From Newsmax:

Venezuela's economy shrank 5.8 percent in the first quarter from the same period a year earlier, the Central Bank said Tuesday in a report that revealed a deepening recession for the OPEC member.

The economy was pulled down in the first three months by a 5 percent decline in the key oil sector, a 6 percent decrease in the private sector and a whopping 27.9 percent fall in private investment, the bank said. The further drop came after a 3.3 percent contraction for all of 2009.

The economic downturn coincides with 30 percent inflation...
 
Read full article...

More government stupidity:

Tax outrage: Gov't jobs and entitlements are taking over the economy

CNBC's Rick Santelli rips Congressman on Fannie & Freddie boondoggle

George Soros is funding a movement to establish government-controlled media