Wednesday, September 06, 2006
Day two of the Mexican crisis
Oh yeah, it was me...well here's what happens when you elect one:
Chavez Seeks `Indefinite' Term as Venezuelan Leader (Update1)
By Peter Wilson and Alex Kennedy
Sept. 1 (Bloomberg) -- Venezuelan President Hugo Chavez, who is running for re-election in December, said he would call a referendum in 2010 to change the constitution, allowing him to hold office without any term limit.
And here's what happens when you have one in control of the economy:
Sept. 5 (Bloomberg) -- Venezuela's benchmark local debt yields fell to a seven-month low in a weekly auction today as surging government spending boosted the money supply and buoyed demand for the securities.
The yield on the government's 91-day bill fell to 6.23 percent from 6.37 percent on Aug. 29, the ninth straight weekly decline, the central bank said. Investors bought all 80 billion bolivars ($37 million) of the securities offered.
``Liquidity is out of control,'' said Alejandro Gonzalez, a bond trader at brokerage Solfin Sociedad de Corretaje de Valores in Caracas.
Why? Because Chavez has to mollify the nieve:
Yields will keep tumbling in coming weeks, sinking to below 6 percent by the end of the month, as President Hugo Chavez ramps up spending in the run-up to a re-election bid in December, Gonzalez said. Today's yield is the lowest since Jan. 31, when it fell to a record low of 5.96 percent.
Venezuela has oil to fuel this meglomaniac's lunacy...what will become of Mexico which has no such reserves?
This is your hero's hero.
And argues that it's totalitarian communism if Venezuelans are allowed to vote for what they want, including a return to the system that the US had until FDR was a little too popular for Republican tastes.
They should have an Olympic decathlon event for Dodging inconvenient facts, Jumping to conclusions by no known logical process, Tossing out overheated rhetoric, and other supersimian means of pretending to debate.
Lopez Obrador's only track record is as the mayor of a large city. His access to control was limited to that relatively small venue...we have no proof of what he would do if he were successful in wresting power over the entire country.
So I used the record of one of his bestest buddies and political allies as an example.
Lopez Obrador has repeatedly proclaimed his admiration for Chavez and their rheoric is indistinguishable.
I'll bet if I do some digging, I'll find similarly optimistic speculation regarding Chavez's ascension to power.
For sheer obfuscation, and my deft shredding of it..see the following post.
Once again: Allowing people to vote to end term limits is not communism and it is not totalitarianism.
And your idea that the country is so awash in money such that interest rates fall is a bad thing is absolutely barking. Investors bought the bonds. That means they are confident that Venezuela can pay it back. And if the money is going toward what the Venezuelan people want, well... it's their money, right?
Ranting about such things is completely delusional.
More blogs about politics.