Election South

Venezuela is voting for President today

"(Reuters) - Venezuela's presidential election looked headed for a close finish on Sunday with Hugo Chavez facing an unprecedented challenge to his socialist rule from a young rival tapping into discontent over crime and cronyism.  An energetic campaign by centrist state governor Henrique Capriles, 40, has united the opposition and turned him into its best chance in 14 years to unseat the popular president and take the reins of South America's leading oil exporter."

Six More Years

"CARACAS, Venezuela (AP) — President Hugo Chavez put to rest any doubts about his masterful political touch in winning a third consecutive six-year term after a bitterly fought race against a youthful rival who has galvanized Venezuela's opposition.  The state governor who lost Sunday's presidential vote, Henrique Capriles, had accused the flamboyant incumbent of unfairly leveraging to his advantage Venezuela's oil wealth as well as his near total control of state institutions.  Capriles also narrowed Chavez's margin of victory to his smallest yet in a presidential contest. This time, the former army paratroop commander who led a failed 1992 coup won 54 percent of the vote against 45 percent for Capriles. In 2006, Chavez's margin of victory was 27 points."

This is not encouraging news.  Despite their enormous oil wealth the Venezuelan economy is headed for a meltdown.  Mark my words.

The Washington Post agrees with me.