COMRADE CHAVEZ OF VENEZUELA PROVES THAT SOCIALISM IS THE GIFT THAT KEEPS ON TAKING

IF YOU OWNED STOCK IN CANTV, THE GOVERNMENT JUST TOOK IT AWAY FROM YOU.

Yes, that's right, the Venezuelan government, under orders from Hugo Chavez, just seized control over the nations telecoms, so, uh, kiss your stock goodbye:

CARACAS, Venezuela - Venezuelan President Hugo Chavez announced plans Monday to nationalize the country's electrical and telecommunications companies, his boldest move yet to transform Venezuela into a socialist state.

"All of those sectors that in an area so important and strategic for all of us as is electricity — all of that which was privatized, let it be nationalized," Chavez said in a televised speech after swearing in a new Cabinet.

"C.A. Nacional Telefonos de Venezuela (CANTV), let it be nationalized," Chavez said. "The nation should recover its property of strategic sectors."

When Chavez was re-elected by a wide margin last month, he promised to take a more radical turn toward socialism. Monday's announcement appeared likely to affect Electricidad de Caracas, owned by AES Corp., and CANTV, which is the country's largest publicly traded company.

CANTV's American Depositary Receipts plunged 14.2 percent to $16.84 (12.95 euros) before the New York Stock Exchange halted trading. [UMPH ADDED.]

Socialism, the gift that keeps on taking.

UPDATE (Reliapundit) - BBC:

Hugo Chavez gives a speech at Fuerte Tiuna in Caracas, 28 December President Hugo Chavez has pledged to nationalize key Venezuelan companies, as part of plans to transform the country into a full socialist state. He also called for an end to foreign ownership of lucrative crude oil refineries in the Orinoco region.

Mr Chavez's comments came in an address to the nation following the swearing in of his new cabinet. He will be sworn in for a third term of office on Wednesday, after winning presidential elections in December with almost 63% of the vote.

Mr Chavez said Venezuela was moving towards "a socialist republic" that required "deep reform of our national constitution". "We are in an existential moment of Venezuelan life," he said. "We're heading toward socialism, and nothing and no-one can prevent it."

Mr Chavez demanded an end to the current autonomy of the country's central bank and said he would ask Venezuela's parliament to grant him additional powers to legislate by presidential degree. ... "All of that which was privatized, let it be nationalized," Mr Chavez said.

At least Comrade Chavez comes right out and says it; Comrades Hillary, Pelosi and Reid dress their socialism up in "gradualism" (as in they will gradually nationalize the healthcare industry) and working-class moderation, (as in we will just raise taxes on the "wealthy"). YEAH, RIGHT!

1/09/07 UPDATE: CHECK OUT EVERY OTHER BLOG'S TIME-STAMP ON THIS STORY. YOU'LL SEE THAT TAB WAS FIRST. AS USUAL.

AND WITH THE BEST, HARDEST HITTING ANALYSIS AND COMMENTARY.

SPREAD THE WORD.
BLOGROLL US.