CHAVEZ DRIVING VENEZUELA DOWN THE CALLE TO SERFDOM: THREATENS TO SEIZE BANKS

AP:

President Hugo Chavez threatened on Saturday to take control of banks that fail to meet state-imposed lending requirements designed to benefit Venezuela's farmers.

Chavez, who says he is leading Venezuela toward "21st century socialism,'' accused many private banks of neglecting laws requiring them to set aside nearly a third of all loans for agriculture, mortgages and small businesses at favorable rates.

"The law must be applied,'' Chavez said during a televised meeting with farmers. Any bank that doesn't comply with these lending requirements "should be seized.''

Spokesmen for Venezuela's major banks did not immediately return calls from The Associated Press. Offices were closed on Saturday night.

Chavez, a close ally of Cuban leader Fidel Castro, also announced that his government had approved new legislation establishing a maximum 15 percent interest rate on agriculture-related loans and extending their payment deadlines from 3 to 20 years.

• CHAVEZ IS EMULATING MUGABE - AND HE WILL GET SIMILAR RESULTS.
• WHY DO LEFTISTS LIKE CHAVEZ PERSIST?
• EGO.

IN THEIR CORE BELIEFS, THE DEMOCRATS ARE NOT MUCH DIFFERENT.