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General Motors Ceases Auto Production in Venezuela Following Plant Seizure

posted by cmn32480 on Friday April 21 2017, @07:54AM   Printer-friendly
from the this-is-why-they-can't-have-anything-nice dept.

takyon writes:

http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/index.html

General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.

GM described the takeover as an "illegal judicial seizure of its assets."

The automaker said the seizure showed a "total disregard" of its legal rights. It said that authorities had removed assets including cars from company facilities.

"[GM] strongly rejects the arbitrary measures taken by the authorities and will vigorously take all legal actions, within and outside of Venezuela, to defend its rights," it said in a statement.

Authorities in Venezuela, which is mired in a severe economic crisis, did not respond to requests for comment.

It was not immediately clear why authorities seized the GM plant. Huge swaths of Venezuela's economy have been nationalized in the years since former President Hugo Chavez rose to power. Under Chavez, who took office in 1999, the state took control of private oil, telecommunications, energy and cement businesses.

President Nicolas Maduro has continued the tradition, while blaming the United States and its companies for Venezuela's economic and political problems.

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  • (Score: 0) by Anonymous Coward on Friday April 21 2017, @06:35PM (1 child)

    by Anonymous Coward on Friday April 21 2017, @06:35PM (#497525)

    Look it up.
    Hint: It's "Communism" in the USA.
    ("Commonwealth" would be a better description.)
    It actually works quite nicely there.

    The big problem in Venezuela wasn't their Liberal Democracy/Social Democracy.
    It was central planning (State Capitalism)--specifically, tying their economy to a single commodity: petroleum.
    (When the Saudis started their dumping, it fractured the oil market.)

    If Venezuela had a multitude of Worker-Owned Cooperatives (Socialism), producing food and manufactured goods, they would have weathered this much better.

    -- OriginalOwner_ [soylentnews.org]

  • (Score: 0) by Anonymous Coward on Friday April 21 2017, @06:52PM

    by Anonymous Coward on Friday April 21 2017, @06:52PM (#497529)

    Woah woah woah, don't stop the socialism hate train! People don't like to deal with reality, they would rather interpret it to suit their misfiring neurons.

    C'mon, think of the people! Oh wait, that is bad... umm, think of the hard working corporate drones!