Perhaps oil will take a larger tumble in price for all of us here in the States as the mad man down south loses some credit. Hugo Chavez’s proposed reforms seem to have been narrowly rejected by the Venezuelan electorate. Hugo Chavez has conceited defeat. In an effort to turn the country towards full socialism, Chavez proposed 69 amendments, of which, the most controversial was for the elimination of term limits. Which would have enabled him to stay president indefinitely, so long as he is re-elected each time. Chavez’s current term ends in 2012.
There are reports of thousands of Venezuelans in the streets, celebrating the defeat of what many feel was Chavez conquest for totalitarianism. Of the eligible 16 million voters in Venezuela, 9 million turned out to cast their vote. Approximately 51% of the electorate opposed the amendments, and 49% were in favor.
Other Crazy Reforms Proposed By Hugo Chavez:
Bringing in a maximum six-hour working day
Cutting the voting age from 18 to 16 (Trying to gain favor with the young, poor, & impressionable)
Increasing presidential control over the central bank
Strengthening state economic powers, allowing the government to control assets of private companies before a court grants an expropriation order.
At the least, this is a huge blow to the OPEC nation leader’s ego, and may serve as an indication of future things to come, or lack there of, from a man who tends to issue a lot of threats, using Venezuela’s oil as leverage. I don’t think we should take those threats as seriously any longer, given the fact that he doesn’t even appear to have clear support on domestic issues at home.
More on the Hugo Chavez Defeat At Venezuelan Polls
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