The Seeds Of Socialism

Venezuelan President Hugo Chavez on Thursday threatened to nationalize the country's banks and largest steel producer, accusing them of unscrupulous practices.

In Hugo Chavez's dictionary, unscrupulous practices is defined as "not doing what the dictator of Venezuela says to do".

"Private banks have to give priority to financing the industrial sectors of Venezuela at low cost," Chavez said. "If banks don't agree with this, it's better that they go, that they turn over the banks to me, that we nationalize them and get all the banks to work for the development of the country and not to speculate and produce huge profits."

Because we all know that banks should not be worried about making sound investments.

It was not clear if Chavez was only referring to Venezuelan banks like Mercantil Servicios Financieros CA and Banco Provincial SA, or if he was also aiming the threat at major international banks with subsidiaries in the country, such as Citigroup Inc. (C) and Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBV) and Banco Santander Central Hispano SA. (STD)

You can bet he was not only referring to Venezuelan banks. If he does this, and you know he will, he will seize all of the banks within his borders.

"I'm not deceiving anyone," Chavez said. "I'm only governing the country, and the country has elected me various times … All of those who voted for me backed socialism, and that is where we are heading."

He's right you know. Well, if you consider the fact that he and his cronies have dictated the outcome of elections in his country, and the fact that that every good socialist government needs a leader like Chavez.