I just read this after following a link on the homepage of CEPR:
“Bolstered by windfall oil profits, Chavez’s government is now offering more direct state funding to Latin America and the Caribbean than the United States. A tally by the Associated Press shows Venezuela has pledged more than $8.8 billion in aid, financing and energy funding so far this year.
While the most recent figures available from Washington show $3 billion in U.S. grants and loans reached the region in 2005, it isn’t known how much of the Venezuelan money has actually been delivered. And Chavez’s spending abroad doesn’t come close to the overall volume of U.S. private investment and trade in Latin America.”
So in short, Venezuela has done DIRECT funding worth 3 times as much as that of the United States, the richest and most powerful nation on earth.
I guess this sounds good, but WHY THE HELL IS THERE SO MUCH POVERTY, INSECURITY, AND HIGH UNEMPLOYEMENT RATES IN VENEZUELA TODAY?
My mind cannot grasp this, its like a 4th dimensional something my brain can’t even conceive.
Another question I leave to the readers is… what’s going to be the cost of all this help for all those countries, there’s nothing free in life, is this beginning of a new Soviet Union but in South America?