From food to oil, Venezuelan President Hugo Chavez is well known for his obsession with nationalizing industry after industry in his country in the name of “the revolution.” Now, he has moved on to gold. From Reuters:
Venezuelan President Hugo Chavez said on Wednesday he will nationalize the gold industry, including extraction and processing, and use its output to boost the country’s international reserves.
The move follows a dispute between his government and foreign miners who say the rules limiting the amount of gold that can be exported from the South American nation hurt their efforts to secure financing and create jobs…
The gold industry will be just the latest part of the economy to be put under state control by the socialist leader, who said he would issue the necessary decree in the coming days and called on the military to help control the sector.
At least we can be safe knowing that here in America the government would never go after our gold. Wait, never mind…Published in