Furthermore, would an institution in this part of the world work?

            While these are pretty far fetched ideas (and I do have my doubts about them), there have been crazier things to happen in the world.  Personally, I think that if the IMF were ever in the situation that it might lose a large majority of its member nations (in the case that much of South America left and a portion of the world followed), I think they would consider reforming some of the policies to become more partial to the rest of the world.  Overall, it seems like the ideas that Chavez is preaching to South America and his allies—most of the rhetoric is anti American, anti-globalization, anti-capitalist, etc.—is considered outlandish and nonsense here in the North; but I think it is a different story in some of the southern nations. 

Here he goes again…

It finally happened: to solidfy the socialist status of his country, Hugo Chavez took over the last privately run oil field in Venezuela. 

The companies ceding control included BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France’s Total SA and Norway’s Statoil ASA. All but ConocoPhillips signed agreements last week agreeing in principle to state control, and ConocoPhillips said Tuesday that it too was cooperating.

While this was not an overnight coup (there have been talks going on for a while now), it still is somewhat of a wake up call for these companies, and the governments of these companies.  Chavez declines to talk about (or just refutes) any problems that the national oil company might have or the lack of experience.  Most outside oil experts agree that the Venezuelan government and oil operations need these foreign companies to help ensure the proper production of the oil.  In sum, Venezuela needs their expertise.   Furthermore, Chavez said that if the oil companies were to step out, China, India, and other countries could step in–excluding you know who.

While this recent step by Chavez is a risky one, it also appears to be somewhat well received by the people.  The question is will this work?  Does Venezuela even with the expertise from the other oil companies hold the capacity to develop all that oil?

http://www.iht.com/articles/ap/2007/05/02/business/LA-FIN-Venezuela-Oil-Takeover.php