Hugo Chavez's Revolution Collapsing

Hugo Chavez's Revolution Collapsing

While the world has been preoccupied with the crisis in Haiti, Latin America has quietly passed through a tipping point in the ideological conflict that has polarized the region -- and paralyzed U.S. diplomacy -- for most of the past decade.

The result boils down to this: Hugo Chávez's "socialism for the 21st century" has been defeated and is on its way to collapse.

During the past two weeks, just before and after the earthquake outside Port-au-Prince, the following happened: Chávez was forced to devalue the Venezuelan currency, and impose and then revoke massive power cuts in the Venezuelan capital as the country reeled from recession, double-digit inflation and the possible collapse of the national power grid. In Honduras, a seven-month crisis triggered by the attempt of a Chávez client to rupture the constitutional order quietly ended with a deal that will send him into exile even as a democratically elected moderate is sworn in as president.

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