"VZ simply does not have the capital to tackle mining, "

I agree, but of course that doesn't stop government ministers making grand statements of "policy" and endless investigative committees producing recomendations which simply can't be implemented because of the lack of cash and expertise.

I don't think a single nationalisation that has occurred in Venezuela has actually resulted in increased output or efficiency despite all the retoric. If we weren't financially exposed to this charade it would actually be quite funny to watch the progress (or more correctly, lack of progress) of Hugo's grand plan. Even Cuba is now softening their socialist ideals so they can produce enough food to feed themselves.

If the POO keeps dropping the economic situation in Venezuela is likely to go from bad to worse. I read somewhere that Hugo is siphoning off almost $100 a barrel into the government coffers; that's hard to maintain when Venezuela's heavy oil doesn't even sell for $100 a barrel...