Good ole socialism. Everybody shares in the misery because all the people who WERE producing goods and services have been demonized and vilified and regulated and taxed to the point that production is no longer logical.
So, in the midst of huge reserves of natural resources, there is poverty everywhere.
Many places in the US are already experiencing this same socialistic, egalitarian squalor and many more will unless we change leadership. Chris Christe for President.
Venezuela's economy is in trouble despite the country's huge oil reserves. Blackouts plague major cities. Its inflation rate is among the world's highest. Private enterprise has been so hammered, the World Bank says, that Venezuela is forced to import almost everything it needs.
The situation is creating a serious challenge to President Hugo Chavez's efforts to transform his country into a socialist state.
Take, for instance, the Three M metal works, tucked into an industrial zone in San Cristobal, the capital of Tachira state in western Venezuela.