[Marxism] Venezuela: The nationalisation of Banco de Venezuela

[David Walters]

The quote from Walter by Woods sums up the situation, it seems from 
afar, very well: the battle is not over, socialism is not attained yet, 
but we're on the way.

I noted a few years ago here that Venezuelan finance capital had been 
left alone by the Venezuelan government. No one heard a peep out of 
this, the highest sector, of capitalism. They were getting rich, why 
should the complain. Their assets were not threatened, thus their power 
not diminished. All oil revenue flows through these banks for 
disbursement to the various social programs and infrastructure 
development projects. They were left alone to profit while other sectors 
of Venezuelan society developed along collectivist paths.

Taking on this bank, and, with it's implied threat of nationalization of 
the entire sector, could reduce the capitalists in Venezuela only to 
ownership status of productive and service enterprises, denying them 
power over the economy. This has revolutionary implications well beyond 
the nationalization of the cement industry or SIDOR.

The very immediate question will be what will happen to Venezuelan 
currency? Slightly under half of Venezuelan society opposes the Chavez 
government. Will this mean a mass conversion of Venezuelan currency into 
US dollars and the flooding out of Caracas to Miami billions of dollars?

David