Obama Will Need a New Hero as Chavez' Venezuela Implodes

Mr. Obama's friend and hero, Hugo Chavez, is leading a revolution to hell down in Venezuela. Perhaps Obama did not bow low enough to the caudillo, or did not offer him a big enough bailout?

There’s a simple reason for this: the implosion of Chavez’s self-styled “Bolivarian socialism” is accelerating.

Figures reported Tuesday by the Chavez-controlled central bank portrayed an economy that is completely out of sync with the rest of the region -- and perhaps unique in the world in the degree of its current distress. Gross national product fell by 5.8 percent in the first quarter, while inflation remained at 30 percent. Private investment plummeted by 27.9 percent as capital continued to flee the country.

Private economists suspect the economic contraction is even worse than what the official figures concede. But let’s assume they are correct. Venezuela’s crash compares with quarterly growth rates of 8 percent in Brazil, Argentina and Mexico. It comfortably exceeds the collapse of Greece, which contracted by 3 percent in the first quarter.

Inflation in Caracas is triple the next highest rate in Latin America (Argentina) and is more than double that of the next worst economy (Pakistan) among the 56 tracked by the Economist’s website. Even Zimbabwe, which used to be considered the world’s economic basket case, looks good compared to Venezuela: it is expecting 6 percent growth this year, while inflation is under 5 percent.

In short, economic recovery is taking hold across the world -- except in Chavez’s Venezuela. _WaPo

Well, to be honest, thanks in large part to Obama Pelosi, economic recovery is not really taking hold across the world. But nowhere else do we find such a rapid collapse of a once promising nation as in revolutionary Venezuela.