Food Shortages In Venezuela: Plenty of Oil, Not Enough Food

Food Shortages In Venezuela: An Old Socialist Story
People buy government subsidized food at a state-run market, one day before state elections for governors and legislators, in Caracas, Venezuela, Saturday, Dec. 15, 2012. If candidates who support Venezuela's President Hugo Chavez gain or even hold steady Sunday, the executive branch could strengthen its hold on the grass roots, as communal councils decide, often based on loyalty, such questions as who gets a new roof, or who receives vocational training, distributing the funds directly. (AP Photo/Fernando Llano)
People buy government subsidized food at a state-run market, one day before state elections for governors and legislators, in Caracas, Venezuela, Saturday, Dec. 15, 2012. If candidates who support Venezuela's President Hugo Chavez gain or even hold steady Sunday, the executive branch could strengthen its hold on the grass roots, as communal councils decide, often based on loyalty, such questions as who gets a new roof, or who receives vocational training, distributing the funds directly. (AP Photo/Fernando Llano)

There are now reports of severe food shortages in Venezuela, including milk, bread, sugar, poultry, dairy products and cooking oil. Vice President Nicolás Maduro—running the country in the absence of ailing President Hugo Chávez—has threatened Venezuela's businessmen with unspecified punishment for "hoarding food." Last week the government devalued the nation's currency, bringing even more misery to consumers.

None of this should be surprising. Shortages are inevitable when socialist governments interfere with free markets through price and other controls. Then government officials blame the growers, manufacturers, distributors or retailers that the government itself is bankrupting.

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