[cgrubb]

The Venezuela wikipedia page makes it sounds as if the Bolivarian Revolution is a repeat of history:

    The election of Carlos Andrés Pérez in 1973 coincided
    with the 1973 oil crisis, in which Venezuela's income
    exploded as oil prices soared; oil industries were 
    nationalized in 1976. This led to massive increases in 
    public spending, but also increases in external debts, 
    which continued into the 1980s when the collapse of oil 
    prices during the 1980s crippled the Venezuelan economy.
    As the government started to devalue the currency in 
    February 1983 to face its financial obligations,
    Venezuelans' real standards of living fell dramatically.
    A number of failed economic policies and increasing 
    corruption in government led to rising poverty and crime,
    worsening social indicators, and increased political 
    instability.