04/21/2017

Venezuela Seizes General Motors Plant As Property Of The State

Jazz Shaw, Hot Air

This news broke overnight and it undoubtedly comes as a shock to anyone who hasn’t been paying to socialism in general and the regime of Venezuelan President Nicolas Maduro in particular. The government of Venezuela came in and seized control of the General Motors plant in the city of Valencia, taking over the property, assets and accounts. The automotive giant responded by saying that they were immediately halting operations. (CNN)

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

GM (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.

GM’s Venezuelan operation was already pretty much at the point of stagnation. Productivity was approaching zero because their currency had collapsed and they couldn’t order parts to keep the lines running. Also, the domestic market for cars wasn’t exactly booming because their potential customers have money which is basically worthless and they’re mostly too busy looking for scraps of food to worry about a new set of wheels.

Read full article



You May Also Like:

When Carter Page Met Stefan Halper The Wall Street Journal

Lying Liar James Clapper Just Lied Again About His Previous Lies About NSA Spying [Watch] Bre Payton, The Federalist

Tinker, Tailor, Clapper, Carter, Downer, Halper, Spy Mark Steyn, SteynOnline.com

Texas Laps California In Job And Population Growth Chuck DeVore, Forbes.com

HOW TO DESTROY A MAJOR CITY: One Week After Passing Massive Job Tax, Seattle Democrats Consider Huge Property Tax Increase Ben Shapiro, Daily Wire

Honest FBI Agents Step Forward: Want To Testify Against Their Deep State Masters Jim Hoft, Gateway Pundit

NFL Adopts Policy To Fine Teams If Players And Personnel Don't Stand For National Anthem Kathleen Joyce, Fox News

How Junk Science Sends Innocent People To Jail [Watch] John Stossel, Rasmussen Reports

The Obamas’ Netflix Deal Proves It’s Time To Stop Paying Ex-Presidents Jonathan S. Tobin, New York Post

For More go to the Home Page >>>

Join Our Email List



section

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

section

In Search Of History

The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 3.93%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central April Year-to-Year: 2.46% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

section