Hugo Chavez' Reelection

Hugo Chavez was reelected as President of Venezuela and the most significant result of the election is the reappearance of a political opposition. In fact, Mr. Chavez's rule contains the seeds of its own destruction. His wild use of oil revenue -- government spending has grown eightfold during his eight years in office -- has gone mainly for consumption or foolish foreign adventures. Investment in the economy, and even in the oil industry itself, is paltry, and most experts believe Venezuela's petroleum production has declined. Crime and corruption are soaring: Murders are up 67 percent during the Chavez era. If oil prices continue to drop, Mr. Chavez's revolution eventually will be revealed for what it is: a populist fraud. Read the entire editorial here.