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Edition: U.S. Article Comments (3) Slideshow Email Print Reprints Full Focus Editor's choice A selection of our best pictures from the past 24 hours. Full Article Read UPDATE 1-U.S. mortgage rates at new record lows-Freddie Mac 10:57am EDT WRAPUP 2-Bank shares hit by U.S. foreclosure woes 2:19pm EDT September home foreclosures top 100,000 for first time 12:59pm EDT U.S. is currency war's "tomb maker": China economist 6:39am EDT Rescued Chile miners recover, face celebrity status 3:59pm EDT Discussed 198 California governor debate turns into verbal brawl 75 Republicans to take House at midterm vote: Reuters/Ipsos poll 70 Obama administration appeals ruling backing gay marriage Watched Red faces over top model gaffe Tue, Sep 28 2010 Banksy takes on the Simpsons Tue, Oct 12 2010 From the mine to the minefield Wed, Oct 13 2010 Wave of takeovers as Chavez speeds up "revolution" Tweet This Share on LinkedIn Share on Facebook Factbox Venezuela's state takeovers under Chavez 1:26pm EDT Related News Chavez defends nuclear energy right, denies ETA link 2:46pm EDT Analysis & Opinion A change of course in Cuba and Venezuela? Related Topics World » Venezuela » 1 / 2 Venezuela's President Hugo Chavez inspects the guard of honour during a welcoming ceremony after arriving on an official visit at Moscow's Vnukovo airport, October 14, 2010. Credit: Reuters/Denis Sinyakov By Daniel Wallis CARACAS | Thu Oct 14, 2010 2:46pm EDT CARACAS (Reuters) - A string of nationalizations in Venezuela in recent days shows President Hugo Chavez is pushing ahead with takeovers that critics say are undermining an economy that is already the worst performing in South America. Almost all the businesses expropriated during the 12-year rule of the firebrand leftist have struggled to maintain production levels -- a prime example being the OPEC member's troubled steelmaker Sidor. "Firms operate under the permanent threat of confiscation ... The state of despair and uncertainty is generalized," said Mauricio Cardenas, director of the Latin America Initiative at the Washington-based Brookings Institution think tank. "The economic model that has taken hold in Venezuela does not work. Without legal protection, there is no investment, and without investment, there is no growth," he said. Rejecting allegations that economic production has been hurt by its policies, the government says people are better off under Chavez. "The future is for the workers, for you who build socialism ... to safeguard for our people, our communities, the benefits of worker control over such important companies," Oil Minister Rafael Ramirez said at a nationalized factory this week. In recent days, the president has ordered the takeover of a major fertilizer plant, a motor lubricants maker, more farmland and agricultural supplies company Agroislena. Those nationalizations followed gains by the newly united opposition at legislative elections on September 26, where they struck a symbolic blow to Chavez by winning 40 percent of seats in the National Assembly and nearly half the popular vote. The 56-year-old former soldier responded that the new opposition presence in parliament posed no obstacle to his legislative agenda, and he vowed to accelerate his socialist "revolution." Last month's polls set the stage for the next presidential election in 2012, when the opposition will try to unseat him, and analysts expect Chavez to take more steps to re-energize his base by showing that he is pushing ahead with his plans. "The government is trying to increase its control over the economy, including food production and the agriculture sector, in an effort to manage food shortages and high inflation," said Daniel Kerner of the Eurasia Group think tank. "Further measures to increase state presence in the food production sector are thus likely," he said. The focus on agriculture and the government's goal of providing abundant, cheap food for all citizens comes after a scandal earlier this year that threatened to eat into support for Chavez's ruling Socialist Party ahead of the ballot. "THE AGRARIAN REVOLUTION!" Amid sporadic shortages of some staple goods and annual inflation running at around 30 percent, tens of thousands of metric tons of meat and milk were found rotting in the Caribbean sun in containers owned by a state-run importer. 1 2 Next World Venezuela Comments See All Comments (3) | Post Comment Oct 14, 2010 2:02pm EDT They like the rest of the world in general have to learn how to live within the means of our planet sustainably without a population growth economic ponai scheme, those who can best do this without vast extremes of richness and poverty will win out in the long term. The more indigenous the people and more in tune with their land and the least attached to the old colonialist gold rush mentality will have the best chance of success. wildthang Report As Abusive Oct 14, 2010 3:03pm EDT “The economic model that has taken hold in Venezuela does not work. Without legal protection, there is no investment, and without investment, there is no growth.” Chavass can not understand this basic economics, that any 2 year old can understand. You can’t have growth and prosperity, if you keep robbing the pot of gold. If businesses aren’t putting anything in it, you will eventually reach bottom and there will be nothing there. Chavass realize he is in a precarious position and is about to lose power or be overthrown. Only the sale of oil is keeping his crooks afloat and as Nations switch over to other energy sources, he will be left with nothing. The man in not an idiot, but he is a fool. burkes Report As Abusive Oct 14, 2010 3:36pm EDT Automobiles, banks, school loans, community colleges, health care. Were not too far behind you Hugo, just a few more bailouts and takeovers to go…. Anybody notice our economy isn’t so hot lately? Neither Obama nor Hugo are fools, they are both opportunists using “crises” to seize power. zotdoc Report As Abusive See All Comments (3) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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