Bolivia and Hugo Chavez
With all the events in the Middle East, South America is getting short shrift in the American press. That's too bad, as Hugo Chavez, the socialist dictator/President of Venezuela, is setting up a Cuba-style socialist paradise and trying to export it to other South American countries, like Bolivia and Brazil. He's trying, with some success, to assume the mantle of revolutionary heir to Castro. Venezuela used to be a major world economy and now it's close to collapse. Bolivia is now being torn apart and is also facing crisis. Brazil isn't far behind.
You can read a lot more about Bolivia here, and for the geographically challenged, here's a map.
The Bush Administration needs to start paying real attention to the transformation going on down below us. A very ugly situation similar to the mess in Central America in the 1970's is taking shape. Spreading democracy in the Middle East is great, but watching socialism destroy our next door neighbors, crippling these countries for decades to come, will have severe consequences for America's economy.