Friday, February 22, 2008
Chavez receives loans from Asia, and pays them back in oil
Beijing has delivered its agreed loan of 4 billion dollars. Months ago, a group of Japanese banks loaned 3.5 billion in exchange for oil. Meanwhile, the country is sending American and European countries away. The Italian energy company ENI yesterday accepted 700 million dollars in damages to leave its plant.
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This alternate source of credit, freeing Venezuela from the "traditional" loansharking operations of the imperialist West, is one reason the country will not only ride out any world-wide depression -- but actually continue to develop, despite world troubles.
ReplyDeleteHowever, the key to that process remains socialism. REAL socialism, that is. Which means that the masses of the people must be the ultimate arbiters of the allocation of resources -- not any new self-appointed technocratic elite.