Venezuela releases oil based cryptocurrency Petro to save country from economic meltdown

originally posted by: purplemer
a reply to: ketsuko

Uh-huh, you keep telling yourself that. Right now on the streets of Venezuela, the richest man is the one with food. The thing valued most by those around you is what is most important in any local economy, and in an economy of the starving, that would be food or something a well-fed man might take in exchange for food

Research your history before posting. What happens historically to countries that declare they are going to stop trading oil in the dollar.? What is happening here is just the same. As I said this is about oil. Nothing else.

:-)

You don't pay attention to world events and just make things up don't you? First the reason they can't use US dollars is because of sanctions placed it was not their decision.

The oil has nothing to do with what happened other then they at one point started with the richest economy in south and central America.

What really happened is they started to use businesses they took over for charity. For example the oil company they hired 300 times the number of employees they had prior to be annexed by the government. Yet oddly oil production went down meaning they were paying alot more employees and making less.


Now do you know who owned Venezuelan oil wasn't the US. CHINA IS ON THE HOOK they had loaned millions to their oil industry and of course they defaulted. This is why China is attempting to stake claims on real estate and mining rights. The US put in sanctions to prevent Venezuela's politicians from selling off all the companies they confiscated to foreign agents.

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. So they took these companies through nationalization but cant sell them.

currency is backed 50 percent by oil, 20 percent by gold, 20 percent by iron, and 10 percent by diamond assets

translation - we do not have enough value in a single asset to even attempt to back our scam

a reply to: dragonridr

You don't pay attention to world events and just make things up don't you? First the reason they can't use US dollars is because of sanctions placed it was not their decision

It was there choice to stop using the dollar for oil.

Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies.

Looks to me like your the one that need to keep up with current events and stop making stuff up. Not me :-D

a reply to: purplemer

Again, if they cannot produce the oil and other resources they say is backing their currency, no one will take it. It will be worthless.

Just saying, "Hey, you all know we're good for it because you all know we have it in the ground over here." Won't cut it.

Venezuela has to actually put up with working industries and their government is astonishingly inept at that, so their little pieces of paper mean nothing. Everyone knows there isn't a reliable supply of the goods to back it.