How is the loony Labour left’s latest favourite socialist paradise Venezuela faring? Not since Gadaffi have we had an oil rich socialist paradise in the making to set an example for us running dogs of capitalist imperialismo. Socialism should surely work when you are floating on billions in oil wealth – just share it out comrades! Venezuela has the world’s largest proven oil reserves at 298 billion barrels – that is more than Saudi Arabia or the UK’s measly 6.9 billion barrels – untold riches. Yet according to Bloomberg data:

• Oil production has declined by 27.2% over the last decade. Production declining…
• GDP growth in 2013 was 1.3%. In 2004 it was 18.3%. Growth slowing…
• The country’s inflation rate in May 2014 (61%) was the highest in the world. Iran was second and Argentina third. Venezuela leads the world in inflation…
• The bolivar, the national currency, has fallen 88% since 2008. Devaluing…
• Foreign exchange reserves have fallen by 51% since 2008 to $20 billion. Cash running out…
• In 2012 it 22% of families lived below the poverty line, last year it was 27%. Poverty is rising…
• Meat production is down 36% this year. Dieting…
• In January 2014 there was a 28% shortage of basic goods, compared with 8% in 2005. More people queuing…

Guido has just finished reading the new book from “our generation’s Orwell”, Comrade Owen Jones, in which he advocates sweeping nationalisation with currency and capital controls. Like they have in Venezuela…