Happy International Worker’s Day (May Day). I took the day off from blogging in honor of the national day dedicated to workers worldwide. Are you a worker too, Dear Reader? Well then, why are you reading this blog? It’s too much work. Go on, relax and have some fun for a change. You deserve it.
On the same day Venezuela officially nationalized its oil industry, Venezuela President Hugo Chávez announced that the country would raise its minimum wage by 20% and will work to decrease the standard work week from 44 to 36 by 2010. I wonder what these changes will do to Venezuela’s annual inflation rate, which currently stands at about 16%? Or its productivity rate, which has decreased annually by about 2.2% during the Chávez years? What do I know? I don’t have a degree in military arts and science from the Venezuela Academy of Military Sciences, and I didn’t drop out of Simón Bolivar University while I was doing my master’s degree in political science. I’m sure that everything will be just fine as Venezuela moves closer to becoming a worker’s paradise. Mmm, OK, whatever. Check back in about ten years.
Sr. Presidente Chávez, go on, take a break. Give it a rest.
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Yeah, but check out the international oil companies invested in Venezuela. Great diversified companies whose stock just took a nose dive. Opportunities are knocking. Thanks Chavez.
PS: I’m tracking one of those companies. I may buy it tomorrow.