You seem to have caught the (what I like to call) the "Bush Demonization" disease. You also paint America as the "controller" of world events. You have totally discounted the rapidly rising power of both Russia and China who both could give a hoot about what America has to say about the price of oil.

Chavez "hates" the Bush Administration, but he admittedly does not hate the Americans. (See Barbara Walter's March interview; also interviews with Chavez on http://www.democracynow.org for more insights into Chavez and the United States).

In any case, Chavez is no dummy, IMO, and he can literally kiss the Bush Administration "good-bye" at basically any time he wants. Russia, China, India; all would be just happy pink to buy up all his oil.

I think people in the United States aren't getting the picture of what's happening outside their borders. There's a HUGE market for goods and services outside the US. China just became Japan's #1 trading partner, replacing former #1 the U.S. The whole of Asia is literally hungering for "cell phones, DVD players, wide-screen TV's, luxury cars and goods, etc." and China can at anytime turn its attention to its own backyard and pour its power and resources right here in its own neighborhood. Who needs the US anymore? Tell me that?

Anyway, I wouldn't discount a good investment into CANTV if I were you. I noticed that after the announced news of Chavez's nationalization plan that, although the stock took a near 30% hit, it has recovered a good portion of that (actually within a rather short time) and still seems healthy. It pays a 20% dividend. Compare that to Microsoft's 1.5%.

Anyway, I could be totally off on the safety of being invested in Venezuela, it is a "hot" spot, to say the least, but Chavez has built a pretty good relationship with Russia (I don't know about his Chinese ties) but I personally don't think he's a total fool and would let these industries he's nationalizing disintegrate into nothing. However, to be honest with you I don't know the first thing about CANTV, who the owners are particularly. I would suppose if they are Americans who share your ideology concerning Venezuela then they may have something to be concerned about, whereas on the other hand if they are level-headed folks who will engage in an open dialog with the President of Venezuela then there could perhaps be some investment opportunity here.

On another point; I notice that you refer to the Chavez administration as the "Chavez regime". It seems to me that the word "regime" carries a sort of dark or sinister label with it. I mean, how often do you hear the Bush administration referred to as the Bush regime? We seem to use this word on governments that we wish to impose a negative mindset upon. It seems that you are doing your best to paint Chavez as a pretty crazy guy. Well, you might be correct but then again you might just be behind the curve here.

Anyway, just my humble thoughts.