The financial crisis is Capitalist, said Chávez

· Economics, Latin America, Politic

The 2008 Financial Crisis is a problem of capitalism, said Venezuelan president Hugo Chávez in Caracas last Tuesday. He prevented that if the financial crisis will affect his country, he will take socialist measures and not capitalists as US president George Bush did supporting bank crisis.

The Venezuelan president, who is a strong opponent of capitalism and globalization, said that he is preparing revolutionary and socialist measures to face the effect of the global crisis that is already affecting Venezuela after the fall of the oil prizes. The South American country is one of the most important oil reserves of the planet.

He mentioned the measures of the US president George Bush, who designed a rescue plan for the banks. To such action, president Chávez said such thing is only more capitalism and what it is needed is socialism to resolve the crisis.

He prevented the Venezuelan enterprises of serious reforms, a fact that could mean cuts in their current economical benefits. For some national observers, the global crisis could weak the socialist government of Chávez, an idea that was answer by the president saying that the crisis is of capitalism and Venezuela is looking solutions within the Bolivarian model.

According with AméricaEconomía, the Lat. American economical magazine, the Venezuelan economy has been growing during the last five years due to the high prizes of oil, giving to Chávez de capacity of implementing social programs and hold his high level of popularity among the poor. However, the recent falls in the oil prizes is making such scheme to tremble and an acelerate inflation. Chávez did not mention exactly the kind of socialist measures he is going to take in order to face the crisis.

1 Comment

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  1. Anonymous

    This man is an idiot.

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