I think Red Mile Style would have a point if Petro-countries actually reinvested the money, aka Norway. However, a nationalized oil company in most countries is a lot like an income trust - all the benefits get paid out as dividends or bribes or silly social programs, i.e government spending. The only difference is that the income fund has the ability to go back to investors and raise new money - Venezuela will not sucker foreign capital again for decades.
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