Our Favorite Dictator At It Again — Expropriating Metals Firms

Over on MetalMiner, Lisa talks about Hugo Chavez's expropriation of several companies within the metals and mining industry.

"Chavez defended his actions by proclaiming domestic and international capitalists as 'benefiting from Venezuela's natural resources.' Instead, Chavez justified his actions by saying, 'it is necessary to reduce the high levels of exports of raw materials, iron, briquettes, aluminum, and use them for national development.' Right, except national demand expressed as GDP will contract anywhere from 2-5% this year."

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