Global Economic Crisis

Last weekend Venezuelans welcomed home the first shipment of international gold reserves being returned to the country by the government of Venezuelan President Hugo Chavez.

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Agriculture, infrastructure, and energy are just some of the main governmental sectors that will see a boost in funding next year according to Venezuela’s proposed 2012 budget revealed last week by Finance and Planning Minister Jorge Giordani.

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According to Venezuelan president Hugo Chávez, the economic and political strategic alliances built and strengthened by Venezuela over the last 12 years will help the country to face the blows of the world economic crisis from a stronger position.

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On Wednesday, Venezuelan Minister of Planning and Finances, Jorge Giordani, reiterated comments made by other members of the ruling socialist party that their country’s people and economy are largely protected from the global economic crisis thanks to the socio-economic policies of Venezuelan President Hugo Chavez.

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This past Friday, economic ministers from the Union of South American Nations’ (UNASUR) member states met in the Peruvian capital to discuss the current unstable economic climate in the U.S. and Europe.

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The most serious aspect of the crisis facing the global capitalist system is not the bankruptcy of financial corporations, or the global economic downturn, or the discrediting of its institutions of political control. It is the environmental crisis caused by the irrational destruction of nature, to the point of jeopardizing the ability of self-regeneration of the ecosystems on which our survival depends.

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If Venezuela wants to diversify its economy and export other products besides oil, an adjustment of the currency’s exchange rate was absolutely necessary. The understandable fear now is that this adjustment will mean more inflation and thus less purchasing power, which in theory would go against the socialist principle of improving the population’s standard of living.

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The Venezuelan government announced a range of economic measures that focus on national investment and production in order to combat unemployment, create economic growth, and decrease inflation.

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Faced with the growing impact of the global economic crisis, Washington's intentions to establish seven military bases in Colombia and growing challenges in solving structural problems, Venezuelan President Hugo Chavez reaffirmed the need to build a new state.

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Petroleos de Venezuela S.A. (PDVSA), Venezuela's state owned oil company, will issue $3 billion in bonds (called Petrobono 2011), the energy minister, Rafael Ramirez, announced on Thursday.

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