It was a little over a year ago I wrote about Ugo Chavez’s dramatic ability to run a fine country into the ground. Well the speculative bubble that held oil prices at record highs last year has popped and, with the global recession, oil is selling at $40/barrel, not the $80/barrel that Ugo needs to break even. (I don’t know about you but I make sure not to buy gas at Venezuelan-owned Citgo stations, to do my own nano-scale part to hasten Chavez’ demise.)

So today I wake up to snow, a cup of coffee and the Washington Post, and find this little gem by Edward Schumaker-Matos. Money quote:

Inflation in Venezuela is running at 31 percent, by far the highest in Latin America, and is expected to hit 45 percent this year. The official exchange rate is 2.15 bolivares to the dollar, but the black market is at more than 5 bolivares, a gap so large that the government will have no choice but to devalue the currency, which will cause local prices to rise still more. The government has enough reserves for the next year to continue subsidizing food prices, but that has caused food shortages. And the government is so far behind on payments to oil contractors that many have stopped working, cutting back production from the goose that lays the golden eggs. Oil accounts for 95 percent of Venezuela’s exports.

While I idly dreamed about a firing squad for Ugo, that reality may be closer than anyone thought. I doubt it, his pal Ah-ma-dinnerjacket will probably take him in, in style. Oh, wait, Ah-ma-dinnerjacket ain’t having so grand a time of it. Well there’s always, Tsar Vladimir, though he might not have too grand a time if oil stays down, either. If all else fails, they can always hot bunk on Radical Jack‘s couch….

Updates: Sigh.

And this.

Here’s a nice article on Tsar Vladimir’s current dilemmas.

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