Wednesday, March 6, 2013

Hugo Chávez: poor boy from the plains who became leftwing figurehead

Hugo Chávez: poor boy from the plains who became leftwing figurehead         
After a decade of record oil revenues totalling around a trillion dollars, an unprecedented bounty, Venezuela is falling apart: roads crumbling, bridges falling, refineries exploding. A wheezing power grid produces regular blackouts. Public hospitals are dank, prisons filthy and barbaric. Murder and kidnapping rates have soared, imposing a de facto curfew in many cities. The currency was recently devalued for the fifth time in a decade. Many young professionals have emigrated.

The economy is warping from subsidies and controls. You can fill a car's petrol tank for around 50 cents but battle for months to start a company. High-rolling parasites nicknamed "boligarchs" exploit government links to siphon off billions

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