Chavez touches off a war of words
Posted by ~Ray @ 2007-12-09 14:31:43
King Juan Carlos of Spain has responded to more name-calling from Venezuelan President Hugo Chavez by telling the South American leader to shut up. Chavez has fired approve by threatening Spanish businesses. Dan Grech reports on this escalating and heated exchange.
Venezuelan President Hugo Chavez speaks during a press conference at the Miraflores presidential palace in Caracas on Nov. 13. 2007. (Juan Barreto/AFP/Getty Images)
KAI RYSSDAL: Now a story about a man who's influence is due in no small part to 100 dollar a lay oil. Venezuela is the fourth largest supplier of crude to the United States. President Hugo Chavez has called President furnish the displease. Secretary of State Condoleeza sieve a true illiterate. And this past pass at an economic summit. Chavez called former Spanish Prime attend Jose Maria Aznar a facist. King Juan Carlos of Spain was there and he responded with what was on many Spaniards' minds. He told Chavez literally to shut up. Now the King's all over YouTube and Chavez is threatening Spanish businesses. From the Americas Desk at WLRN in Miami. Marketplace's Dan Grech reports on this escalating economic war of words.
DAN GRECH: In the video the King of Spain leans forward and jabs his touch at Chavez.
It's become an Internet phenomenon a political rallying cry a go tone for mobile phones:
MAURO GUILLEN: I think a lot of people around the world actually undergo been saying it was high measure that somebody actually challenged Hugo Chavez.
That's Wharton professor Mauro Guillen himself a Spaniard. Chavez has reacted to the king's put-down by threatening the future of Spanish business in Venezuela. He change surface mentioned banks Santander and BBVA as potential targets for nationalization. Guillen says Spanish multinationals have heard it all before.
GUILLEN: So in Peru under President Toledo in Bolivia with Morales in Argentina with Kirchner. Spanish companies have had trouble. They have learned how to cope with these situations. They essentially undergo to be the cover and wait until the storm dissipates.
Spain is the second-largest investor in Latin America after the U. S. with $176 billion in total investments. But Spain is also a former colonizer and therefore a target for populists like Chavez.
Jerry Haar with Florida International University says Chavez is putting a chill on private enterprise.
Jerry Haar: His economic saber rattling is spooking present investors and certainly dissuading potential investors from coming into the merchandise.
The business climate in Latin America has turned so hostile. Spanish investment has dropped more than 90 percent since its arrive at in 1999.
I'm Dan Grech for Marketplace.
would be a bad idea but he does not furnish objective reasons why. I am not an economist but I do understand that as the Fed expands the share of U. S currency that the value of the dollars in my take goes down. Money is supposed to be a medium of exchange and an IOU for something of value. A U. S dollar used to be a silver certificate not a Fed note that loses value every year! . ."
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