The Truth About Venezuela’s Economic War

Blaming Venezuela’s spiraling inflation on “economic war and mafia attacks,” Hugo Chavez’s successor, socialist President Nicolas Maduro has raised the nation’s minimum wage for the fifth time in a year. The whopping 50 percent wage hike raises the monthly wage to between $12 and $60, in U.S. terms, depending on whether one goes by the state-controlled or the more accurate black-market exchange rate.

No matter what, though, the measure will provide no relief given Venezuela’s...

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