"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Friday, February 24, 2012

China sucks oil out of Venezuela

Comrade Chavez is selling out his
country to China.

The Communist Chinese give Hugo Chavez billions for a slush fund

Comrade Obama is either clueless or he is working hand-in-hand with his Socialist Brothers in China and Venezuela to destroy the Capitalist American economy.

Comrade Hugo Chavez is selling oil to Communist China that used to come to the United States.  Chavez has received countless billions in payoffs from the Chinese reports the Washington Times.

While oil is shipped to China, Comrade Obama goes golfing.  There is a worldwide rush for oil and Obama does nothing.

Opposition groups in Venezuela are warning that billions of dollars in Chinese loans are driving the state oil company toward bankruptcy.  But a bankrupt Venezuela would make them even more dependent on Chinese money to stay afloat.

Miguel Rodriguez, an opposition member of Congress who leaked government memos from the Oil Ministry, predicted that the loans will “end up accelerating the bankruptcy” of Petroleum of Venezuela SA, known by its Spanish acronym, PDVSA.

Oil Minister Rafael Ramirez was so alarmed that he warned Comrade Hugo Chavez that the terms of the loan - which require payment in hundreds of thousands of barrels of oil at cut-rate prices - are creating a “very heavy financial load for PDVSA.”

In a memo addressed to “Comrade President,” Ramirez said that the loans caused PDVSA to lose $12.5 billion last year.

Chinese Communists "buy" Venezuelan oil for $5 a barrel 

Rodriguez told The Washington Times that he is preparing legal action to challenge the loans before Venezuela’s high court.

He said the loans are unconstitutional partly because they violate a national law prohibiting the use of state resources as loan guarantees.  “These are illegal debt mechanisms,” he said.

Rodriguez said the leaked documents are proof that the loan conditions are bad for PDVSA. He also said that $23 billion of what critics call the “China fund” are unaccounted for.

“The president uses the ‘China fund’ as if it were money in his own pocket,” he said.

Since 2007, Chavez's government has received some $32 billion from China to finance infrastructure in exchange for a steady supply of oil at below market prices.
(Washington Times)

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