"The 'battle for food' coincided with a botched devaluation in January that pushed up the cost of imports.
The result has been an economic catastrophe in the only Latin American economy in recession. Inflation leapt to 21 per cent in May as food prices rose 41 per cent over the level of a year ago. Soldiers have been deployed to raid private homes for food stores. Long lines regularly form on streets for basic commodities.
Mr Chavez is undeterred by failure. Last week he relaunched a chain of supermarkets his government had expropriated from a French-Colombian joint venture. He boasted that the 40-strong chain, Bicentennial Supplies, was already operating at a higher profit margin that under Western management."
So to sum up:
1. Socialism has been a huge success despite massive failure
2. It has been so successful that 80,000 tons of meat were left to rot rather than be distributed or sold.
4. The store is now more capitalist than when the capitalists ran it.
I suppose the last point is true in that shortages cause price spikes so the goods they stole from the private company they then sold for the new shortage price. By that reckoning they are operating at 100% profit. Funny thing about theft. Low overhead.