Hugo Chavez has been busily destroying his country’s economy and infrastructure like Godzilla rampaging through Tokyo. The voters of Venezuela recently thanked him by removing presidential term limits, opening the gates for him to run for a third term and remain president indefinitely. Chavez’s policies have graced the country with an inflation rate of 36 percent, and the country’s oil and gas production has fallen since Chavez nationalized the entire industry:
PdVSA’s [the state oil monopoly] debt has gone from two billion dollars ten years ago to $20 billion, its production has fallen from 3.2 to 2.4 million barrels a day, and the refineries are running into operational problems
Which raises a question for the people of Venezuela: Are you living in abject poverty because you deserve it? Of course, that’s a horrible thing to say and I don’t believe it at all, but when the citizens of a country vote in a manner so contrary to their own financial well being it’s easy to throw up your hands in despair.