Monday, June 25, 2007

Free markets really put a crimp in Chavez's style

Its just so hard being a totalitarian dictator these days. The damned capitalists (anybody with savings) just move their capital to a more productive place.


South Florida is a prime destination as Venezuelans rush to move their money out of the reach of Hugo Chávez. Capital flight from Caracas is nothing new: Venezuelans have been channeling funds north for decades as they have hedged their bets against economic instability. Nearly every real estate agent has an anecdote about a Venezuelan whipping out a fancy pen to write a check for a condo facing Biscayne Bay. But the pace of the outflow is picking up. As many as 100,000 Venezuelans now live in South Florida, and their numbers are rising.