Venezuela nationalizing 11 US rigs

And so it begins.... I haven't even finished my first cup of coffee.

Breitbart is reporting that Chavez and his government have voted to nationalize 11 oil rigs owned by the US company Helmerich & Payne.

The rigs, located in Monagas, Anzoategui and Zulia states, will be taken over by state oil giant Petroleos de Venezuela (PDVSA), the official news agency AVN said.

PDVSA had asked the legislature controlled by supporters of leftist President Hugo Chavez to take over the rigs after the US firm declined to negotiate a new service contract, unlike 32 other foreign firms.

The firm would not renegotiate its contract, but I would like to know what gives the Venezuelan government the right to take them over. Oh, that's right, dictators don't need permission, they just do what works for them.

Kind of like taking over GM? Watch out America, we're on a dangerous road.

While we're on the topic of Chavez, he seized supermarkets back in March. Much of the food supply had already been nationalized resulting in a plague of food shortages. This is exacerbating the problem.

Here's an interesting article from Marxist.com. They ARE their own problem!

Warning: Put on your brown shoes before clicking link.