I’d have thought that if any nation could have made a success of socialism, it would be Venezuela, because Venezuela has significant oil reserves and brings in foreign money.
I guess I have to ask: why would any foreign oil company invest in Venezuela, when President Chavez has a record of nationalizing foreign oil companies? What would make any oil company think he could be trusted not to do the same thing to it? Well, apparently some people never learn!
Quite frankly, if Chevron, Royal Dutch Shell Plc, or Repsol — some of the bidders, according to The Wall Street Journal — bid, win, and then, after pulling Venezuela out of the extra-heavy much, get their Venezuelan assets nationalized, it will serve them right. Throwing a lifeline to failing Venezuela, and propping up the would-be dictator, would fall under the category of selling them the rope.