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:

Here’s To Another Year Of American Hilarity George Will, National Review

'Black Friday' Entertainingly Mocks A Confused Federal Reserve John Tamny, RealClearMarkets

ObamaCare’s Death Payments The Wall Street Journal

Michael Flynn Made A Move That Indicates He May Soon Cooperate With The Mueller Probe David Choi, Business Insider

Trumps Spend Thanksgiving Serving Meals To Active Duty Armed Forces Benny Johnson, Daily Caller

Why, Exactly, Are Democrats Opposed To Trump's Tax Reform Bill? Weekly Standard

Fusion GPS Paid Journalists, Court Papers Confirm Todd Shepherd, Washington Examiner

How Free Trade Helps Americans Have Higher Incomes And More Jobs Patrick Tyrrell, Daily Signal

Seattle's Income Tax On 'The Rich' Has Collateral Damage: The Poor Brian T. Hodges, American Thinker

Is Health Care A Human Right? Trevor Burrus, Foundation for Economic Education

I Got Fired For Calling Out Liberal Hypocrisy On Clinton Accusers Larry Elder, RealClearPolitics

NFL Ratings Slide Is Getting Worse, With No End In Sight Warner Todd Huston, Breitbart

Sarah Silverman: I ‘Fell In Love’ With Trump Voters While Traveling Across Country Andrew Mark Miller, American News

The Administrative State Under Siege Francis Menton, Manhattan Contrarian

How Grocery Stores Got Good Steven Horwitz, Reason

For More go to the Home Page >>>

Search

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

In Search Of History

When America Was Truly The Land Of Opportunity

For [early immigrants] America was truly the land of opportunity. For the first time in their lives, many were truly free to pursue their own objectives. That freedom released the human energies which created the United States. There were few government programs to turn to and nobody expected them. But also there were few rules and regulations. There were no licenses, no permits, no red tape to restrict them. They found, in fact, a free market, and most of them thrived on it. 

-- Milton Friedman,

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: 4.1%
    FreeMarket Central Shadow Stats: 21.6%
  • Inflation:
    FreeMarket Central October Year-to-Year: 2.23% (CPI-U*)
    FreeMarket Central Shadow Stats: 10.0%

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