THE AMERICAS: "Venezuela: Socialism with cheap oil; Huge Chavez embarks on a race against the impending impact of world recession," The Economist, 3 January 2009.

The most telling bits:

When Chavez took over, oil was only 64% of the nation's export revenues. Now it's 92%.
The current budget assumes PDVSA will produce 3.4 mbd, but independent sources (as well as OPEC) say the state oil company really cranks about 2.4 million barrels a day.

Impressive to watch that half-wit run his country down. Over the long haul, he's good for the neighborhood--as in, a good warning.