"President Hugo Chavez on Thursday ordered the nationalization of
"Prior to Thursday's nationalization order, Chavez had already moved to nationalize
Comment: Well, it looks like Chavez continues to turn the thumbscrews on his economy and his people. Nationalizing the cement industry will have short term benefits but will create shortages, inefficiencies, and it will cost the government a pretty penny. This is just another item that Chavez has added to the public debt. How long do you want to bet that cement output starts to decrease after nationalization? Look how much oil production has dropped off after that industry went public and Chavez pushed out some of the private companies.
And in other news regarding Chavez from the
"Venezuela is preparing a "windfall" oil tax to boost the OPEC nation's revenues from record crude prices, only months after leftist President Hugo Chavez's nationalization crusade forced out two of the world's largest energy companies."
"The move extends Chavez's broad campaign to boost state control over oil operations that led to legal battles with Exxon Mobil and ConocoPhillips and helped spark a wave of resource nationalism throughout the
'"Because of high oil prices, oil companies have excessive earnings that go beyond reasonable levels of profitability," Legislator Angel Rodriguez told state news agency ABN."
Comment: Chavez and House Democrats (and some Republicans too) have something in common when it comes to “windfall” profit taxes. Great minds think alike, eh?