Depression Has Its Privileges
I don’t want people to suffer more than necessary, but a little suffering—for the greater good—never hurt anybody:
The collapse in oil prices has hit OPEC nations hard, but perhaps none more so than Venezuela. Hugo Chavez apparently put more of his profits into his socialization programs than in paying contractors for their work. Now they have stopped working altogether as Chavez has no money to pay their past-due notices, which will curtail production just when Chavez needs it most:
Venezuela’s state oil company is behind on billions in payments to private oil contractors from Oklahoma to Belarus, some of which have now stopped work, even as President Hugo Chavez funnels more oil revenue to social programs.
…
With prices plummeting by more than half, PDVSA is trying to renegotiate some contracts. But analysts say hardball tactics to reduce charges from crucial service providers could backfire by lowering Venezuela’s oil output. And foreign debt markets are reflecting jitters about Venezuela’s finances.
Hard times sink all boats. Cinch your belt a notch tighter in the knowledge that Tubby the Two-Bit Dictator has to cinch his six or seven notches.
Recipients of free heating oil from Citizens Energy will just have to warm themselves with the certainty their socialist, tinpot, banana Fascist (don’t call him a republican) provider has nothing but holes in his pockets.
Socialism’s a bitch. And it don’t heat your house.