PSL: World Bank orders Venezuela to pay ExxonMobil $907 million

[marmar]

from the Party for Socialism & Liberation:



World Bank orders Venezuela to pay ExxonMobil $907 million
The capitalist/socialist dichotomy

By Robert Dill
January 21, 2012


On Jan. 2, a World Bank arbitration panel ordered the Venezuelan government to pay oil giant ExxonMobil $907 million. The money is meant to “compensate” ExxonMobil for the nationalization of company assets by the Venezuelan government.

Venezuela and the rest of South America have for decades been victims of imperialist exploitation. The start of the 21st century saw the Venezuelan Bolivarian Revolution reject the neo-liberal globalization paradigm. Hugo Chávez was elected president in 2001 under the promise to put the needs of the Venezuelan masses first.

As part of that revolution, Venezuelans attempted to rein in the power of foreign oil companies by requiring them to enter into joint ventures with the Venezuelan government. This raised the ire of the companies, particularly ExxonMobil. In response, ExxonMobil discontinued all operations in Venezuela in an attempt to hamper the Venezuelan economy, leaving its assets behind. The Venezuelan government, in turn, nationalized the company's assets in order to continue oil production—by and for the Venezuelan people.

The “international community” now expects the Venezuelan people to compensate ExxonMobil for the assets. ExxonMobil is the norm within the context of capitalism—an entity that exists only to make money. This is in sharp contrast to the actions of nations that are attempting to build socialism. .................(more)

The complete piece is at: http://www.pslweb.org/liberationnews/news/world-bank-orders-venezuela.html

[socialist_n_TN]

1. This reminds me of the other LA countries.........

written about by Naomi Klein who were expected to pay back the costs of their torture by the previous regime. Fuck the opppressors! Let the world bank try to collect from the people of Venezuala.

[jwirr]

2. Agreed completely. The oil companies ripped off the people of Venezuela for years and they now

expect to get more from the people.