The always eloquent President Chavez of Venezuela told the US and Verizon Communications to go to hell this week. He announced plans to socialize more of the country at the beginning of the year and is starting in part with the Venezuelan telecommunications industry. Verizon owns less than a thirty percent stake in the Venezuelan phone company and was planning on selling anyway.
Wall Street didn't care much and neither did much of the rest of the US as President Chavez is a blow hard. Much like the Presidents of North Korea and Iran, he purposefully makes inflammatory statements hoping to stir things up, but at the end of the day he has very little influence over worldly affairs.
Yes he does sit on oil, but it currently looks unlikely that he will attempt to nationalize Venezuelan oil production.
As he told Verizon to go to hell this week, he indicated that the Venezuelan phone company, CANTV, had been used by the US to spy on him since he entered office. Its extremely unfortunate for the Venezuelan people, however, at the end of the day its their country and they allowed this blow hard to get elected. Such is democracy and such has been the history of democracy especially in South America. It would be almost funny if the results were not always so sad, that socialists usually benefit the most from democracy in many South American countries.
More from Chavez:
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