What do you think of the recent debacle between Venezuela and exxon, and chavez's threat to the US?

Why should Exxon have to agree to anything with Chavez? They already had a deal in place... you know, that thing that they call a "contract". If they wanted a ridiculous sum to break that contract then so be it. Chavez had another alternative and that was to HONOR the contract. What a strange concept, huh? Thing is, we Americans, and most honorable people on this planet consider breaking a contract either: 1) dishonorable or 2) theft. Therefore, civilized cultures around the world have developed a system of laws which enforces contracts or compensates people when they are broken.