Venezuelan President Hugo Chavez said Wednesday he will nationalize the gold industry, including extraction and processing, and use its output to boost the country’s international reserves.
The move follows a dispute between his government and foreign miners who say the rules limiting the amount of gold that can be exported from the South American nation hurt their efforts to secure financing and create jobs.
Not a new trend for Venezuela. Oil got nationalized there, why not gold too? Not a good thing to complain to Chavez about anything, such is the way with dictators.
SS109 wrote: President Chavez has also been nationalizing small businesses who fall behind on taxes.
Nationalizing oil companies has cut production so this news might increase gold prices.
You guys nationalize most of my income for the crap you don't want to pay for yourselves, like sending your kids to school.
Doesn't seem that different. Any tax or fee is a partial "nationalization."
At least Chavez has the balls to say what he is doing and do it closer to 100%. We will be at the same level, but we will take baby steps and the people will ask for all their money to be taken little by little and will call it democracy, freedom and welfare and we will still think it makes America great.
Geez did we not just debate licenses and standards for all kinds of professions...including artists and flower arrangers???? That's partial nationalization. Go build a house, grow some food, or do any basic trade and sell your wares...and try to do it legally without involving the govt and you will fail quickly or become a criminal. Nationalization is the law at this point...it is the limit...the thing that everything trends to and everyone on this board spends most of their time both promoting and railing against.
Denver Post this morning.
Hugo Chavez is also bringing back to Venezuela overseas gold deposits.
Traditionally most countries keep a big store of gold in NYC and they can trade it back and forth to pay off debts. From Venezuela's pallet to Cuba's for example.
MAybe Chavez is planning to default on debts? If he does, other countries couldn't lay claim to his gold.
Thomas Sowell: There are no solutions, just trade-offs.
He's been demonized here in this country and you lemmings hate whomever your told to hate by the corporate media, but Hugo Chavez is a personal hero of mine..Like him, all I wanna do is help people
