Is Venezuela Due to Collapse?

"If Venezuelan President Hugo Chavez deliberately intended to sabotage his nation's economy, he would be hard-pressed to do anything different from what he is now doing to his country.

It has been widely reported that Mr. Chavez has been increasingly taking control of the oil, telecommunications and energy sectors, as well as the media. What has not been reported is the full extent of the corruption in Venezuela and how this ultimately will destroy the economy.

The financial scandal taking place is far bigger than Enron, and may ultimately even exceed the U.N. "oil-for-food" scandal, the biggest financial disgrace of all time. Venezuela has had a rapidly growing economy for the last few years, due to high oil prices, but the house of cards is about to collapse." - Commentary, Washington Times, By Richard W. Rahn. Full commentary.

Other nuggets:

1. Since 2004, the Venezuelan Central Bank has transferred about $22.5 billion to accounts abroad by the Chavez government, and about $12 billion of that remains unaccounted for.
2. Inflation is up to 17 percent and rapidly rising.
3. Venezuela is now down to 126 out of 130 nations in the 2006 Economic Freedom of the World the most rapid decline ever (in 1995 it was No. 75).