How bad does an anti-capitalist country's crisis have to get before even the Washington Post deplores it?--even if they continue to exhibit no understanding of what's gone wrong down there. Obviously it's not Obama's fault Venezuela is a basket case, how churlish, but otherwise something or other is happening that we'd rather not get into.
My husband's comment: "'Autocratic populist government'? 'Economically illiterate'? But we can't write 'socialism', because true socialism hasn't been tried yet." Well, far be it from me to get into another tired debate about the technical definition of socialism. What's clear enough is that a system that erases price signals, nationalizes industry it can't run on its own, and uses governmental power to redistribute goods instead of enforcing enough order and protection for property rights to create an incentive for economic production will produce . . . poverty and collapse. Welcome to paradise, where money isn't important!