Venezuela September Government Spending Jumps 52 Percent

[bemildred]

Nov. 22 (Bloomberg) -- Venezuelan government spending rose 52 percent in September, the biggest increase in 10 months, as President Hugo Chavez used record oil revenue to fund outlays for education, health and food programs.

Bloomberg.com

[noonwitch]

1. It's nice to see a President who uses oil profits to help the people

too bad we don't have one who will.

[robcon]

2. I wouldn't assume it "to help the people"

I would assume, without further evidence, it was largely to provide patronage for his supporters.

[Selatius]

3. You mean the majority of Venezuela that lives below the poverty line? n/t

[Solon]

4. OK, 60-80% of the PEOPLE of the country count as his supporters...

so it amounts to the same damn thing.

[Judi Lynn]

6. Sometimes people can be inadvertantly comical.

Chavez has a very LARGE group of supporters, for sure. All across his country, and throughout the rest of the world.

[Solon]

8. LOL, true, imagine if he tried to "patronize" them!!!

That would be horrible! Free health care, money for cooperatives, and land grants for farming, terrible stuff, I agree. :)

[Selatius]

10. Well, this one report pegs him at 70 percent

http://www.sanluisobispo.com/mld/sanluisobispo/news/world/13218285.htm

[Solon]

11. Heh, right near the middle of my estimate...

though, after reading the article, I wonder how Chavez has "bitterly" divided a country that was already divided between the rich minority and the poor majority.

[Selatius]

15. I guess it just means the few who dislike him really, really hate him

Of course, if I was a greedy oil oligarch who was making untold billions off that oil and the blood, sweat, and tears of my workers over the last three decades of Venezuelan history, I might be angry too if he and all the poor folks came onto my plantation and took my wealth, but thank God I'm not dominated by greed.

[K-W]

7. You are the only one making any assumptions.

The rest of us bothered to educate ourselves on the matter.

[Solon]

12. No offense...

but I prefer Chavez supporters over the opposition, at least the supporters don't snipe the opposition from rooftops.

[Guy Whitey Corngood]

13. Damn, what a compelling argument. Now I'm convinced. n/t

[Chicago Democrat]

17. His supporters = 60% of Venezuela, the poor, the hungry, the landless

Yup, using it to 'help his supporters" christ! I should hope so!

[redqueen]

19. Good grief!

:eyes:

[lakeguy]

5. be nice if we had access to oil profits made from US stocks.

HA, i's relish the day.

[K-W]

9. Imagine if the US's oil reserves had been used on the people

and not stolen by profiteers.

Might be a very different country right now.

[Judi Lynn]

14. Venezuela to Sell $1.5 Billion of Bonds This Week (inflation check)

Venezuela to Sell $1.5 Billion of Bonds This Week (Update1)
Nov. 22 (Bloomberg) -- Venezuela plans to sell $1.5 billion of dollar-denominated bonds to domestic investors this week in an effort to pull cash out of circulation and curb inflation.

The Finance Ministry said it will offer $750 million of 5.75 percent bonds due 2016 and $750 million of 6 percent bonds due 2020. Investors will buy the bonds with bolivars at the government-set official rate of 2,150 a dollar and may later sell them outside Venezuela for dollars.

The government is using the sale to try to check a surge in the money supply that threatens to fuel a pickup in inflation, said bond traders such as Richard La Rosa with brokerage Activalores in Caracas. The money supply -- as measured by the M1 aggregate -- has jumped 32 percent since June 10 as President Hugo Chavez has used tax revenue from overseas oil sales to fund an increase in government spending.

This sale ``should absorb some of the excess liquidity out there,'' La Rosa said in a telephone interview. ``Everybody will be trying to get these because it's a way to get dollars at the official rate.''
(snip/...)

http://quote.bloomberg.com/apps/news?pid=10000086&sid=a0jYGxJloKao&refer=news_index

[Chicago Democrat]

18. Good as Gold! Venezuela has a ton a black oil backing these bonds...

the US has JACK SQUAT! Sell Tbills buy VeneBills!!

[goforit]

16. Money going for good causes ????.......How dare he!!!

LOL....

Just keep it up Bloomberg!!!