Venezuela Third-Quarter GDP Grows 10.2% on Oil Income (Update1)

[Flanker]

Nov. 16 (Bloomberg) -- Venezuela's economy grew more than 10 percent for a sixth straight quarter in the July-through- September period as the government used record oil revenue to swell state payrolls and build roads, bridges and housing for the poor.

Gross domestic product, the broadest measure of a country's production of goods and services, expanded 10.2 percent in the third quarter from a year earlier after growing 10.2 percent in the second quarter and 10.1 percent in the first, the central bank said. Oil exports soared 15 percent in the quarter to $15.9 billion, the bank said.

Venezuela has become the fastest-growing economy in Latin America as President Hugo Chavez, who seeks re-election, boosted government spending 56 percent in the first eight months of the year, fueling a surge in consumer spending.

http://www.bloomberg.com/apps/news?pid=20601086&sid=ak_AvW4v2URw&refer=news

[bemildred]

1. Heads exploding all over Washington DC.

"This can't possibly work!".

[TlalocW]

2. Time to invade

becuase (pick 1 or several)

1. Hugo Chavez has weapons of mass destruction
2. Chavez has been torturing his own people
3. We need to bring democracy and freedom to the downtrodden citizens of Venezuela
4. Chavez once tried to kill Poppy Bush
5. It may be possible that one day Al-Qaida will have terrorist training cells there

TlalocW

[RethugAssKicker]

3. VIVA CHAVEZ...... Bringing hope and wealth to Latin America !

[Ishoutandscream2]

4. Taking care of one's people (esp. the poor)

can work. Conservative Repigs, are you taking notes?

[Psephos]

5. Obscene profits; no different from the rest of the oil barons.

A lot of that money comes from people around the world who face hardship or worse because of the high price of oil.

As for the idea that the poor in Venezuela are benefiting from extortionate oil prices, who thinks that Robin Hood should steal from the poor to give to the poor? Why not just let the poor keep more of their cash in the first place? If we need higher oil prices to spur investment in alternative, it should be done with progressive taxes, not windfall profits, and that money should be invested in the energy future of ourselves and our descendants. Oil is a global endowment. No human caused it to exist. Why should some humans profit so obscenely because of an accident of geography?

Wasn't it just last year that Chavez said oil should be $50/bbl? (The year before he said $35.) Now he wants it north of $60.

Peace.

[w4rma]

6. Woah. That's some really warped logic.

Everything is *Chavez's* fault now, eh? The anti-robber baron is actually a robber baron.

And up is down. And black is white.

[Psephos]

13. It's not "all Chavez's fault" - far from it - but he's as greedy as the rest

Greedy, that is, about the price of oil. Chavez has a number of good and even excellent qualities, but this is definitely not one of them.

Up *is* down sometimes, at least until one changes the axioms upon which your theories rest.

I heard what Chavez said. "Keep oil above $60." I don't need anyone to tell me what's black and what's white, I can figure it out for myself. Rich people can pay this; poor people cannot. That means unless they are Venezuelan poor or one of the select targets of Venezuelan oil diplomacy they are screwed. Nuff said.

Peace.

[PeaceProgProsp]

14. He wants price of his countries most valuable asset not to be

undercut by Saudis willing to open the spigots and drive prices below a reasonable price in order to throw political cover for Bush. But he doesn't want it to be so high that it prevents the developing world from developing.

[Flanker]

15. Why don't you start selling the world cars, planes and ships at dirt cheap prices?

I mean you go first... Only the rich benefit with your high prices.

[Psephos]

16. So it's ok for Venezuela to make huge profits because car companies do?

Well, I guess changing the subject is about the best one can do when faced with Venezuela's extraordinary profits.

Let's grant your comparison for a moment, even though the thread is about Chavez. If car/plane/ship companies charge "high prices" for manufactured goods, then they must be showing massive profits, right? Heh heh. You must not be talking about American car companies. GM lost 10 billion dollars last year. Ford and Chrysler also lost multi-billions.

Hmm. Airbus is in big trouble in Europe; Boeing is just starting to recover from a disastrous five years. The only US shipbuilders of any importance left are the ones subsidized by the government because of defense needs. Most of the world's ships are built now in Southeast Asia, especially Korea.

China is able to charge lower prices, though, for a whole range of manufactured goods. Why? Because they pay their people a pittance to work in their factories. (Some, including me, call it exploitation.) They also trash the environment ruthlessly. Apparently that's your idea of a great world.

I stand by my assertion. If Venezuela is reaping windfall profits for something to which it adds little value beyond extraction, and is actively working to manipulate supply to keep prices artificially high, what makes Chavez so different from other profiteers? With oil prices at current levels, the world's poor people are left (sometimes literally) out in the cold.

Think occasionally of the suffering of which you spare yourself the sight.
- Albert Schweitzer

I also repeat what I said earlier, which is that there are many good things about Chavez; my point is that this isn't one of them. Only a true believer would try to exempt Chavez from any criticism when it's due.

Peace.

[Judi Lynn]

17. You need to become much, much better informed by reading, like the rest of us

are forced to do, on what has been going on in Venezuela. Hugo Chavez is not personally benefitting from the oil profits, as you should recognize, taking him OUT of the "profiteer" category altogether.

You're going to have to invest the time, like the rest of us plebes, doing the homework on your own. It's the only way you'll ever know what you're talking about.

[Psephos]

18. Thank you for your "concern." ( But not your condescension.)

Now here's some homework for you. Chavez is a synecdoche for Venezuela. Read my posts again and you'll see how consistent I am about that.

http://en.wikipedia.org/wiki/Synecdoche

I've seen and searched literally dozens of posts by you about Chavez. Never once...never *once*...a criticism of Chavez. Finally, we've found someone who's perfect!

IMO, you fall into the true believer category I mentioned earlier.

My take on the man is he's a mix of good and not-so-good, like every other human. Also, as with every other human, a little criticism when he deserves it has salutary effects. You do him no service by placing him on a pedestal. That's what cultists do, and it never ends well.

IMO, Chavez is one of the better leaders in the world, but his price manipulations and his use of petrodollar diplomacy are not points in his favor.

Peace.

[Flanker]

7. Well inflation was 3% last year not to mention devaluation with re: to the Euro

Venezuela also helps our poor neighbors with oil sold at ridiculously easy financing such as 1% loans that are paid along the road.

[David__77]

8. The era of imperialist exploitation of 3rd world resources must end.

I'm personally glad that these revenues are flowing into developing countries. It's about time.

[oasis]

9. Enjoy it all now Mr. Chavez, but just wait until "Seven-Eleven" gives you

the boot.:sarcasm:

[HappySavage]

10. Here's a video of Chavez explaining his economic policy...

http://youtube.com/watch?v=kUAWQFvbL6w

http://www.youtube.com/watch?v=GlIgwK6x-9s

It would be a crime if he didn't get the Nobel prize for Economics.

[Flanker]

12. Your Sarcasm was very deep

:)

[let us vote]

11. In Venezuela, the people get part of the oil profits