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Chavez is using the nationalized oil revenues to improve the lives of the poor, and for that he is considered a hero by the majority of the populace. If he couples this with education and the creation of jobs, he may create a viable middle class which I believe is essential to a functioning democracy. That strategy would strengthen the country, rather than "ruin" it.
The oligarchy that Venesuela once was only enriched the very few and left everyone else in poverty.
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