I don't know if this is a good thing or a bad thing

Submitted by will305 on 1 August, 2008 - 16:57.

But I am sure there will be no lack of opinions, so I am interested to see what you all have to say on this one and how it will affect us here in Nicaragua:

Chávez will Nationalize Banco de Venezuela

Here is the article:

http://www.elnuevodiario.com.ni/internacionales/22903

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More opinion.

Submitted by fyl on 4 August, 2008 - 14:01.

Portfolio has a decent article about this.

I think it would be great

Submitted by will305 on 2 August, 2008 - 14:24.

if Nicaragua nationalized everything, including banks, water, electricity and supermarkets. That would be AWESOME! And then, if they would prohibit foreigners from buying land or just charge them prohibitively high property taxes, that would be awesome too.

Wonder where all my little buddies are, must be hiding.

C'mon will

Submitted by nicareal on 2 August, 2008 - 18:12.

You are not usually that shy! Tell us what you really want to say...

Nationalitation . ..

Submitted by Nicaven on 2 August, 2008 - 14:57.

in 1978 in Venezuela Carlos Andres Perez natioanlized the Venezuelan Oil industry. I remember Shell, Esso, and some other packing up and leaving the country. Then about 10 years later the gringos went back to help us to adming and explorer our own oil again. We third world countries think that patriotism is good. We need good and honest business men from our countries to control and take advantage of our own resources. Until then the Gringos will be telling us what to do and how. Third world countries are not ready for nationalitation. Venezuela has enough resources to eb come and developed country. By the brains there can do it!!!

The Circle is Complete

Submitted by eldoc on 1 August, 2008 - 22:59.

It was national, then it was privatized. Now it's gonna be national again. Considering the recent utter failure of the private banking system, I don't think it's such a bad thing. There will still be private banks in Venezuela, but the Banco de Venezuela will return to its original owners.

The real story is how this went down. Santander wanted to sell the bank. They went to the government to get permission, and the government (awash in oil money) said sure, "we'll buy it." Santander said "nevermind." Hugo said, "too late." Even more interesting is the fact that the government of Spain (PORQUE NO TE CALLAS!) has refused to defend Santander.

I'm all for the private market, but international banking is an exception. It is dangerous to allow private institutions to control your monetary policy (and that's what banks do, though most people had no idea). The founding fathers of the U.S.A. were all (mostly) against it, and the deplorable track record of international bankers (including financing and provoking both world wars and the Bolshevik Revolution) would support that position.

Socialize Losses (And Expenses) - Privatize Profits

Submitted by haircuttingcowboy on 2 August, 2008 - 16:16.

The infusion of capital that will save American (Multinational) Private Banking and Lending Institutions from their self-induced "failure" (a few people did not fail to make millions) will come from the same source that "saved" the Airline Industry (they're failing again, BTW) from collapsing after 9ll. Debt and Losses become nationalized or "socialized" because "we can't afford to let industry fail", while profits are ALWAYS privatized. If government (the people) keep having to bail out big business, then government (the people) perhaps deserve to benefit from the profits as well.

not related but I thought you may want to know . .

Submitted by Nicaven on 2 August, 2008 - 15:31.

Venezuela will not raise gas prices Email|Print|Single Page| Text size – + June 27, 2008 CARACAS, Venezuela—President Hugo Chavez says Venezuela has no plans to raise state-subsidized gasoline prices anytime soon.

Gasoline is cheaper in Venezuela than almost anywhere in the world, selling for as little as 12 cents a gallon (3 cents a liter).

Chavez on Friday pledged to maintain fuel subsidies as a matter of "sovereignty" for the oil-producing nation.

Gasoline prices haven't changed there for years, and many Venezuelans consider cheap gas a birthright. Hours-long traffic jams clog cities including Caracas, where fuel-guzzling sport-utility vehicles are common.