PDVSA's Socialism not looking so good - Citgo's assets to be seized by creditors?

[Tom Kirkman + 8,860]

In the battle between Socialism and Capitalism, Socialism's inevitable defaults on debts will likely not be allowed to stand uncontested.

Venezuela’s Key Refineries At Risk Of Seizure

In 2007, following Venezuela’s expropriation of billions of dollars of assets from U.S. companies like ExxonMobil and ConocoPhillips, I suggested a potential remedy.

Since Venezuela’s state-owned oil company, PDVSA (Petróleos de Venezuela, S.A.) owns the Citgo refineries in the U.S., the companies that had lost billions of dollars of assets should target these refineries for seizure as compensation.

These refineries have the same vulnerabilities as the U.S. assets in Venezuela that were seized. They represent infrastructure on the ground that can’t be removed from the country.