Venezuela has the largest oil reserves outside the Mideast and some of the largest known natural gas deposits. Yet the country is an economic shambles thanks to the mismanagement of its buffoonish and authoritarian president, Hugo Chavez. This past week he further crippled the economy by effectively banning private bond trading to stop Venezuelans from sequestering savings in dollar accounts. He instituted currency controls of 2.60 bolivars to the dollar for priority goods and 4.30 for nonessential items. The black market rate is 8.20 bolivars to the dollar. Not surprisingly, there is a thriving black market, widespread shortages and soaring...