Socialism: The huge currency devaluations that hit Venezuela and Argentina last week could be seen coming a mile away. This is a warning to the U.S. about big-government spending policies financed by printing money. The markets have given a resounding vote of no confidence to many emerging-market currencies, triggering sell-offs as far flung as Turkey, Russia and South Africa. But nowhere were the losses as catastrophic as those in two socialist Latin American countries that have thumbed their noses at fiscal discipline, ruthlessly used printed cash to expand their states and treated their citizens as cash cows, gleefully chasing out thousands of the most productive. More...
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