“The fleet of Russian ships has come to Venezuela for joint naval exercises, another step in leftist President Jugo Chavez’s effort to strengthen an alliance with Moscow.”   

Russia agreed to lend 2.2 Billion to Venezuela for arms spending. Chavez has spent over 4 billion bolstering his military power in recent years. 

With Brazil and Columbia also increasing military spending, some critics argue an Arms race is well underway in South America. 

We are following perspectives from Reuters, Russia Today, France 24, and the BBC.

First Russia Today on what Chavez is buying,

“Chavez also confirmed the country will also buy almost 100 Russian Tanks, and a number of anti-aircraft rocket systems.”

According to France 24, Venezuela is in a fierce diplomatic crisis with Colombia, after Columbia allowed US troops access to bases near the Venezuela border to fight drug traffickers. 

President Chavez fears the US is interested in their oil reserves. The announcement comes just two days after Venezuela discovered a massive natural gas field in the Gulf of Venezuela.

"We have the largest petroleum reserves in the world. The empire has set its sights on them," Latin America's loudest US critic often describes the United States as an empire."

"We have the right to take the minimum necessary steps to guarantee to the public our national security and our (energy) treasure."

But is Venezuelas spending off the charts? This graph from the BBC puts their spending in context

"Although the country spent 2.2 billion they are still spending far less than Columbia and Brazil.  They are still almost 10 billion behind their neighbor enemy, Columbia."

Chavez spoke in Moscow to students where he ripped the U.S. and talked war against Imperialism. 

“In centennial history, there was never a government more terrorist that that of the U.S.  That’s the greatest terrorist in history of world.” (Russia Today)

Chavez recently visited Iran where he backed their Nuclear Program and pledged closer ties and promised to help fight imperialist nations. He continues to explicitly criticize US Foreign Policy.  Time Magazine and The Christian Science Monitor compare him to Fidel Castro.

What do you think of Chavez’s latest deals?  Is he a bigger threat than we think?