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[–] Rummel 0 points 9 points (+9|-0) ago 

Venezuela is literally using runescape gold to survive. I think the US will be fine

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[–] coinphrase 0 points 4 points (+4|-0) ago  (edited ago)

Been seeing a concerted effort to spread info/misinfo about the USD lately. Is this the precursor to another crash and grab by the bankers? Be wary of making any financial decisions based on information saying the USD is about to crash.

EDIT: Just reread this article and am curious if anyone knows more details about Venezuela's proposed new currency. Is it backed by gold?

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[–] 2impendingdoom 0 points 0 points (+0|-0) ago 

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[–] coinphrase 0 points 0 points (+0|-0) ago  (edited ago)

So they are just looking to compete for a higher spot in the banking cabal network, not free themsevles from it. Unless they are keeping the already captured oil in vaults to back their currency, it isn't the same.

EDIT: Btw, I'm not disagreeing with the video that you posted or the theory about USD possibly crashing when countries move away from US petrodollar. My point is that Venezuela will just be entering the game as another contender for being top dog amongst the banking cartels, they aren't freeing themselves from that oppresive system by creating a petrodollar backed currency. They would be putting themselves in the same precarious position as the US, sans the huge US military to force it on others.

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[–] loquito 0 points 2 points (+2|-0) ago 

The "black market" for US dollars in Venezuela has a current exchange rate of almost 22,000 to 1 as of today. I mention "black market" since the government has not given out dollars at their official exchange rate in a very long time. Reason? They are running out of dollars! They are trying to switch to other currencies, specifically those from countries that have given Venezuela a lot of money over the past few years. The biggest one is China who practically owns almost all mining operations within the country. Venezuela's oil exports are dropping by the month due to so much corruption that there is no money to maintain their current infrastructure. Whatever Venezuela does in the short term will have no effect on the US dollar value internationally.

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[–] edistojim 0 points 1 points (+1|-0) ago 

the dollar can be exchanged for 3,345 bolivars

Good, use your own. And does anyone in their right mind think anyone will exchange currencies with you? Good luck.

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[–] Agile 0 points 0 points (+0|-0) ago  (edited ago)

Did they bullshit Gaddafi's death in this article, because I'm fairly sure sodomy with bayonettes is what killed him, not an airstrike

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[–] 10480729 0 points 0 points (+0|-0) ago 

The US designed a policy of sanctions to ensure Venezuela would fail. The US imposed these sanctions because it could not control Venezuelan politics. A country that attempts to impose control and ownership of its own natural resources and financial system is an enemy of the United States and will always become a Target for some kind of attack. In this case, the attack consisted of decades long financial dirty tricks and economic warfare.

https://www.state.gov/e/eb/tfs/spi/venezuela/

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[–] CrustyBeaver52 0 points 0 points (+0|-0) ago 

Venezuela is not alone in efforts to ditch the US dollar. The Brics countries are all also moving in the direction of reduced dollar use.

Will it destroy the dollar - no I don't think so. An absolutely massive amount of dollars exists in the form of treasury funds and other instruments that are used to provide liquidity in the international financial system for international trading transactions, including oil based transactions. These dollars are not used by Americans or the American economy... they exist only for use in non-American transactions.

Many of these instruments exist only on a temporary basis - like 3 month T-Bills - and at the end of their term they cease to exist. If more liquidity is required the central banks can and do issue new ones at that time.

If 25% of the world's oil transactions switched to non-US dollar currencies - then the instruments issued would simply not be re-issued after their end date. The total amount of US Dollars in circulation would decline, slightly, with little to no effect on the overall system. There might be some psychological effects on currency traders - with at best a minimal short term impact.

The world will not end, and neither will the US Dollar.

What is lost is US global influence when the US uses restricted access to US Dollar trades as a means of foreign economic sanctions. Countries that can conduct unrestricted trade outside of US sanctions are less impacted by those sanctions - which is the entire point of bringing the new currency trading regimes online in the first place.

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[–] Pawn 0 points 0 points (+0|-0) ago  (edited ago)

They should switch to the yuan and sell oil to china for their new gold backed petroyuans. Also, they should station some chinese military nearby to keep the americans out.

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