Hugo Chavez nationalizes yet another sector.

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Hugo is at it again. This time he is nationalizing private cement companies and the largest steel factory in the state. Alot of these are owned by his 'close friend' in argentina. Nice way to say thank you. His excuse for the steel factory was that it was not producing for local consumption, but was instead exporting to foreign countries. This is actually untrue as they have had an agreement for awhile to only sell to local markets. Meanwhile, he is only supplying 50% of the oil the country has agreed to in contract. This is steadly declining year after year. Do not expect it to recover since foreign investment is shy. Furthermore he forces the state owned oil company to give away it's revenues to social programs. Albeit this looks great but without reinvestment there is no way the state oil company is going to increase output. I just dono't understand how this populist thinks he is helping his country. His entire goverment revenue, i.e. for social programs, etc, comes entirely from exporting crude oil. He hates the U.S., but we are the one's who prop up his goverment with oil money. Without proper investment there is just no way he can keep this scam going. By the way. social programs don't mean crap if the cost of living goes up 20% each year. Inflation in venezuela is highest in south america because he is printing so much money to "impress" the people with.