As if nationalizing the largest oil company in his country was not enough, Hugo Chavez is up to his socialist / fascist -- heck, any "ist" will do -- antics again. According to an article on CNN, "Venezuelan President Hugo Chavez announced plans Monday to nationalize Venezuela's electrical and telecommunications companies, pledging to create a socialist state in a bold move with echoes of Fidel Castro's Cuban revolution." Never mind the fact that Chavez is a lunatic, a raging megalomaniac whose economic stupidity is only outdone by his discriminatory and anti-Semitic policies. This time around, it looks like investors in AES Corp (based in Arlington, VA) will be the ones left truly holding the bag of soon-to-be worthless stock certificates (proving again that supply -- not to mention investor -- risk lurks in many forms).
Well, enough of my words. Why don't I turn to Hugo himself to wrap: "We're moving toward a socialist republic of Venezuela, and that requires a deep reform of our national constitution ... we are in an existential moment of Venezuelan life. We're heading toward socialism, and nothing and no one can prevent it." That last statement is not exactly true, I might point out. A few smart bombs -- designed to defend western property interests and the civil liberties of those that live in Venezeula -- aimed directly in the cavity of Chavez's big red mouth would do wonders to stop a course of action that will drive Chavez' formerly great nation back to the stone ages unless he's stopped.