COHA: A Decade in Power: An Assessment of Hugo Chávez’s Bolivarian Revolution

  • Chávez celebrates a decade of power
  • Venezuela’s progress over the last 10 years
  • Chávez’s social and economic reforms
  • Trouble in Chávez Presidency
  • Future U.S.-Venezuelan relations

Venezuelan President Hugo Chávez, a former paratrooper turned socialist revolutionary and regional leader, declared a national holiday for February 2, the tenth anniversary of his being in power. On the day of the newly mandated celebration, Chávez reminded Venezuelans of the prosperity the country has witnessed over the last decade. He rallied his supporters with a speech proclaiming that his administration had encapsulated ‘three words: revolution, independence and socialism.’ He proclaimed to the thousands of sympathizers lining Caracas’ streets that the spirit of Venezuela’s forefather, Simon Bolivar, had been revived in him ten years ago, and assisted in the effort to liberate the Venezuelan people. Chávez, the founder of the Partido Socialista Unido de Venezuela (United Socialist Party of Venezuela), also used the occasion to issue a new document, ‘The Achievement in 10 years of Revolution.’ It outlines the government’s accomplishments such as economic reform, social welfare, and the prospect of major land reform. Chávez triumphantly told his followers that, ‘We have done in 10 years what couldn’t be done in one century.’

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Welcome to the crony capitalist convention where New Labour got into bed with the bankers but we were the ones who got screwed

14 February 2009

The cry goes up, ‘wha’ happened?’ The former boss of HBOS, Sir James Crosby became head of the Financial Services Authority allegedly the ‘watchdog’ of the financial sector and then it emerges that Crosby was one of the architects of what Michael Hudson describes as:

“The commercial banks…us[ing] their credit-creating power not to expand the production of goods and services or raise living standards but simply to inflate prices for real estate (making fortunes for their brokerage, property appraisal and insurance affiliates), stocks and bonds (making more fortunes for their investment bank subsidiaries), fine arts (whose demand is now essentially for trophies, degrading the idea of art accordingly) and other assets already in place.” — ‘Bubble Economy 2.0: The Financial Recovery Plan from Hell’ By Michael Hudson’

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