[lbo-talk] Gorbachev: I Should Have Left the Communist Party Earlier

[Julio Huato]

A quick note on the nationalization of gold in Venezuela.  The current
price of gold is prompting the move.  I think Chávez's idea is to
hoard a great deal of that gold.  I don't think that is a good move.
I am on the record warning them against that.  I mean, nationalizing
the sector is fine, of course.  But, aside from a modest stock of gold
reserves insuring them against a very bad global economic climate,
Venezuela should be sell its remainder in the markets before the
bubble pops and use the revenues to bolster public education (quality
needs to be upgraded, badly), health care, arts, sports, science,
technology, and infrastructure.  I may have to swallow my words if the
U.S., Japan, and the EU get into a prolonged mess and gold stabilizes
at a high price.  I guess I am hopeful that the left in the West will
bounce back and lead the way.