According to various newswire reports, Venezuelan President Hugo Chavez plans to nationalize his country’s
Given how Chavez has butchered his country’s oil cow since coming into office (February 1999), it is not unreasonable to suggest he will do the same with Venezuela’s gold reserves.
According to the CIA World Factbook, oil revenues, account for roughly 95% of Venezuela’s export earnings, about 55% of the federal budget revenues, and around 30% of GDP.
The year prior to Chavez taking office, IPE/ICE
Yet, despite this bonanza, the Venezuelan economy suffers. The country’s economy contracted by 1.9% last year. In other words, Chavez squandered the opportunity of a lifetime.