Principles in Practice: The Blog of the Objective Standard

Saturday, May 05, 2007

Chavez Steals American Property, Bush Does Nothing

Posted by ARI Media at 1:34 AM

Irvine, CA—On Tuesday president Hugo Chavez forced ConocoPhillips, Chevron, and Exxon Mobil to cede operational control over their multi-billion dollar projects to the Venezuelan government. With their backs to the wall, these oil companies are "negotiating" the terms of their surrender, and trying to get some "compensation" for the property being stolen from them.

"President Bush should do something to protect the assets of American companies in Venezuela," said Dr. Yaron Brook, executive director of the Ayn Rand Institute. "It is disgraceful that while Chavez steals American property Bush says nothing and does nothing."

"At a minimum," Dr. Brook said, "Bush should denounce Chavez's nationalization of private businesses as a form of robbery and cut U.S. diplomatic relationships with Venezuela."

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