Venezuela

You see it in the headlines
You hear it every day
They say they're gonna stop it
But it doesn't go away
--Glenn Frey

The latest socialist state to collapse is Venezuela. The handiwork of former president Hugo Chavez is now coming home to roost big time. As is always the case in socialist states, economic resources have been grossly misallocated. Production and distribution have withered.

To compensate for hard times, bureaucrats have inflated the currency. Rather than increasing prosperity, this action has only led to hyperinflation.

Shelves are bare. The bolivar is next to worthless.

Socialism strikes again.