Since when can Chavez promise world peace? The dictator in Venezuela has confiscated billions worth of private interests, has nationalized industries, and has ruled with an iron fist over his country for years, exploiting its oil wealth. He has done so poorly, that he has had to de-value his currency multiple times, despite the oil revenue Venezuela generates. In an interesting turn of events, Chavez made a call to another dictator, Qaddafi, calling for an end to the riots in Libya. "We want world peace!" he said.
Did Chavez win here, where Obama, the UN, and the entire developed world failed? Did WTI crude oil fall from $103 to $101 on Chavez's remarks? Of course not, it was temporarily overbought. Let's wait until the Rage Riots in Saudi Arabia on March 11th to see oil's true color. (Beware the ides of March? Unfortunately, doesn't fall on the same date) Here is a response from the Arab league:
"A proposal by Venezuela's president to solve the current crisis in Libya does not include a clear plan, Hisham Youssef, assistant Arab League secretary, said on Thursday.
On 17 February, a popular uprising erupted In Libya against the regime of Libyan leader Muammar al-Qadhafi, who has been in power for 42 years. Thousands of protesters have been reported dead during the clashes with pro-Qhadafi forces.
President Hugo Chavez had suggested an international mediation delegation of representatives from Latin America, Europe and the Middle East be sent to Libya in a bid to hash out a peaceful resolution through negotiations between protesters and Qadhafi's regime.
Youssef said Venezuela's foreign minister phoned Arab League Secretary General Amr Moussa to introduce Chavez's proposal and that Moussa described the ideas as vague.
"There were no definite ideas, we need to know the basis for the suggested negotiations and where to start them", Youssef told Al-Masry Al-Youm.
Youssef said the Arab League's stance on the Libyan crisis was expressed on Wednesday during a meeting of Arab foreign ministers. “This crisis should be handled in a way that responds to the aspirations of the Libyan people, and not only from a security perspective,” he said."
So, Chavez certainly our new Mother Teresa. In honor of this public servant, here is a short biography below:
Mother Teresa (26 August 1910 – 5 September 1997), was a Catholic nun of Albanian ethnicity and Indian citizenship, who founded the Missionaries of Charity in Calcutta, India in 1950. For over 45 years she ministered to the poor, sick, orphaned, and dying, while guiding the Missionaries of Charity's expansion, first throughout India and then in other countries. Following her death she was beatified by Pope John Paul II and given the title Blessed Teresa of Calcutta.
P.S. WTI crude is back at $102.50 at 10:25 PM EST, March 3, 2011.
