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Venezuela looting update: 'This is for the good of the nation

Nicolas Maduro, Hugo Chavez's handpicked successor. (Getty Images)

Good news for socialists today: Yesterday's "government-sanctioned looting" in Venezuela apparently went well -- so well, in fact, that President Nicolás Maduro is vowing to ramp up his battle against "bourgeois parasites" by prosecuting more business owners for "unfair" prices. You know, because it's "for the good of the nation," or something.

National guardsmen, some of whom had assault rifles, were positioned around outlets of an electronics chain that Maduro has ordered to lower prices or face prosecution. Thousands of people lined up at the Daka stores hoping for a bargain after the government forced the companies to charge "fair" prices. ...

Five managers of electronic retailers including Daka are being threatened with prosecution for unjustifiable price hikes, the Venezuela government said. More stores may be at risk, as well. Government inspectors were dispatched to check prices at an array of other businesses.

"This is for the good of the nation," Maduro said, referring to the military's occupation of Daka. "Leave nothing on the shelves, nothing in the warehouses … Let nothing remain in stock!"

Maduro said his seizures are the "tip of the iceberg" and that other stores would be next if they did not comply with his orders. Maduro is expected to win decree powers in Congress in the coming days that he says will be used to take over more businesses.

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