February 16, 2009

Venezuelans Approve Chavez's Bid to Scrap Term Limits - WSJ.com

Venezuelans Approve Chavez's Bid to Scrap Term Limits - WSJ.com

Does the term 'socialist dictatorship' include a means to solve this problem...

"...Economists at several investment banks are predicting that the oil-price declines will force Mr. Chavez to raise taxes and devalue the "strong bolivar" -- a currency Mr. Chavez introduced as part of a bid to boost confidence. Both of the measures will hurt his mainly poor constituents more than the middle and upper classes that fill the ranks of the opposition.

Devaluation would exacerbate the nation's soaring inflation rate, already the fastest in the Americas at around 35%. Venezuela imports most of the food and other goods that it consumes. Devaluation would make these goods far more expensive in local currency terms."


...without an unpleasant clampdown on the citizens of Venezuela? A self-inflated demagogue presiding over a collapsing economy may be in for a rough ride!

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