SOCIALIST PRESIDENT OF ECUADOR THREATENS TO NATIONALIZE THE OIL INDUSTRY

From Reliapundit the Astutest Blogger:

BBC:

The Ecuadorian government has threatened to take over foreign oil concessions if the companies resist growing state control of the industry.

President Rafael Correa said every day millions of dollars were going to oil companies that should go to the state.

The government has been pressing the companies to give up concessions that give them a share of oil field profits and accept service contracts instead.

Oil firms operating in Ecuador come from Spain, Brazil, China and Italy.

'Serious action'

President Correa said during a televised address on Saturday: "Every day that passes there are millions of dollars going to these companies that should be going to the Ecuadorean state.

"I'm out of patience. We are sending a bill to Congress that would allow for the expropriation of oil fields should the companies not want to sign the new contracts.

THIS IS WHAT SOCIALISTS LIKE CORREA DO.

AND IT NEVER FAILS TO IMPOVERISH THE PEOPLE.

THE USSR, RED CHINA, CUBA, ZIMBABWE. VENEZUELA. NORTH KOREA. AND SO ON.

ADD ECUADOR TO THE LIST.

IT'S INSANE: THE ONLY THING THAT TURNED INDIA AND CHINA INTO PROSPEROUS ECONOMIES WHICH CAN FEED THEIR OWN PEOPLE AND EXPORT IS FREE ENTERPRISE.

SIGH.

IT WILL FAIL IN WITH CORREA ECUADOR - AND IT WILL FAIL WITH OBAMA IN THE USA TOO.

THE ONLY THING IT WILL SUCCEED IN DOING IS MAKING PEOPLE POORER, LESS FREE AND MORE DEPENDENT ON THE STATE.

WHYEN WILL THEY EVER LEARN? WHEN WILL THEY EVER LEARN?

Ecuador Defaults: Iran Provides The Line Of Credit

More evidence of Iran's extending its tentacles into our hemisphere:

Ecuador's President Rafael Correa said yesterday that his nation is defaulting on its foreign debt, fulfilling his longtime populist pledge to leave international creditors in the lurch.

The default, Ecuador's second in 10 years, could rattle already jittery investors who have pulled billions of dollars out of emerging markets in recent months as the global financial crisis has spread. It could also set back U.S. interests in Latin America, as Correa now seeks to deepen financial ties with allies like Iran, which this week granted the South American nation a new $40 million credit line.

Yet some analysts say the impact of Ecuador's default may be relatively contained.
[...]

...Ecuador is ceasing payments not because the oil-rich country cannot afford to pay but because it has made a political decision not to....

[...]

It is exceedingly rare in global finance for a nation not to honor its debt because it doesn't want to, as opposed to not being able to make payments because of a financial crunch. Some analysts fear it may set a precedent, emboldening other leaders who share Correa's ideology -- such as Venezuela's Hugo Chávez -- to make similar pronouncements.

"That is the real concern," said Alessandra Alecci, senior analyst for Moody's Investors Service in New York. "At some point, do you see Argentina and Venezuela saying, 'Well, Ecuador did it, why can't we?' "...

Correa called having debt immoral. Applying a principle of shari'a finance?

1/22: News Crew attacked by Palestinian Snipers (Two videos)

Upon booting up my computer this morning I discovered this news video. It illustrates the type of threat that many Israelis face-- Palestinians attacks-- as usual, they are deliberately targeting civilians. And it illustrates quite clearly the situation the Israelis find themselves in-- and why they are taking action against Gaza.

A short while after Palestinian snipers shot dead a volunteer from Ecuador, the news team covering the incident became the next target.

The camera caught it all - the fear, the uncertainty, knowing your life can end with the next bullet.

Background:

Ecuadorian Volunteer Didn't Stand A Chance Against Palestinian Sniper.

Twenty one year old Carlos Andres Chavez did not stand a chance. As he helped the farmers along with other volunteers in the fields of Kibbutz Ein Hashlosha, a Palestinian sniper shot him in the back . . . (Read it all)

Newsvine Link Aggregator: Israel - Palestine - Gaza - Terrorism- More videos