Socialist Economics in Venezuela

Tyrannical governments fleece their victims in many ways. High taxes, lots of fees, onerous regulations, to name just a few. One of the best ways that governments stick it to citizens, from their point of view, is by devaluing the currency. In the U.S. that job is done by the Federal Reserve. In Venezuela, Hugo Chavez does it. According to the Wall Street Journal:

Mr. Chávez, 55 years old, is gambling that the benefits of a weaker currency will offset faster inflation.

Uh, sure....

Venezuelan citizens, meanwhile, have it figured out:

At Caracas's middle-class Sambil shopping mall, lines at cashiers reached 50-deep. Carmen Blanco, a 28-year-old accountant, waited to buy a 42-inch flat-screen television she doesn't need because she already has one at home.

"It doesn't make any sense to keep my savings," Ms. Blanco said Saturday. "I'd love to see how things work in a normal country."