Mr. Chávez pledged, “we will deepen the socialist revolution: socialism, socialism and more socialism. – O’Grady at WSJ

 

 

By MARY ANASTASIA O’GRADY at The Wall Street Journal

EXCERPTS:

Venezuela’s Hugo Chávez says his Bolivarian Revolution needs more time to produce its utopian fruits. “We barely have 10 years here,” he told a crowd of supporters in Caracas last week. “We will take it to 10 more and 10 more and 10 more to construct the new social virtues.”

In that time, Mr. Chávez pledged, “we will deepen the socialist revolution: socialism, socialism and more socialism. We have to deepen the struggle and defeat the vices of the past that still persists among us: violence, insecurity, corruption, selfishness, individualism.”

 

Venezuelan President Hugo Chávez promises ‘socialism, socialism and more socialism.’

Double-digit inflation has been the Venezuelan norm for decades. An annual rate below 20% since 1987 has been the exception; this year the International Monetary Fund expects a 25% increase in the price level.

 

The solution to this injustice against the consumer, according to chavismo, is price controls. When they don’t work, the answer is more of the same.

 

It was 2003 when the Chávez government introduced its first big wave of price controls. That year inflation exceeded 31%.

 

FULL ARTICLE

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