Chávez pledged, “we will deepen the socialist revolution: socialism, socialism and more socialism.”

By MARY ANASTASIA O’GRADY at The Wall Street Journal

EXCERPTS:

Venezuela’s Hugo Chávez says his Bolivarian Revolution needs more time to produce its utopian fruits. “We barely have 10 years here,” he told a crowd of supporters in Caracas last week. “We will take it to 10 more and 10 more and 10 more to construct the new social virtues.”

Among Mr. Chávez’s more amusing traits—providing you don’t live in Venezuela—is his unshakable belief that he can dictate what the Austrian classical-economist Ludwig Von Mises called “human action.” Thousands of years of experience suggest otherwise, most recently in the Soviet Union. But never mind. It is Venezuela’s destiny to suffer central-planning hubris all over again.

Consumers are anticipating what will ensue. In recent weeks the local press has reported that shops have been cleaned out of many price-controlled items.

In the meantime the government is feeding inflation by ramping up spending ahead of the election.

FULL ARTICLE

Obama requests more time:

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