Chavez and the national assembly have tabled about 70 changes to the constitution. The change getting all the press is one that would allow him to be reelected to the presidency an indefinite number of times, but there are some other interesting proposals to consider. He wants to cap the work day at 6 hrs (a 34 hr work week), lower the voting age to 16 and extend social security to what is ambiguously referred to as the "informal sector" but also end the autonomy of the country's central bank.
So what does this mean exactly? Is Chavez using the labor initiatives as the proverbial carrot to get his questionable electoral and bank reforms passed? Possibly, but Chavez always comes off as a strange mix of dangerous and progressive. He runs one of the wealthiest countries in the world on account of their massive oil reserves. Therefore, depending on how the wealth is redistributed, it could be a great step in shortening the work week and extending social security. The wealth of Venezuela actually makes it possible for these reforms to be implemented without throwing the entire system into deficit, but the question is where this his new found power would lead Venezuela. These reforms would leave Chavez in a much stronger position to control the economy and you get the sense that the democratic process isn't as transparent as it should be. The combination of increased control for Chavez, combined with the oil profits of Venezuela makes for a very volatile situation.
The really interesting part will be the reaction from the White House. He all remember Chavez calling Bush the devil at the UN and accusing him of smelling of sulphur.

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