Chávez Restyles Venezuela With '21st-Century Socialism'

The New York Times writes a glowing review of socialism today:

Many of the president's grandest plans are put into practice at the year-old Ministry for the Popular Economy. Planners there have already created 6,840 cooperatives that employ 210,000 people nationwide, many producing for the state.

The banking system is crucial to the government's plans. Regulators tightly control interest rates and demand that private banks devote 31.5 percent of all loans to agricultural projects, housing construction, tourism and microcredits, loans to tiny startup businesses.

The new measures - which include the seizure of factories, mines and fields the government says are unproductive - are playing well domestically. Mr. Chávez has an approval rating topping 70 percent.

"I'm not afraid of socialism and never have been," said Rivas Silvino, who works in a diaper factory run by workers and managers under a state co-management plan. "The world is afraid. I say, don't be afraid."

This article could have been written by Walter Duranty ,Herbert Matthews or comrade Barbara Ehrenreich. Wal-Mart wishes they could get such good coverage.