MercoPress. South Atlantic News Agency
Chavez faces the toughest election in his more than 11 years in office
Oil rich Venezuela’s September 26 legislative elections campaign was officially launched Wednesday which promise to be a tough test for President Hugo Chavez following a year of recession, growing inflation and rampant crime rate. Read full article
Comments
Disclaimer & comment rulesThe best thing for Venezuela would be to dump Chavez as quickly as possible.
Aug 27th, 2010 - 12:35 am - Link - Report abuse 0Oil is such a curse for many nations. The endless flow of petro-dollars exerts a profoundly corrupting and infectious influence in politicians and government technocrats enamored of public service in plentiful, oil booming times.
Aug 27th, 2010 - 03:40 am - Link - Report abuse 0They come to believe the boom will never end, they start throwing money away to the masses as if they were some kind of Caesars in Rome, a big spending party, and then eventually they crown themselves in populism and demagoguery. The cake is too big and too tasty to let it go. They hold on to power.
We know how it all ends. In Mexico, president Echeverria and the Lopez Portillo irresponsible did exactly what Chavez is doing in Venezuela today. Those Mexican presidents thought the oil boom was to last forever. They said Mexico was going to be one of the richest nations on earth thanks to oil. They got very rich themselves, but cripple Mexican growth for decades with their failed policies. They created clientelism, dependency and corruption networks that still exist today. Some cancers we mexicans struggle to get rid of everyday.
Today, after reforms and reforms, I am glad to report that oil represents less than 10% of our exports, the rest are manufactured goods, machinery, autos, etc. Oil will never be the largest industry in Mexico. Thank God.
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