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Blockchain is De-Dollarizing the Investing World

This past week I flew from Moscow to Vietnam, participating in a new international business model for investing in worldwide property development using the blockchain.

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I felt it was too important to miss especially in these current sanctioned and trade tariff times. Pioneering this effort is an American company called Relex (RLX), the world’s first cryptocurrency-based real property development and investing group.

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This approach allows investment in projects during the development phase, resulting in passive income, equity stakes, or proxy ownership of property(s). Initial projects are based in Vietnam, Vladivostok (Russia), Cambodia, and Myanmar, which for various non-business reasons and external barriers have been politically shunned on the FDI scene of late, although showing strong, solid growth. Included was an on-site visit of their first large oceanfront development in DaNang. Among those attending were a broad cross-section of businesspeople from throughout the international community, investors, financial advisors and developers.

It is clear that businesses in a number of countries are feeling various and increasing pressures from their governments, banks and similar regulating/regulated groups to conform within ever-narrowing, ever-thornier investment opportunity corridors. This has been emphatically and clearly shown through sanctions, trade and tariff confrontations, as well as a host of other political and financially erected barriers.

There even was a consensus that with the onset of these vigorous trade disputes and tariffs, significant inflation is in the cards regardless of the Federal Reserve or other central banks tinkering.

Global free trade as we have come to know it traditionally is coming to a critical juncture of change, perhaps never to be as straightforward or open again, or even as it was 10 years ago, not to mention before then.

Commerce by definition is meant to be fluid and unrestricted. Money has no politics, it should not have – it is a field of openly traded risks & returns. Hence, a real race is on in every global market to find possibly untraditional, less constrained innovative and secure ways to do international business legally, securely and profitably.

Much was discussed at this gathering, which included executives from Vietnam, Ukraine, Australia, Russia, Burma, Korea, Cambodia, America, Canada, India, and the list goes on. One of the major issues were the trade and investment restrictions unilaterally led by US foreign policy and by extension the US Dollar, which are expected to become even more constraining over time.

Hence the very real and attractive role for cryptocurrencies and the blockchain when backed by tangible asset projects like property, infrastructure and enhancing actual business development.

There were and are a number of instances where banks declined to move US Dollars to one or another directed area, despite long standing bank/client business relationships. The reality of asset freezes, currency seizures and other similarly restrictive measures are expected to become the growing “new normal”.

In such an environment, any alternatives that can bypass these restrictions to free trade yet meet business and investment requirements, are gaining traction – quickly. Alternatives are not only sought by Russian or other “sanctioned” investors, but quite a few developed as well as developing economies as there is a feeling of seeing the “writing on the wall” of ever greater control pressures coming, mostly from the USA.

In watching the tug-of-war between the US administration and the Federal Reserve a goodly percentage of the executives I talked with are of the opinion that the White House will prevail and the US Dollar will be dropping noticeably before midterm elections.

The reasoning is that neither the US Government, not the US corporate sector can afford an extremely strong dollar when the current administration is deploying a new trillion dollar annual deficit regardless of a “strong” economy. A muscular dollar would make this magical juggling act well-nigh impossible, and would badly impact US corporations which receive nearly 50% of revenues from overseas.

This tension is happening as the US Fed needs the dollar to remain strong enough to attract capital in order for the US to be able to fund its deficits and debt issuance, but not strong enough to put the brakes on the national economy. From outside the USA many feel they are financial hostages to a global reserve currency that is spurred mainly by internal American financial self-interest and not the ebbs and flows of healthy, competitive, unregulated global trade.

Today alternatives are actively analyzed on how best to reduce the financial and geopolitical effects imposed by the United States and the US Dollar. On a macro level for example the EU is examining establishing an economic assistance fund to reduce dependency on the International Monetary Fund and expanding the scope of an EU-centric payment and settlements system to insulate itself from U.S. secondary sanctions over a number of “issues”.

These include the possible sanctioning of SWIFT board members in Brussels by the US as a means of convincing them to “go along to get along”. There have even been discussions between the EU, China and Russia to create a global, blockchain-based financial payment and settlements system that would moderate the United States’ financial stick.

U.S. tariffs and unilateral sanctions will eventually spur Europe to reclaim its economic sovereignty from the United States. This is a slow-moving trend, but one that will have serious long-term consequences for everything from NATO’s evolution to the future of the global financial system.

Far more consequential in the long term would be a European move to team up with other major powers, like China and Russia, on global financial reform proposals that include the adoption of a global blockchain-based financial payment system.

Washington has threatened to sideline Iran from SWIFT as part of its tactics to isolate Tehran from the global financial system. Such an action was briefly discussed back in 2015 regarding Russia as well, and recently noises have been reported that this may become an issue yet again.

SWIFT, however, is a Belgium-based private company subject to EU laws. The United States could still try to sanction individual board members of SWIFT to punish the company for noncompliance, but this would doubtless severely damage faith in the US Dollar and the global financial system — not to mention set off a truly serious international crisis.

Of far greater consequence would be a European move to team up with other major powers, such as China, Russia and possibly several others, on global financial reform proposals that might pave the way to adopting a global blockchain-based financial payment system. This apparently has been a topic of discussion between Russia and China for the past few years although no details have been confirmed.

Additionally, a number of independent banks worldwide are already experimenting with the technology as a way to improve efficiency, enhance security and reduce the cost of cross-border transaction fees.

Among the many implications of such a system is reducing the ability of any one participant like the United States, to isolate a country through primary and secondary sanctions. This would also be yet a further step along the long winding road of global de-dollarization. Over time, such a system would greatly enhance the trading of other currencies, not just the US Dollar.

This may also be the game-changing future for cryptocurrencies by giving them as asset base with which to underpin value (be it real estate, metals or other hard assets), and begin to compete with fiat currencies like the USD.

Change is inevitable, embracing it may be difficult for many, but it has been made easier because of foreign policy, most specifically from Washington that is forcing change by many nations. A quick overview of recent situations is an apt example:

The United States starts a tariff war with China. Japan and Germany jump at the chance to gain market share in China, the world’s fastest-growing passenger car market. The United States imposes sanctions on Turkey.

Germany announces that it will offer economic aid to Turkey, Qatar pledges new investments and a foreign exchange swap line, and Chinese banks provide billions of dollars in new loans to the cash-strapped Turks. Chinese commentators declare that crisis is a great opportunity to integrate Turkey into China’s “One Belt, One Road” strategy.

US President Trump scolds Merkel for buying Russian natural gas through the Nord Stream II pipeline. Merkel then meets with Russian President Vladimir Putin to confirm the pipeline arrangement, and even agrees to aid reconstructing Syria in cooperation with Russia.

The United States imposes economic sanctions on Iran, Western insurance companies stop insuring Iranian oil. China then responds by accepting Iranian insurance on oil imports thereby increasing oil imports from Iran, and shipping the oil in Iranian tankers.

Central to market thinking is the belief that Eurasia/Asia will provide the greatest margin of growth to the world economy as it delivers about three-fifths of the world’s new economic growth. Now add to this the steadily growing blockchain and crypto-currency world, which many feel, is the logical economic and social inheritor of traditional fiat currencies and government structures. It is certainly a way to avoid the worst of the trade and currency transfer blockages imposed on business with greater, and more frequency, but it also forces established institutions to slowly, gradually cede control. Always a worrying period, fraught with knee-jerk reactions and unintended consequences.

Meanwhile within the noise, dust and confusion some companies are taking the necessary steps to find and capitalize on the processes and technologies that allow positive, less encumbered business activity. The Relex model could just as easily be adapted to not only real estate development, infrastructure and the like, but to education, agriculture and the entire business chain of being.

One fact came up which was illustrative, almost 75% of global capital invested in commercial property development is in the Top 10 most transparent countries in the world. That means that projects in countries with low transparency scores are considered ineligible projects for investment – a self-sustaining vicious downward cycle.

What if transparency scores in projects located in developing countries were improved? What if the medium of financing FDI were not limited to a single currency, single policy or payment corridor? Projects like Relex get an increased transparency, sustainability and accountability score, becoming classically eligible for a wider stream of investable capital into their projects. In addition, the door is open to investors worldwide, a freedom enabled by blockchain.

This is a very positive development for investors, in which there is easier capital access, and better access to development projects with a high degree of yield. It is certainly worth the time and effort to examine and keep a sharp eye on such developments as the future of international business access is already happening today.

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thomas malthaus

https://www.zerohedge.com/news/2018-08-27/gold-bloc-iran-russia-and-turkeyoh-my

Another technique (currency board) to advance gold-backed currencies.

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I recently purchased a book on crypto currency and blockchain .I don’t know very much about it but aim to find out .I am fascinated by the possibility that this might be the future method of exchange for
goods , labour , services etc. worldwide.

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More evidence of Clinton election meddling, as calls for investigation grow louder (Video)

The Duran Quick Take: Episode 85.

Alex Christoforou

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The Duran’s Alex Christoforou and Editor-in-Chief Alexander Mercouris discuss the real case for Russia collusion before and during the 2016 US Presidential election, not against Donald Trump, but the Clinton’s and the Democrat Party.

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Authored by John Solomon, via The Hill


With Republicans on both House and Senate investigative committees having found no evidence of Donald Trump being guilty of Democrat-inspired allegations of Russian collusion, it is worth revisiting one anecdote that escaped significant attention during the hysteria but continues to have U.S. security implications.

As secretary of State, Hillary Clinton worked with Russian leaders, including Foreign Minister Sergey Lavrov and then-President Dmitri Medvedev, to create U.S. technology partnerships with Moscow’s version of Silicon Valley, a sprawling high-tech campus known as Skolkovo.

Clinton’s handprint was everywhere on the 2009-2010 project, the tip of a diplomatic spear to reboot U.S.-Russian relations after years of hostility prompted by Vladimir Putin’s military action against the former Soviet republic and now U.S. ally Georgia.

A donor to the Clinton Foundation, Russian oligarch Viktor Vekselberg, led the Russian side of the effort, and several American donors to the Clinton charity got involved. Clinton’s State Department facilitated U.S. companies working with the Russian project, and she personally invited Medvedev to visit Silicon Valley.

The collaboration occurred at the exact same time Bill Clinton made his now infamous trip to Russia to pick up a jaw-dropping $500,000 check for a single speech.

The former president’s trip secretly raised eyebrows inside his wife’s State Department, internal emails show.

That’s because he asked permission to meet Vekselberg, the head of Skolkovo, and Arkady Dvorkovich, a senior official of Rosatom, the Russian nuclear giant seeking State’s permission to buy Uranium One, a Canadian company with massive U.S. uranium reserves.

Years later, intelligence documents show, both the Skolkovo and Uranium One projects raised serious security concerns.

In 2013, the U.S. military’s leading intelligence think tank in Europe sounded alarm that the Skolkovo project might be a front for economic and military espionage.

“Skolkovo is an ambitious enterprise, aiming to promote technology transfer generally, by inbound direct investment, and occasionally, through selected acquisitions. As such, Skolkovo is arguably an overt alternative to clandestine industrial espionage — with the additional distinction that it can achieve such a transfer on a much larger scale and more efficiently,” EUCOM’s intelligence bulletin wrote in 2013.

“Implicit in Russia’s development of Skolkovo is a critical question — a question that Russia may be asking itself — why bother spying on foreign companies and government laboratories if they will voluntarily hand over all the expertise Russia seeks?”

A year later, the FBI went further and sent letters warning several U.S. technology companies that had become entangled with Skolkovo that they risked possible espionage. And an agent in the bureau’s Boston office wrote an extraordinary op-ed to publicize the alarm.

Skolkovo “may be a means for the Russian government to access our nation’s sensitive or classified research development facilities and dual-use technologies with military and commercial application,” Assistant Special Agent in Charge Lucia Ziobro wrote in the Boston Business Journal.

The FBI had equal concern about Rosatom’s acquisition of Uranium One. An informer named William Douglas Campbell had gotten inside the Russian nuclear giant in 2009 and gathered evidence that Rosatom’s agents in the United States were engaged in a racketeering scheme involving kickbacks, extortion and bribery.

Campbell also obtained written evidence that Putin wanted to buy Uranium One as part of a strategy to obtain monopolistic domination of the global uranium markets, including leverage over the U.S.

Campbell also warned that a major in-kind donor to the Clinton Global Initiative was simultaneously working for Rosatom while the decision for U.S. approval was pending before Hillary Clinton’s department. Ultimately, her department and the Obama administration approved the transaction.

The evidence shows the Clintons financially benefited from Russia — personally and inside their charity — at the same time they were involved in U.S. government actions that rewarded Moscow and increased U.S. security risks.

The intersections between the Clintons, the Democrats and Russia carried into 2016, when a major political opposition research project designed to portray GOP rival Donald Trump as compromised by Moscow was launched by Clinton’s presidential campaign and brought to the FBI.

Glenn Simpson’s Fusion GPS research firm was secretly hired by the Clinton campaign and Democratic Party through their law firm, Perkins Coie.

Simpson then hired retired British intelligence operative Christopher Steele — whom the FBI learned was “desperate” to defeat Trump — to write an unverified dossier suggesting that Trump’s campaign was colluding with Russia to hijack the election.

Simpson, Steele and Perkins Coie all walked Trump-Russia related allegations into the FBI the summer before the election, prompting agents who openly disliked Trump to launch a counterintelligence probe of the GOP nominee shortly before Election Day.

Simpson and Steele also went to the news media to air the allegations in what senior Justice Department official Bruce Ohr would later write was a “Hail Mary” effort to influence the election.

Congressional investigators have painstakingly pieced together evidence that shows the Clinton research project had extensive contact with Russians.

Ohr’s notes show that Steele’s main source of uncorroborated allegationsagainst Trump came from an ex-Russian intelligence officer. “Much of the collection about the Trump campaign ties to Russia comes from a former Russian intelligence officer (? not entirely clear) who lives in the U.S.,” Ohr scribbled.

Steele’s dossier also relied on information from a Belarus-born Russian businessman, according to numerous reports and a book on the Russia scandal.

Steele and Simpson had Russian-tied business connections, too, while they formulated the dossier.

Steele worked for the lawyers for Russian oligarch Oleg Deripaska and tried to leverage those connections to help the FBI get evidence from the Russian aluminum magnate against Trump campaign chairman Paul Manafort.

The effort resulted in FBI agents visiting Deripaska in fall 2016. Deripaska told the agents that no collusion existed.

Likewise, Simpson worked in 2016 for the Russian company Prevezon — which was trying to escape U.S. government penalties — and one of its Russian lawyers, Natalia Veselnitskaya. In sworn testimony before the Senate Judiciary Committee, Simpson admitted he dined with Veselnitskaya both the night before and the night after her infamous meeting with Donald Trump Jr. at Trump Tower in June 2016.

Simpson insists the two dinners sandwiching one of the seminal events in the Trump collusion narrative had nothing to do with the Trump Tower meeting, a claim many Republicans distrust.

Whatever the case, there’s little doubt the main instigators of the Clinton-inspired allegations against Trump got information from Russians and were consorting with them during the political opposition project.

This past week, we learned from Senate Intelligence Committee Chairman Richard Burr (R-N.C.) that his committee came to the same conclusion as the House: There is no evidence of collusion between the Trump campaign and Russia.

But now there is growing evidence — of Democratic connections to Russia. It’s enough that former House Intelligence Committee Chairman Devin Nunes (R-Calif.) believes a probe should be opened.

There is “obvious collusion the Democrats had through Glenn Simpson and through Fusion GPS, that they were talking directly to Russia,” Nunes told Hill.TV’s “Rising” in an interview to be aired Monday.

Collusion can be criminal if it involves conspiracy to break federal laws, or it can involve perfectly legal, unwitting actions that still jeopardize America’s security against a “frenemy” like Russia.

There is clear evidence now that shows Hillary Clinton’s family and charity profited from Moscow and simultaneously facilitated official government actions benefiting Russia that have raised security concerns.

And there’s irrefutable evidence that her opposition research effort on Trump — one that inspired an FBI probe — was carried out by people who got information from Russia and were consorting with Russians.

It would seem those questions deserve at least some of the scrutiny afforded the Trump-Russia collusion inquiry that is now two-plus years old.


NOTE: This story has been updated from the original to correct that Uranium One is a Canadian company and to clarify that House and Senate investigating committees have cleared the president.

John Solomon is an award-winning investigative journalist whose work over the years has exposed U.S. and FBI intelligence failures before the Sept. 11 attacks, federal scientists’ misuse of foster children and veterans in drug experiments, and numerous cases of political corruption. He is The Hill’s executive vice president for video

 

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Douma chemical weapons hoax exposed by BBC producer

Very frightening for us all is the coordination of propaganda between the States of US, Britain, France and Israel.

Richard Galustian

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It is beyond doubt that the White Helmets ‘staged’ the false flag operation at the Douma hospital that caused President Trump to attack Syria last April.

Days after the attack the much to be admired, yet still maligned by many, investigative reporter, Robert Fisk was on the ground in Douma and interviewed countless people, videoed the scene, made it public in the newspapers and by TV the fact of the fake sarin attack.

What happened next were attempts to rubbish Fisk’s story; a almost frightening Orwellian propaganda machine kicked in….and went into overdrive. That is to say a combination of ‘corrupt’ reporters; some just naive or dumb, many of whom had never been to Douma or even Syria, plus the full weight of the US, British and French Governments and finally, not forgetting, one of the greatest fraudsters of this century an absolute nobody, that calls himself Eliot Higgins and his ‘Bellycat Organisation’, all weighed in to accuse Fisk of lying.

Clearly not in order of importance but suffice to say Elliot Higgins, is now obviously ‘used’ as a convenient tool for Russia bashing by certain Western powers, but is a total fraud. Rather than write too much about this person, judge by reading an exposé that couldn’t be more revealing, uncovering his lie in the Daily Telegraph (link:http://www.telegraph.co.uk/news/worldnews/middleeast/syria/10730163/The-blogger-who-tracks-Syrian-rockets-from-his-sofa.html).

Not much more need be said about this con-man turned ‘G-Man’. However later in this piece, I will quote some of the Douma ridiculing propaganda of Higgins/Bellingcat, as it is too crass not to be reminded of the way our governments operate.

So based on a complete lie, President Trump ordered an attack on an Assad controlled area in Syria using several bombs including 66 Tomahawk cruise missiles and 19 JASSM-ER (fired from USAF fighters, air to surface standoff missiles). The price for all was around $200million. Much needed money wasted that belongs to the people of US in these austere times.

That by the way does not include the cost of the coordinated attack by the British and French of a total (together) of 17 stormshadow missiles dropped from fighters. Its worth mentioning that in a pathetic display of oneupmanship directed at the British, the French made a last minute decision to add a meagre three more missile types to their attack; ‘Missiles de Croisière Navals’.

As said earlier it is important to remember the Orwellian ‘anti-truth’ propaganda and instead of commenting on it, I’ll just quote what Higgins/Bellingcat said at the time. “The OPCW-FFM report on the February 4 2018 chemical attack in Saraqib, Idlib, reveals not only information about the Saraqib attack, but also the broader use of chemical weapons in Syria by Assad, and additional evidence to support the theory that Assad’s Syrian government forces were behind the April 7 2018 chemical attack in Douma, Damascus. Consistent with Bellingcat’s earlier investigation into the Saraqib chemical attack, the OPCW-FFM report establishes it was the same case in Douma.”

Nonsense.

This scandal of this and other fake White Helmets videos is developing as more details emerge daily, so expect more facts matched with more disinformation and lies from the US and UK.

What we have is first a copy of a twitter exchange which is self explanatory:

So as to be absolutely clear, on February 13th, BBC Syria’s Producer said he could “without a doubt” prove that the Douma hospital scene was false, a White Helmets (WH) fake event.

He said “the Douma Hospital scene was staged. No fatalities occurred in the hospital. All the WH, activists and people I spoke to are either in Idlib or Euphrates Shield areas.

Only one person was in Damascus.”

The evidence is seen above in the tweet at 05:33 – 13 February 2019, the BBC Producer wrote on his personal, verified Twitter account, which has since been made private or perhaps blocked by persons or governments unknown, anyway someone who controls Twitter.

So some sort of what clearly must have been a false flag attack did happen at Douma but it was like a film scene, staged, using as left over evidence, cylinders filled with say oxygen even chlorine, anything but poison gas and certainly not Sarin gas. The cylinders were left in tact, undamaged as if laid there on the site rather than dropped from thousands of feet from the sky – and who can prove Assad’s airforce dropped them? – and how come they remained undamaged when hitting the ground? – ridiculous; how stupid do our governments think we, the people, are.

“Everything around the attack was manufactured for maximum effect.”

Adding “I can tell you that Jaysh al-Islam ruled Douma with an iron fist. They co-opted activists, doctors and humanitarians with fear and intimidation.”

In fact, one of the 4 people filming the scene was Dr. Abu Bakr Hanan, whom the BBC Producer described as a “brute and shifty” doctor affiliated with Jaysh Al-Islam. The Producer further stating that the narrative should be that “there weren’t enough doctors”. That said, there was one even (seen and filmed) filming and not taking part in the rescue efforts.” A joke!

Why, we must all ask, has no major newspaper or TV any large media outlet in US, UK or France headlined or even mentioned these new facts, that Douma was a lie, that it was staged?

On 9 February, James Harkin, published in ‘The Intercept’ an article where Harkin speaks about Jaysh al-Islam’s rule in Douma, among others. His article ends with “What government pummels its citizens with bombs and chlorine to get them to pressure rebels to leave their city? At the same time, Jaish Al-Islam was sending volleys of improvised rockets into Damascus and snatching activists and members of religious minorities for ransom or to be disappeared. It’s between these two violent truths that the real story of the Syrian conflict begins to emerge not in a bewildering collage of images sent from a war zone, designed to terrify and outrage.”

To conclude, the BBC Producer was so disgusted at pro-rebel activists and rebels’ conduct and the seeming complicity of Western officials, he decide to speak out.

As far as the Russian government is concerned, they now are counter accusing the British government of ordering the White Helmets to fake a chemical attack to help persuade President Trump to unleash cruise missiles. The Russian response was to an allegation by the British government that the “demonisation” of the (thoroughly already discredited) White Helmets comes from the Russian government itself.

Which version do you believe?

Very frightening for us all is the coordination of propaganda between the States of US, Britain, France and Israel.

ALL these wars must stop.

I am neither pro-nor against Russia, but it is very clear to anyone that these wars and attempts at regime changing is a US/British/Israeli idea.

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Here’s Where America’s Imported Oil Comes from: Venezuela Is Currently the 4th-Largest

Saudi Arabia used to be the top foreign source of oil imported into the US, but now it’s only a very weak second-place to Canada.

Eric Zuesse

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Originally posted at strategic-culture.org:


At the present time, the latest month for which the US Department of Energy publishes the number of barrels per day (bpd) of oil that’s exported to the US is November 2018. Here are the rankings:

1. Canada        142,206 bpd

2. Saudi Arabia  30,028

3. Mexico        18,020

4. Venezuela     16,889

5. Iraq          11,767

6. Colombia      7,769

7. Russia        7,611

8. Ecuador       5,866

9. Nigeria       5,392

10. Algeria      4,848

11. UK           4,653

12. Norway       4,073

13. Kuwait       3,027

14. Brazil       2,777

15. Belgium      2,075

16. S. Korea     1,927

17. Netherlands  1,462

18. Egypt        1,405

19. UAE          1,771

20. China        1.268

21. France       1,239

22. Singapore    1,232

23. Indonesia    1,204

24. Argentina    1,101

25. Peru         1,061

26. Denmark      1,000

27. Brunei       961

28. Spain        846

29. Angola       833

Here were the top 10 for the entire year of 2015 as reported by Bloomberg Finance at Forbes. For comparison to today, the country’s sales and rank in November 2018 is also indicated [between brackets]”

1. Canada        3.2 million bpd  [1. Canada 142,206]

2. Saudi Arabia  1,1 [2. Saudi Arabia 30,028]

3. Venezuela     780,000 bpd [4. Venezuela 16,889]

4. Mexico        690,000 [3. Mexico 18,020]

5. Colombia      370,000 [6. Colombia 7,769]

6. Iraq          230,000 [5. Iraq 11,767]

7. Ecuador       225,000 [8. Ecuador 5,866]

8. Kuwait        210,000 [13. Kuwait 3,027]

9. Brazil        190,000 [14. Brazil 2,777]

10. Angola       190,000 [29. Angola, 833]

Clearly, the figures change over time. Whereas Angola was #10 in 2015, it’s #29 now; and whereas Russia, Nigeria, and Algeria, weren’t in the top 10 in 2015, they now are.

US President Donald Trump is bringing down the latest Venezuelan monthly number from 16,889 to close to zero. On 25 August 2017, Reuters headlined two stories, “Trump slaps sanctions on Venezuela; Maduro sees effort to force default” and “Venezuela says US sanctions designed to push Venezuela to default”. The first of those reported that, “US President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company on Friday in an effort to halt financing that the White House said fuels President Nicolas Maduro’s ‘dictatorship’.” The second reported that Venezuela’s Government daid that Trump’s action “essentially forces the closure of its US refining unit Citgo,” which means bringing an end to Venezuela’s oil exports to the US

Venezuela’s socialized oil company, PDVSA, of which Citgo is the US distributor, had never prepared for the measures that Trump is now imposing, and Reuters’s report said, “As a result, it will be it tricky for PDVSA to refinance its heavy debt burden.” The Reuters report continued:

“Maduro may no longer take advantage of the American financial system to facilitate the wholesale looting of the Venezuelan economy at the expense of the Venezuelan people,” US Treasury Secretary Steven Mnuchin said on Friday.

PDVSA, the financial engine of Maduro’s government, is already struggling due to low global oil prices, mismanagement, allegations of corruption and a brain drain.

However, the likely failure of Venzuela’s oil company is due not only to the lowered price of oil, but to the fact that Venezuela’s oil is among the two costliest in the world to produce, because it’s from the dirtiest source, tar sands, much like Canada’s oil is. The difference between Canada and Venezuela is twofold: first, that whereas Canada is a vassal-state of the US empire and so its aristocracy is allied with America’s aristocracy (which controls America’s Government), Venezuela isn’t. And, second, that whereas Venezuela has a monoeconomy that’s based on oil (which accounts for around 95% of Venezuela’s exports), Canada does not.

Saudi Arabia used to be the top foreign source of oil imported into the US, but now it’s only a very weak second-place to Canada in this, exporting only 21% as much oil to the US as does Canada. This is a huge decline for the Sauds.

Whereas Saudi oil is the world’s most “light” or cleanest and least-costly to produce and therefore has the lowest “carbon footprint” of any oil, Canada and Venezuela have the most “heavy” or dirtiest and most-costly to produce and therefore have the highest “carbon footprint” of all the world’s oils.

(NOTE: There are many different ranking-systems for the ‘average’ cost per barrel of oil produced, such as this and this and these, but all tend to vastly underestimate in order to continue the case for fossil fuels. The BBC once noted that its calculation-system “only covers the cost of production, not the cost of exploration and development.” And it also ignored the cost of transit. It also ignored environmental costs. It also ignored the costs to taxpayers for the many subsidies they pay in order for the fossil-fuels investors to continue investing in those companies. The environmental site “The Energy Mix” headlined in April 2018, “Ditched Bitumen Desperately Seeks True Commitment” and reported that fewer and fewer investors were continuing to trust the industry’s reported numbers regarding the costs of tar-sands oils. Also, on 11 February 2019, they headlined “Trans Mountain’s Fee Plan for Fossil Customers Represents $2-Billion Taxpayer Subsidy”. But, mostly, the heavy taxpayer subsidizations to the fossil-fuels industries are ignored, both by consumers and by investors. Realistically, the tar-sands oils in both Canada and Venezuela are costing far more than any per-barrel oil price that’s below $100. They are money-losers, but bring lots of money to the ‘right’ people.)

So: the US is replacing the world’s cleanest oil with the world’s filthiest oil, and that’s not only from Canada but also from Venezuela. However, because the US aristocracy want to take over Venezuela, the US Government now is set to zero-out oil imports from Venezuela, so as to increase the pressure on Venezuela’s Government to place in charge there a leader who will do America’s bidding. Canada has been working right alongside the US to achieve that objective, and will probably be supplying to the US much (if not all) of the 16,889 bpd oil that currently has been supplied by the other producer of very dirty oil: Venezuela. The US produces fracked oil, which is dirty but not as dirty as that from Canada and Venezuela. The US, Canada, and Venezuela, have been committed to ignoring the global warming problem. To the extent that the problem becomes globally recognized, the oil-production in all three of those countries will decline in its marketable price even more than will the oil-production in other countries (especially than Saudi Arabia’s oil-production, since that’s the cleanest); and, so, the profits from those dirty oils will quickly (especially for Canada and Venezuela, where it has already happened) turn into losses. All three governments — Venezuela, Canada, and US — are trying to postpone that, till as late a time as possible.

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