The Irony of Venezuela’s Victory


The irony of Sunday-into-Monday’s victory of the “NOs” in Venezuela should not escape us. As President Hugo Chavez proclaims the (rightful) triumph of democracy over imperialism, and of economic justice over financial oligarchy, participants in U.S. stock markets (for whom Chavez is a sworn enemy) are laughing all the way to the bank.

News of Chavez’s victory eased the rapid growth of prices on the oil market, which in turn, propped up sharp gains on U.S. stock markets Monday morning. Incredible. Those who have spent the months leading up to Aug. 15 demonizing Chavez’s economic and social policies and hoping for his defeat, are now making money as a result of his electoral victory (even as they decry its fraud). It’s a twisted circle – but one Venezuela will have to continue to partake in, if it wants to keep up the economic momentum is has begun to experience.

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