Regnat Populus

The people rule.

Tin Pot Dictator To Sieze More Assets

Posted by Max Barron on May 8, 2009

chavez-parrotOur lovable little America demonizing friend to the south has just passed a law (Thursday May 7, 2009) that will allow him to seize the assets of private oil companies without having to follow the usual rules for expropriation.  As if refusing to pay those companies the money that PDVSA actually owes them for services rendered wasn’t enough of a snub – Chavez delivers the proverbial bitch slap in the form of seizing the assets of those very companies.  Or at least, passing a law that says he can…  Everyone knows that a Tin Pot dictator can’t resist exercising new powers.

The new law supposedly only affects some companies but not all.  Well operator companies are said to be safe from the law, while service companies are not.  A betting man would put money on the companies that are pulling out of their operations in Venezuela – due to debts owed them by PDVSA – as being among the first victims of asset seizure.  Similar has already happened in the past to groups like SIMCO who claimed a default and ceased operations there.

Roughly estimated Venezuela owed approx $14 billion at the end of 2008 to foreigncompanies that service the wells, boats and other aspects of oil production.  Rather than paying his bills, Tin Pot Chavez will simply refuse to pay – citing an inability to afford the debt due to sharp declines in crude oil prices – and seize the assets of the companies that he rightfully owes money to.  Naturally, PDVSA – Petróleos de Venezuela, the State owned oil company – says that its contracts with the service companies are overvalued because of the fallen oil prices. The service contracting companies disagree, and rightfully so. A deal is a deal. PDVSA should pay for the work that was done – just like the rest of the world.  Of course, they are dealing with a socialist weasel so the fact that he’s skipping out on the check is no real shocker.

Never one to let a good opportunity to play the class-warfare card pass – like  all good fascist & socialist dictators – Hugo took to the microphone to decry the bourgeoisie rich, who he cheated and stole from.

“Tomorrow we’ll start recovering the goods and assets that will now belong to the state — social property as it always should have been. Mr. Man on the moon, cover your ears because the cries of anguish from the bourgeoisie will reach all the way to the moon.”

Mr. Chavez, steeped in his own sanctimonious dribble, neglects the fact that PDVSA lacks the technology to carry out these endeavors.

“This is a grave error because we don’t have the technological capacity” for such activities, opposition congressman Luis Diaz said.

Essentially what Hugo has done is placed even more burden on his already floundering nationalized oil company… A burden that not even Atlas could shoulder. Since being nationalized PDVSA’sproduction has dramatically declined and will only continue to do so with the take over of the servicing companies. Seeing as how crude oil accounts for over 90% of Venezuela’s exports, this move by Chavez is guaranteed to sting… and when it does “Mr. Man on the moon, cover your ears because the cries of anguish from the fascist tin pot dictator will reach all the way to the moon.”

This should serve as an object lesson to every government or agency that considers doing business with Chavez’s ilk.  They’re guaranteed to rip up the bill and throw the pieces in the face of the presenter.  Socialist and fascist tin pot dictators cannot be trusted… as Chavez has once again reaffirmed.  Go ahead and scream to the Man on the Moon, Chavez, he doesn’t want your sulfur crude either. WAAAAHHHHHH!


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