[Hoot Gibson]

If a small country like Venezuela, with its vast natural resources (including what may be the world's largest oil reserves) cannot make socialism work, would it work anywhere in the world? Chavez's days as President for Life are numbered.

Chavez's failure should be a lesson to our own socialists who have hugged Hugo and coveted his ability to control the media. It seems that no matter how many times socialism and communism fail and plunge nations into poverty and hopelessness, leftists around the world continue to demonize the most productive members of society and advocate the same failed policies for their own citizens that have failed countless times before.

[INDENT]Chavez Furiously Backtracking As Venezuela Petro-Economy Deteriorates

In anticipation of Thursday's Carabobo oil field auction, outspoken Marxist president Hugo Chavez quietly pleaded for foreign investment.

""Investment and experience from foreign oil firms is necessary in Venezuela. We need it," Chavez said, according to Dow Jones.

The statement is a serious turnaround for a government that has nationalized dozens of foreign oil companies in recent years. But they 'need' foreign investment because mismanagement is turning the country into just another failed petro-state.[/INDENT]