Venezuela Is About To Ditch The Dollar In Major Blow To US: Here's Why It Matters

(zerohedge.com)-Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week, Reuters reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.

According to Reuters, Maduro was referring to Venezuela’s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.

www.zerohedge.com...

History shows that, when countries try to ditch the U.S dollar, it doesn't bode well for it's leaders.

a reply to: Black_Fox

Maduro is a total ignorant. This can be good only if he's someone else puppet.

Countries that do that usually get a good dose of freedom.

Whatever currency they decide to use is not going to change the state of their economy.

a reply to: Black_Fox

www.globalresearch.ca...

I wonder how the Venezuelan announcement, Un's brinkmanship, and China's apparent ambition to replace the USD$ with the Yuan are interlinked . Venezuela owes China significant amounts of oil in exchange for loans.

Is China is using North Korea to imply US military weakness, and make the case for other oil producers to move away from USD$ more credible?

Times seem to be changing rapidly.

Tick..tick...tick.....

Poor Maduro. Going to go the same way as Colonel Gaddafi.

a reply to: Black_Fox

My money is on a "grass roots" uprising in the next week.

The Venezuelan government will "attack" them, and it will be the last straw for the US to go install "freedom".

a reply to: Black_Fox

Venezuela has the largest oil reserves on the entire planet, and with China's gold-backed Yuan that they will use for trading oil, Venezuela might not be in such a bad spot. China, Russia, and the rest of the world is stick of dollar hegemony. The petrodollar is dying and the clock is ticking...

that's my 2 cents anyway

Bitcoin
It seems to be gaining interest internationally

originally posted by: Hazardous1408
Countries that do that usually get a good dose of freedom.

Venezuelan's need their freedom restored very badly. -snicker-

a reply to: Black_Fox

Dollars are always good and desired in about any country that has high inflation.
Maduro is mad at Trump and letting emotions rule.

And look how nice that turned out for Libya!
Just what the US needs too, an unstable & hostile state in South America.
a reply to: Ohanka

a reply to: Black_Fox

I was gonna go out tonight, broke down after seeing the end of that video. Now I just hate myself.

originally posted by: FamCore
a reply to: Black_Fox

Venezuela has the largest oil reserves on the entire planet, and with China's gold-backed Yuan that they will use for trading oil, Venezuela might not be in such a bad spot. China, Russia, and the rest of the world is stick of dollar hegemony. The petrodollar is dying and the clock is ticking...

that's my 2 cents anyway

Your fear monger is absurd and hillarious.
Sorry, you're wish for America's downfall is exactly just that, wishing.
Get real.

originally posted by: Ohanka
Poor Maduro. Going to go the same way as Colonel Gaddafi.

Yeah. At least Gaddafi took care of his people. Maduro is just an oblivious communist dictator thats destroying the country for his own gain.

Still though, lets not get involved and just say we did, eh?

The regime of President Maduro is becoming more autocratic and brutal towards dissent. The place is a complete mess. Venezuela should be rich, but it has been so badly run that blaming others has become the mantra. Of course, blaming the US is the easiest thing to do.

"Ditching" the dollar is just another political distraction, but in fact the real motivation is to hide the fact that in 2013 a dollar gave 31 bolivars, but in 2017 a dollar gives 9,790 bolivars. That's embarrassing. The way you hide that failure is to remove the dollar so people (hopefully) will end up believing things are normal.

But what's normal?

- Anti government protests will still be brutally stamped upon
- The regime will continue to throw human rights in the bin
- Shops will remain empty of even the the bare essentials
- The regime will get richer behind their walled compounds
- The average Venezuelan will continue to suffer hyper inflation
- Oh, Jeremy Corbyn and other leftists/socialists who praised Venezuela as a "model" for everyone else, will remain with the heads in the sand and silent, as if their "model" was just having a "growing pain".

a reply to: Bluntone22

And you know this how?if you have been watching whats been going on,and Rothchild predicting the collapse of the dollar next year,I'm afraid this is a trend starting,and may end up in a world war,I'm thinking who wants to be stuck with worthless dollars,either road leads to ruin,at least you can forsee the problem and do what you can to correct this,I think this is the case,and think NWO is spread too thin

Relax, its all part of the plan. The globalists cannot have what they want without the collapse of the US....this is how they will do it...everyone dumps said dollar in favor of something that's actually worth something...banking system resets to another fiat currency and the US comes crashing down as a result....then joins that new money and becomes a 3rd world sweatshop much like China as the wealth shifts back to the east from the wests control as it has done throughout history. Nothing new here guys...

But ultimately yes, there is no place for El Presidente' so they may very well show him the door with his head first.

originally posted by: Raggedyman
Bitcoin
It seems to be gaining interest internationally

It will never take off, its not ultimately controlled by a banking system directly.