Economic State
of Emergency in Venezuela
Global
Research, January 16, 2016
Right-wing
opposition elements winning National Assembly control for the first time in 16
years initiated war on Bolivarian fairness.
Right-left
confrontation along with plunging oil prices got President Nicolas Maduro to
declare a 60-day economic state of emergency.
His announced
decree came hours ahead of his annual state of the union address, intending a
package of proposed reforms.
According to
the government’s official gazette, he declared “a state of emergency in the
entirety of the national territory, in compliance with the constitution…for a
period of 60 days.”
Days earlier,
he said new measures would be implemented to increase production, distribution,
commercialization and price controls.
Soaring
inflation, shortages of basic goods, and black market exploitation of
conditions caused enormous financial and economic hardships for millions.
Maduro’s
announcement came two days after Venezuela’s oil price fell to $24 a barrel,
its lowest level in 12 years. Up to 96% of the government’s budget depends on
oil revenues. Plunging prices created disastrous socio-economic conditions.
Economic war
rages. Emergency measures are needed to try restoring order and stability, at
best requiring many painful months ahead.
Resources from
last fiscal year’s budget will be used for health, education, food subsidies
and housing. Tax evasion will be targeted.
Venezuela’s
Constitution grants the president “authorization to address the cause of the
current situation” and institute corrective measures.
Chavista
legislator Hector Rodriguez cited a “new stage of the revolution. We invite all
the people of Venezuela to join our president.”
Maduro’s annual
address will be his first since right-wing legislators won National Assembly
control, intending destabilization policies and repeal of popular social
programs to undermine his presidency.
They want him
ousted within six months – by recall election, requiring hard-to-get 20% of
registered voter signatures (validated for accuracy) or other means.
They want
opposition figures imprisoned for plotting overthrow of the government freed.
Last month,
they published their anti-Bolivarian
agenda –
intending to reverse 16 years of social justice, including privatization of key
state enterprises and services, ending land reform, revoking price controls
keeping basic goods affordable, eliminating public media, and other regressive
policies.
They want
Venezuela returned to its bad old days, benefitting monied interests
exclusively. They intend legislation serving their interests.
A measure to
privatize vital public housing was introduced, affecting over a million homes built
by the Great Venezuelan Housing Mission, residents retaining ownership rights.
Right-wing
lawmakers’ so-called “democratization of property” threatens them, rights under
the current Law of Property at risk of becoming null and void.
Housing now the
property of family residents may be lost to corporate greed. Free healthcare,
education, subsidized food for the needy and other vital social benefits may be
on the chopping block for elimination.
Venezuelans
suffering under hard times erred hugely in electing majority right-wing
legislators, threatening years of social progress. Bolivarianism faces its
stiffest challenge ahead.
Stephen Lendman lives in
Chicago. He can be reached at lendmanstephen@sbcglobal.net.
His new book as
editor and contributor is titled “Flashpoint in Ukraine: US Drive for Hegemony
Risks WW III.”
Visit his blog
site at sjlendman.blogspot.com.
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