in ,

CONFIRMED: Venezuela dumps Dollar for good

The move is remarkably similar to one taken by Iraq in the year 2000.

The government of Venezuela has confirmed that it is ceasing the sales of its vast oil reverse in the US Dollar. The move will help the oil rich South American country dodge the unilateral sanctions recently passed by the US. US sanctions and threats of military action against Venezuela have been roundly condemned by both Russia and China.

Venezuela will begin trading oil in Euros. A similar move was made by the Iraqi government in the year 2000.

As the Duran previously reported,

“In an address to a new legislative superbody, Maduro said:

“I am announcing that Venezuela intends to introduce a new international payment system and to create a currency basket for the liberation from the dollar and, [we intend] to free ourselves from the clutches of the dollar, the currency that is strangling our country.”

“If they pursue us with the dollar, we’ll use the Russian rouble, the yuan, yen, the Indian rupee, the euro,” Maduro said.

Maduro plans to use the weakest of two official foreign exchange regimes and a basket of currencies. Currently in Venezuela, one dollar buys 3,345 bolivars, according to the central bank. At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars. A thousand dollars of local currency bought when Maduro came to power in 2013 would now only be worth $1.20.

 On August 25, US President Donald Trump signed an executive order imposing financial sanctions on the Venezuelan government. The White House said the measures were “carefully calibrated” to put financial pressure on Maduro’s government.

Its important to note that Venezuela sits on the largest amount of oil reserves in the world:

Reserves amounts are listed in millions of barrels (MMbbl):

READ MORE: Trump isn’t going to Invade Venezuela, but what he’s planning might be just as bad

The United States previously threatened to sanction anyone involved with the Constituent Assembly, which was elected on July 30.

The Constituent Assembly is a legislative body, which has the power to amend Venezuela’s constitution. The election of the assembly took place amid mass, deadly protests across the country. Venezuelan opposition, as well as the European Union and the United States, have refused to recognize the body’s legitimacy.

Maduro says this is part of an “economic war” waged by the opposition and Washington, aimed at his ouster.

“This is the fight against the economic blockade of the imperial sanctions of (U.S. President Donald) Trump,” said Maduro.

Will Venezuela and Nicolas Maduro share the same fate as Iraq and Saddam Hussein?”

Liked it? Take a second to support The Duran on Patreon!

Report

What do you think?

69 points
Upvote Downvote

Leave a Reply

avatar
  Subscribe  
Notify of
7awmee7
Guest
7awmee7

Will the Third World one day colonise those who enslaved them for centuries. No. But economic war is going on with BRICS. Soon other Third World countries will join in . Especially those which have precious raw materials. God bless.

Keith Smith
Guest
Keith Smith

every nation in history has been owners of slaves and slaves at some point. Look at the pyramids. Not as if slavery is more rampant than ever before atm is it? white eastern european women etc

JNDillard
Guest
JNDillard

Were the workers who built the Great Pyramid slaves? A common myth, going back to Heroditus, who was as separated from its construction in time as we are from Heroditus. https://www.theguardian.com/world/2010/jan/11/great-pyramid-tombs-slaves-egypt

Keith Smith
Guest
Keith Smith

not going to use a guardian link for any fact checking. full of yellow journalism and they dont pay UK taxes

FlorianGeyer
Guest
FlorianGeyer

Slavery today in the West utilises the Chains of Debt . Even those citizens without debt are forced to pay government debt via taxation and very low interest rates.

Keith Smith
Guest
Keith Smith

There are more people in slavery today than in any period of history, and it isnt the West enslaving them

Dow Jones
Guest
Dow Jones

The right thing to do, felicidades. Now together with Russia and China finally flush the blood-spattered IOU petroscrip I$I$ backed Saudi Mercan dollah from the Ponzi sewer of Wall St. When the “exorbitant privilege” of the anglozionazi matrix of terror and death at everyone else’s cost is removed…see how long free loader war mongering thug USSA can survive without his worthless fiat filth mafia scrip and Pentacon goons enforcing the protection racket yanquis call “the Amerikan way of life.” The Potemkin Village idiot “economy” of USSA has a date with reality and its next war will be the long awaited… Read more »

Robert Atack
Guest
Robert Atack

I think we actually know how many Russian roubles, the yuan, yen, the Indian rupee, and euros there are in existence, as opposed to the US dollar, who the hell knows how many of those are floating around?

santiago
Guest
santiago

Do a search of Money Supply M1 and M2, it won’t take you more than a minute, literally, to find out.

lickeyleaks
Guest
lickeyleaks

Would be good to see US pay in Roubles or Yuan,,

Tommy Jensen
Guest
Tommy Jensen

American Jew Dollares or Israeli Jew Shekels are the only currencies allowed in international trade. Everything else is illegal.

TravelAbout
Guest
TravelAbout

Better watch out Venezuela, “democracy” is about to be brought to your country care of that shining beacon of freedom known as the UC of A (United Corporations of America).

ghartwell
Guest

Signpost to major fork in the road. USA or Japan amy overthrow khazarian mafia – as Benjamin Fulford calls the central bankers – very soon. USA cannot afford to pay interest on her debt this month but someone gave them cash to go another 90 days. Have you ever gone bankrupt. Borrowing to pay interest on other debts, etc.? You can’t hold out forever. Gold-backed currencies soon. Major change soon. Buy gold or silver or Bitcoin.

Penrose
Guest
Penrose

Why does money need to be backed by a mineral or a piece of interest demanding paper at some private bank?

“”We were not foolish enough to try to make a currency [backed by] gold of which we had none, but for every xxxx that was issued we required the equivalent of a xxxx’s worth of work done or goods produced … we laugh at the time our national financiers held the view that the value of a currency is regulated by the gold and securities lying in the vaults of a state bank.”

ghartwell
Guest

Fiat currency is backed by one’s confidence in the promises of a government. What does that say about the value of the US$?

Copper, nickel, gold coins actually contain the metal value of the face value. No trust required. You just need the Russians on your side so USA/NATO doesn’t steal your reserves. (Think Libya, Ukraine, etc.)

Penrose
Guest
Penrose

RE: Fiat currency is backed by one’s confidence in the promises of a government.

Exactly. But should have nothing to do with Central Banks (privately owned to boot) creating interest bearing loans.

Good (responsible) government. Good money. Bad (irresponsible) government. Bad money. What could be simpler?

Oh wait. So you mean we would actually have to figure out how to put a good, responsible government into power? Isn’t it about time we did that? Or should we continue to use the tried and true mistakes of the past and create endless wars and disasters?

JNDillard
Guest
JNDillard

Declare a national debt jubilee. Start over. Rinse. Repeat.

Franz Kafka
Guest
Franz Kafka

Is FUCK THE USA too strong? Since they are an assembly of vassals run by psychopath warlords who want to kill anyone they want to kill… I think it is too gentle.

Juan Perez
Guest
Juan Perez

It seems that Maduro is beginning to do what economist Peter Koenig recommended
http://theduran.com/venezuela-open-letter-to-president-nicolas-maduro/

Hamud Mohamed
Guest
Hamud Mohamed

I commend the Bolivarian nation for dumping the dumb dollar, they also should also dump the US allied Fascists

Constantine
Guest
Constantine

Bravo to Venezuela. Let the struggle begin. Hopefully, Russia will provide aid to Venezuela through intensive cooperation. After all, the country’s leftist government (one reason to be targeted by the US) defied Washington and recognized Crimea’s referendum and unification with Russia (another reason for the neocons to destroy the Venezuelan government)..

Shahna
Guest

“Will Venezuela and Nicolas Maduro share the same fate as Iraq and Saddam Hussein?”

The US has already been warned off … by Russia,

Ray Comeau
Guest
Ray Comeau

I thin the USA will listen to Russia. The USA should stay the hell home and leave other sovereign countries in peace. The United Nations should should declare the UYSA as the worlds worst terrorist nation.

bogart1
Guest
bogart1

Haven’t the populaces of North Korea, Venezuela, Yemen, Libya, etc suffered enough? Sanctions will not work. The increasingly indebted and overextended USA is living out in front of humanity the process from “Apocalpyse Now”: ” I’d wake up and there’d be nothing. I hardly said a word to my wife, until I said “yes” to a divorce. When I was here, I wanted to be there; when I was there, all I could think of was getting back into the jungle. I’m here a week now… waiting for a mission… getting softer. Every minute I stay in this room, I… Read more »

Delegation of New York state senators impressed with Moscow – seek to make NYC more like the Russian capital

BREAKING: North Korea fires new missile over Japan