Posted on 09/14/2017 9:33:08 AM PDT by PPSman
In retrospect, this could be the most important economic event of 2017.
The oil-rich country of Venezuela has stopped accepting the U.S. Dollar as payment for oil.
Last week President Maduro warned that the country would this week ‘free’ itself from the US dollar. “Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar.”
Yesterday Venezuela temporarily suspended the sale of U.S. dollars through its Dicom auction system. This (and other moves) was in response to U.S. sanctions put in place by the Trump administration.
(Excerpt) Read more at economicpolicyjournal.com ...
I don’t think it has anything to do with the strength of the dollar. Just another dictator who is furious at being criticized.
Sure, the dollar is weak, but most other major currencies are weaker.
But they will accept Charmin for all payments. Communism means never having to left hand it.
Nah. Not for years.
Oh, please. The "oil-rich country of Venezuela" hasn't got a pot to pee in. Self-inflicted wound.
a) we don’t need their oil. b) it will cost them more to buy U.S. goods c) narco dollars will be easier to spot coming in to the U.S. d) the middle class merchants in Venezuela will have extra goods costs. Way to go Maduro, you marxist jackass.
Not many countries have the refineries capable of refining Venezuela’s crude.
It is thick and full of sulfur.
CITGO is their nationally owned company.
The US is their primary customer...........
https://www.thenewamerican.com/economy/markets/item/4630-gadhafi-s-gold-money-plan-would-have-devastated-dollar
“Venezuela” may not accept payment in dollars, but Venezuelans sure will.
They are eating dogs and cats in Venezuela.
Their socialist leaders have run them into the dirt.
Venezuela’s economy is the size of a fly, steadily shrinking into that of a flea.
The only way they will keep their minimal oil production steady is by selling their soul to Chinese state-run oil companies. China will demand that payment be made in Yuan. Having screwed themselves with their ideology, Maduro will have to accept.
More socialist glory.
Venezuela’s economy is collapsing. They can’t continue accepting dollars when it crushes the attempted dictatorial control of said economy.
They do better eating their socialist leaders.
This article makes no sense at all. Venezuela has hated the U.S. since socialist Chavez took over. Remember his “whiff of sulfur” comment about George Bush. And back then oil was double what it is today, the U.S. was a huge oil importer, so Venezuela could have called a lot of shots in the international markets. If they could have “signaled the beginning of the end of the dollar as a reserve currency” by refusing to take dollars back then, why wouldn’t they have done it? They didn’t want to make George Bush feel bad?
Now, they are almost literally at the end of their rope, socialism has destroyed their country and they need our toilet paper more than we need their oil. And they waited till now to deliver their death blow to the U.S. dollar?
I don’t think so.
Poverty stricken communist dictatorship Venusians are refusing US dollars?
I’m scared!
Whats he going to use, Bitcoin?
Yeah, Venezuela's dictator tries to make dollars illegal in the already black market, that'll finish us. Just how stupid *are* people who write that swill?
” The Beginning of the Collapse of the Dollar as Reserve Currency?”
Phrasing it as a question doesn’t relieve the author of the responsibility for the stupid question.
It means the collapse of Venezuela’s economy. The author of the article should know that, and not write stupid articles.
Tell them to move there and experience the richness.
Better yet cover them in oil and tell them they are oil rich.
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