In Venezuela, looting Is Bolivarian-style

[naaman fletcher]

VenEconomy: The prices of Argentina's public debt bonds have fallen, in part, owing to bad management by the Kirchners, but, above all, they have plummeted as a result of the plundering of the pension funds by the Cristina Kirchner administration.

As far as the Venezuelans are concerned, the problem is that President Hugo Chavez is copying whatever bad example he encounters. Now, he is not only copying the Castro-communist model that involves the extermination of the private sector, but he also intends to follow Cristina's example and attack the savings of the workers in the public sector.

This Thursday, May 20, the Ministry for Planning and Finance announced that it will be issuing a special offer of bonds for savings plans, pension funds, and other public funds amounting to Bs.F.6 billion. With this order, these accounts will be up to their neck in government bonds that yield interest below the market rates. The only possible outcome of this saga is that the workers will find that their savings will completely dry up.

What is even more serious is that no one knows precisely what the administrators of the public purse have done with all that money, as, so far, FONDEN has presented no accounts to the country.

http://www.vheadline.com/readnews.asp?id=92256

Workers accumulate savings. Chavez steals those savings. Yet people think he is somehow for workers.