Blaming what he called a US-backed plot to undermine his authority, Venezuelan President Nicolas Maduro has decreed a 60-day state of emergency and ordered the state seizure of factories in a bid to halt a crisis that threatens mass unrest.
Apart from orders to nationalize factories, Maduro has also called on the Army to ready for national military drills this week "to prepare ourselves for any scenario".
Maduro also urged "all actions to recover the production apparatus, which is being paralyzed by the bourgeoisie," adding that factory owners who "sabotage the country" by halting production at their plants risk being "put in handcuffs."
Related: Saudi Arabia Loses Top Credit Rating from Moody's
His message is seemingly aimed at Empresas Polar, the country's largest food and drink distributor, which ceased production in the last of its four beer plants in April after citing shortages of imported supplies.
Maduro's latest moves come as the country grapples with food and power shortages, runaway inflation, protests and political uncertainty, which may be the setting of a popular revolt.
The state of emergency aims to curb any right to demonstrate against the government, while allowing police to arrest without a warrant and hold raids.
Related: Does Tesla Care About Its Stock Price?
The opposition forces, which now control the country's national assembly, reacted furiously. "We're talking about a desperate president who is putting himself on the margin of legality and constitutionality. If this state of emergency is issued without consulting the National Assembly, we would technically be talking about a self-coup," they said, also warning of the risk of a "social explosion".
Venezuela's economy, which heavily relies on oil exports representing 95 percent of the country's revenues, was severely affected by the slump in oil prices. Last year, the economy shrank by 6 percent while inflation is projected to rise to as much as 720 percent this year.
By James Burgess of Oilprice.com
More Top Reads From Oilprice.com:
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also… More
Comments
Gosh, what country does that sound like?
The government is Venezuelas only hope. It's seizing the factories just in time.
Watch closely, folks. The same is coming to America, sooner if Hillary gets in & a bit slower if Trump wins. Barack Obama once intoned at a nonpublicized, private event that "the common man is too small-minded to govern himself." This is the triumph of behind-the-scenes thuggery by billionaires who don't want to rub shoulders with you & me. We're "little people" and they're better than we.
America, thy name is Venezuela is Cuba is Zimbabwe is North Korea.
So where did the rest of that future earned income go? The government can't even print anymore money because they owe the printers $17 million.
China says this is the last time they are bailing them out.
Headlines from Caracas newspaper yesterday:
- Government to determine wage increases for Public Admin gov workers
- Women shot to death after asking people to stay in line for food.
- Military taking goats and livestock by force to feed themselves.
- Mob driven by rumors of food overtake small store.
@atheitis, you got it all wrong. You're a progressive. Progressives got run out of town in the 1930's. They renamed themselves and took the name Liberal from European liberals..who are actually conservatives.
Your webster definition is a joke. Liberal Government has nothing to do with what you listed.
Liberal gov means freedom for the gov over people.
Conservative gov means limited government controlled by the people who have their freedoms. Local, community and state controls...not your central command from DC elites.
Of course the GOP Leadership is too spineless to say one word about it either.
Why dont we put all our eggs in one basket. What could possibly go wrong?
And the economic Darwin Award goes to ........
Let's start with the word "liberal".
Liberal adj
a. Not limited to or by established, traditional, orthodox, or authoritarian attitudes, views, or dogmas; free from bigotry.
b. Favouring proposals for reform, open to new ideas for progress, and tolerant of the ideas and behaviour of others; broad-minded.
c. Of, relating to, or characteristic of liberalism.
d. Liberal Of, designating, or characteristic of a political party founded on or associated with principles of social and political liberalism, especially in Great Britain, Canada, and the United States.
I am proud to be associated with that definition. I assume you and your fellow travellers consider yourselves opposed to those principles.
So here are the antonyms for liberal -
"intolerant, limited, narrow, specific, conservative, economical, greedy, lacking, mean, narrow-minded, poor, thrifty, ungenerous, wanting
HEY, LIBRALS.........THIS IS WHERE YOU TAKE US............ cha cha cha