Venezuela

Socialism’s outcome: Venezuela on default’s brink

Socialism’s grim end game is ever closer to playing out in Venezuela.

The late anti-capitalist, anti-American strongman Hugo Chavez bequeathed to his hand-picked successor, President Nicolas Maduro, a legacy of nationalized industries, neglected infrastructure, corruption, overspending and heavy-handed state intervention, resulting in inflation exceeding 1,000 percent and shortages of food, medical supplies — even toilet paper. And now, CNNMoney reports, Venezuela’s central bank says Mr. Maduro’s government is down to its last $10.5 billion in foreign reserves.

It’s all happened in, and to, a nation so wealthy in natural resources — Venezuela leads the world in oil reserves — that only…

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