I do not understand Venezuela

Wow. Hugo Chavez has UNLIMITED power within the borders of Venezuela. He has been given "rule by decree." He has said he wants to see major Venezuelan power and telecoms companies come under state control. He has also called for an end to foreign ownership of lucrative crude oil refineries in the Orinoco region. Who knows what else he will do?

What are these people thinking?!? (the question may be assuming facts not in evidence) Where has socialism worked? I'm certain that I do not know much about life in Venezuela, but... wow. Rule by decree.

Too much power for one man. Period. With likely international implications. God help us all.