Riots in the streets. Killings of protesters. Shortages of consumer staples like toilet paper and flour. Power outages. Confiscations of private property. Capital flight. Inflation running at more than 50%. The highest murder rate in the world. The situation in Venezuela has grown so terrible that we could very well be witnessing the waning days of the Chavez-Maduro regime. But don’t hold your breath. Despots propped up by revenues from natural resources have had a surprisingly robust track record over the past 100 years. Saddam Hussein survived through ruthlessness and handouts to Baath party loyalists. Khadafi perfected the same model in Libya. The Saudis and other Gulf sultanates and emirates have survived by paying off tribe members. Zimbabwe’s Robert Mugabe is still around thanks to his trade in blood diamonds. In each case, the big boss keeps his head by paying off everyone who matters. Hugo Chavez appeared to […]