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Bush Tightens Grip Over Banking Sector, Furthering His Plans of Building A Socialist State


Hey weird headline in the Post today! It reminds me of last August when Banco de Venezuela was nationalized. Of course, the difference then was that Venezuela actually purchased a functional, profitable bank that was already for sale. In our case, the US has "forcibly" taken over nine banks to distribute their crappy debt to the rest of us.

Anywho, we thought it would be fun to look at how the Venezuelan deal was covered at the time. What a difference two months makes!

  • The Wall Street Journal worried the purchase might "snowball into a systemic bank run that puts the economy and political system in play."
  • Seeking Alpha warned of "one of the worst and riskiest" moves in modern Venezuelan history, with the potential to "endanger" the entire economy.
  • The New York Times called it Chavez' "latest effort to intensify state control over the economy through takeovers of private companies."
  • Oxford Analytica warned of damage to "the prospects for foreign investment in Venezuela."

Now that it's us doing it, the Washington Post says the deal is just, you know, part of "a coordinated program of injecting cash into the world's banks and guaranteeing their debt," and then whathisname, Bush, said it was "not intended to take over the free market, but to preserve it," so there you go.


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Comments (2)

PP, you are spot on. Venezuela's been rebelling more or less openly ever since the Caracazo of 1989. It took them 10 years for real democracy to break out, but once it did...WOOHOO!!! Now they're proving that socialism really is good for capitalism. And market deregulation? Sucks rotten 'nana.

After reading Inca Kola's analysis of Venezuela's situation, re this financial 9/11 (do you think it's the Saudis again? House of Bush/House of Saud, who knows?), I get the feeling Venezuela & its allies (most of the continent) may be the only countries left standing. And won't that frost some Corpo/fascist patooties!

What our people don't know, cuz it's been black-holed in the "news," is that South America got meltdown inflicted on them ten years ago, and this spurred DEMOCRACY and got a whole bunch of FDR's elected all over the place, who are way ahead of us in dealing with neolib/neocon-ism. I predict that, within the decade, U.S. leaders will be going, hat in hand, to the South American "Common Market," asking, can the U.S. please be a member? And they might even let us, if we promise to stop calling them "dictators" and "the bad left."

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