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Venezuela relies on a new economic system to strengthen its socialism

President Nicolás Maduro explained that the country’s new economic model is the convergence of several proposals. Among them are strengthening public services, deploying resources for the reindustrialization process and establishing new rules for the economy.

The President of the Bolivarian Republic of Venezuela, Nicolás Maduro, said on Sunday that the new domestic economic system is the starting point for strengthening socialism in Venezuela.

In an exclusive interview to a local outlet, the President noted that several proposals are coming together under this new model.  Among others, he highlighted the strengthening of public services, the emphasis on reindustrialization and establishing new rules for the economy.

In that context, President Maduro explained that one of the primary drivers of the economy is producing and guaranteeing food for the nation.  “We have to clearly align the sectors that guarantee that Venezuelan families have food,” he added.

He also noted that another key element is public services, whereby the country can achieve a high level of development.

 “We have a rentier, speculative economy that feeds on currency speculation to generate wealth.  In Venezuela, to create wealth it is more attractive—in the case of the bourgeoisie—to speculate with currency than it is to produce anything, even to traffic drugs.  It’s a more [profitable] business,” he said.

For that reason, the President stressed the need to break the reliance on the economy’s rents, as well as the cycle of currency allocation.

In reference to that, he referred to the ‘economic war’, which he said was agreed upon in the White House.

“That was one of the factors among the powerful in the United States, who believed that the time had come to destroy the Bolivarian Revolution,” he explained.

He was then asked whether U.S. President Barack Obama knew and if so, when.  In response, President Maduro said, “I don’t know, if he knew, then it’s very bad.  If he didn’t know, then it’s also bad because it was all done at the White House.  I denounced it in June and I have the names [f those who attended].  It was people from the Treasury Department, the State Department and there was a person who attended the meeting who alerted Venezuela ahead of time.”

Telesur / Press – Venezuelan Embassy in the US / December 23, 2013

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