Will cheap oil compromise Venezuela´s revolution? (Video) | Bolivarian Republic of Venezuela |Axisoflogic.com

Real News Video and Axis of Logic

Editorial Comment: Since most readers do not live in Venezuela it is very difficult to contextualize and fully appreciate this video and its importance. At present, private TV and radio stations as well as the press are running interview after interview, analysis after analysis forecasting complete econimic collapse of the Venezuelan economy. The aim is to shatter business confidence after 20 quarters of uninterrrupted economic growth, terrorize the middle classes with stories of confiscating their second homes or second vehicles and ultimately unseat Chávez in light of the upcoming lifting of postulation term limits for all publicly elected officials. This video debunks the whole fiction being created by the private media both nationally and internationally and clearly explains how well Chávez and his Finance Ministers have handled the economy in the last 10 years.

- Arturo Rosales, Columnist
Axis of Logic

Venezuela has been stashing away dollars in preparation for oil price fall. The price of oil has dropped by over 70% in just six months, causing panic in many countries who had become dependent on high oil revenues over recent years. Miguel Tinker Salas explains to The Real News that Venezuela had planned ahead for the price drop, by stocking up on US dollars. Furthermore, most of the progress made by Chavez' government was made before the price of oil went through the roof, so they have proven capable of making progress under conditions of lower oil revenues.

*Miguel Tinker Salas is a professor of History and Latin American studies at Pomona College in Claremont, California. He is co-author of Venezuela: Hugo Chavez and the Decline of an Exceptional Democracy and author of Under the Shadow of the Eagles. Born in Venezuela, he holds Venezuelan and US citizenship.