Recently we saw many important events happening in Venezuela, like the devaluation of the bolívar or the nationalisations in the banking sector, which needs to be analysed carefully. The movement of occupied factories made important steps forward last year, but still faces sabotage by counter-revolutionary managers and workers are still struggling for nationalisation under workers' control. In order to defend the conquests already made, the revolution must put the nationalisation of the commanding heights of the economy on the agenda. Only this can destroy capitalism and provide the necessary prerequisites for a socialist planned economy.

The coup in Honduras and the stepping up of a US military presence in Colombia are serious warnings to the masses of Latin America. On top of this the present world economic crisis is having an impact on the Venezuelan economy. All this is posing very sharply the need for a turn to a genuine revolutionary programme on the part of the Bolivarian movement.

One year ago the SIDOR plant was nationalised. Since then there has been ongoing battle between the workers who want to implement genuine workers’ control and those elements who are doing everything possible to make the attempts to build a ”socialist enterprsie” fail. This is part of the general struggle between revolution and reformism within the Venezuelan labour movement.

The result of yesterday's referendum on the constitutional amendment was a huge victory for the forces of the Venezuelan revolution, and at the same time a severe blow against the counter-revolutionary right-wing opposition. Now more than ever, the question is the following: either the revolution moves forward to destroy the economic power of the bourgoisie and imperialism or it will go under in the most terrible defeat.

Yesterday the Bolivarian movement in Venezuela organised a huge rally of a million people in support of the Yes-vote in Sunday's referendum. This shows that the power is there to put an end to capitalism in Venezuela once and for all. However, at the same time a series of provocations have taken place on the part of reactionary gangs, which are a warning of what could come if the revolution is not completed.

Speaking during the swearing in of the newly elected PSUV governor of Aragua, Rafael Isea, Venezuelan president Chávez ordered a full investigation into the killing of three trade union leaders in the state and threatened to nationalise any companies which violate workers' rights.

On Thursday, November 27, in the evening, three trade union leaders were assassinated in Aragua, Venezuela. The International Marxist Tendency condemns these brutal killings of workers' leaders whose only crime was to stand firm in the defence of workers' interests against the intimidation and terrorism by the capitalist class. We call on the international workers' movement to mobilise against these killings and demand that those responsible be identified and brought to justice.

The final results of the Venezuelan elections are now out. The Socialist United Party of Venezuela (PSUV) has won about 80% of all local councils and 17 out of the 22 governors that were up for election (there were no elections in the state of Amazonas, ruled by a pro-Chavez governor).

The first results that have been issued of yesterday's local elections in Venezuela confirm that there is still widespread support for the Revolution, but in some areas tiredness is setting in and the Opposition, in spite of losing around 300,000 votes, has taken advantage of this. This is due to the delay in the revolution. The only conclusion revolutionaries can draw is that it is time to complete the revolution once and for all.

On Sunday November 23, 2008 Venezuela faces one of the most decisive elections in its history. These elections will determine who controls the governors and the key municipal positions throughout the country. What happens on Sunday will have a profound impact on the future of the Bolivarian Revolution.

The Bolivarian government still enjoys mass support. But the defeat in the constitutional referendum last December was a clear warning. After 10 years of revolution, the main problems facing the workers have not been solved. The masses that support Chávez are growing weary of seeing a lack of profound social changes and a lack of a clear perspective to complete the revolution. It is time to take firm action against the oligarchy.

We received an interesting letter from a reader of Marxist.com, an ex-minister of the Catholic Church, about the case of Nixon Moreno. Nixon is the leader of a Venezuelan right-wing students' movement. He has been "studying" for 12 years at the Los Andes University (Merida) where he set up his movement called M-13.

On hearing of the nationalisation of Banco de Venezuela the World Congress of the International Marxist Tendency, which was sitting at the time, immediately discussed this important measure taken by the Venezuelan government and passed unanimously this resolution of support.

In a television programme broadcasted to the whole of the country on July 31st, President Chávez announced the nationalisation of Banco de Venezuela, the Venezuelan bank owned by the Spanish banking multinational Grupo Santander. "We are going to nationalize Banco de Venezuela. I make an appeal to Grupo Santander to come here so that we can start to negotiate".

There was a very successful presentation of Alan Woods' book in the Sidor plant, which has been nationalized by Chávez, with 550 Sidor workers attending the launch of Reformism or Revolution and many workers showing a keen interest in the ideas of Marxism and the Marxist Tendency.