By Mark Fowler

“The problem with socialism is that sooner or later you run out of other people’s money.” —British Prime Minister Margaret Thatcher

There are many problems with socialism, and indeed with any form of government outside of a framework that limits the scope of government and maximizes individual freedom.

Individuals ought not to fear their government, but the people in government ought to fear the populace.

From the 1950s to the 1980s, Venezuela had the largest economy in Latin America. Venezuela sits on the worlds’ largest oil reserves, and oil has been the largest part of its economy. But even with that asset, politicians — namely Hugo Chávez and Nicolás Maduro — have managed to turn Venezuela into a hellhole.

Consider: an annual inflation rate no one really knows. It’s estimated to be anywhere from 275% to 4,000%. No one knows because Venezuelan officials frequently lie about it and withhold essential economic statistics. As many as 40% of Venezuelans suffer from moderate to severe food insecurity. At one point, the GDP declined by 8%. Seventy five percent of Venezuelan adults have sustained a 19-pound weight loss. The leading hospital in Caracas had to stop surgeries for lack of supplies. Oil production is one-third of what it once was. The list goes on.

Indeed, the history of Venezuela from 2013 to the present is one of corruption, mismanagement, and human suffering on a massive scale. Not because of an external issue, but because Venezuelans fell victim to the siren song of socialism: free medicine, six-hour workdays, subsidized petroleum, food subsidies, an artificial exchange rate, and other rewards. All of this was to be paid for by oil revenues, but the house of cards collapsed due to overspending and the fall of the price of oil.

Maduro was Chávez’s vice president, and the history of both of these men is highlighted by a desire to concentrate power in their hands at the expense of the people and the legislature.

Eight million Venezuelans have fled the country.

The lesson of Venezuela includes virtually every mistake governments can make if they wish to destroy society. Confiscation of foreign oil production assets and displacement of private sector experts with political cronies led to the collapse of the oil industry. Overspending led to inflation. The artificial exchange rates led to a degradation of the currency and a decreased ability to import food. Venezuela is not food sufficient.

Both Chávez and Maduro worked to maximize or maintain power after having been elected. Chávez managed to accumulate power through the modification of Venezuela’s constitution, making him able to initiate policy changes unilaterally. When reelected for the last time, Chávez was so sick that he could not travel from Cuba, where he was being treated for cancer, to Venezuela to be inaugurated. Maduro was initially elected in 2013 and was declared the winner of the widely deemed fraudulent 2024 election.

Their ascent to power, exacerbated by their delusional belief in their ability to reorder society, has led to murder, imprisonment of political opponents or their exile, and massive starvation and suffering.

In a magnificent and impressive display of military power and intelligence, Maduro was snatched from his safe house with no American casualties and delivered to New York, where he will face trial for a number of crimes. The method by which he arrived there will have no effect on his trial. In a larger sense, Maduro’s removal signifies a revitalization of American power and will give pause to any foreign entity that seeks to harm U.S. interests. It was pure genius.

Likewise, it will be helpful for the Americans to hold onto power there until the Venezuelans can have elections. After that, it will be up to them to save themselves.

One more thing: Chávez and Maduro’s rise to power was facilitated by a 2012 law that restricted firearm ownership to the police and military, effectively disarming the population. Hitler did the same thing before seizing power. It seems that the authors of the Second Amendment might have been onto something.