In what amounts to the biggest blow yet to the U.S. economy, Venezuelan President Nicolas Maduro said last week that his country will be looking to disengage itself from dependence on the U.S. dollar next week, Reuters reports.
In our omnibus webpage, Currency Wars, we have fully reported on the currency war being waged against the US economy by a group of nations led by Russia, China and Iran, with the aaim of replacing the $US as global reserve currency. According to the report Maduro will look to use the weakest of two official foreign exchange regimes (the mechanisms by which nations manage their sovereign currency in relation to other currencies and the foreign exchange market).
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.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in a far reaching address to Venezuela's new legislative superbody. According to reports in national media he did not supply details of how his government proposed to achieve this, but with support from the BRICS bloc it should not prove difficult.
Maduro hinted that the South American country would look to using the yuan and a bundle of other currencies instead. Over the past three years Russia and China have signed bilateral agreements with many nations to settle cross border trades in the currency of the vendor, thus signalling their intent to end the era of the Petrodollar.
RELATED POSTS:
Fears Over Threat To Sovereignty Could Wreck EU European Army Plan
No they're not Star Wars Imperial Stormtroopers, they are German soldiers assigned to an international peacekeeping force, showing how like Imperial Stormtroopers a pan European army might look (Image source)
Germany Threatens Sanctions Against Poland Over 'Lack of Western Values' (for Western read German)
Last year, Poland's conservative nationalist Law and Justice party (PiS), led by former Prime Minister Jaroslaw Kaczynski, captured both the presidency and parliament at elections in May and November. Since taking office, the party's lawmakers have used their parliamentary majority to initiate a series of controversial legal reforms, causing concerns both at home and abroad, specifically in Brussels and in Berlin.
Europe's Bank Crisis Arrives In Germany: €29 Billion Bremen Landesbank On The Verge Of Failure
... yesterday we observed a surprising development involving Deutsche Bank, namely the bank's decision to quietly liquidate some of its shipping loans. Reuters reported, "Deutsche Bank is looking to sell at least $1 billion of shipping loans [a market sector] whose lenders face closer scrutiny from the European Central Bank.
BREXIT vs. GREXIT – The Truth About The European Union And How It Treats Members
The only thing that will halt the European Union in its tracks, stop the push beyond Europe's geographical borders and prevent EU expansion to incorporate Asian, middle eastern and north African nations is war. Unless the testicularly deficient politicians stand up to the bean counters of Brussels. That's what they are, bean counters; not one among them is a risk taker or a person who has advanced because of their willingness to put their arse on the line.
Adolf Hitler, His Part In Our Downfall
.pdf dowload
A thirty five thousand word book on the authoroitarian, undemocratic, bureaucratic dictatorship that is the European Union. Following the outburst of left wing hate politics following Boris Johnson's reminder that the EU has its roots in Hitler's Naziism, which as any intelligent person is aware is both true and very well documented. My blog colleagues and I decided to assemble this collection of our articles (with some long extracts quoted from public domain and creative commons sources) to help people misled by the REMAIN campaign into thinking the arguments are solely economic.
EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power
... populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a "fascist".
EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power
... populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a "fascist".
EU's Bureaucratic Dictatorship Is Losing The Support Of The Most Loyal Nations
When the unelected bureaucrats of the European Union Commission decided, without consulting member states, to comply with the wishes of the warmongering rent - boy in The White House and impose sanctions on Russia, after Vladimir Putin ordered the annexation of Crimea (to prevent the US backed neo - fascist government in Kiev carrying out a genocide of ethnic Russians in Crimea,) the idiotic goons were as usual duped into doing Washington's dirty work.
EU tiring of confrontation with Putin.
Huge reversal: the EU seeks a normal relationship with Russia. It seems that the EU is being greatly affected by the actions of Vladimir Putin in Syria: suddenly the EU President Jean-Claude Junker is saying that the EU must not let the US dictate their relationship with Russia.
Disillusionment With EU Grows as Swedish Support Slumps By 30%
A new opinion poll carried out on support for the European Union in Sweden has produced some shock findings as a massive turnround among Swedish voters probably due to mass immigration and migrant related crime waves in cities. From being one of the most solidly pro-EU member states, Sweden now has a substantial majority against membership of the EU.
Fears Over Threat To Sovereignty Could Wreck EU European Army Plan
No they're not Star Wars Imperial Stormtroopers, they are German soldiers assigned to an international peacekeeping force, showing how like Imperial Stormtroopers a pan European army might look (Image source)
The Real Refugee Crisis Is In The Future
Perhaps Angela Merkel thought we didn’t yet know how full of it she is. Perhaps that’s why she said yesterday with regards to Europe’s refugee crisis that “Everything must move quickly,” only to call an EU meeting a full two weeks later. That announcement show one thing: Merkel doesn’t see this as a crisis. If she did, she would have called for such a meeting a long time ago, and not some point far into the future.
Armed Forces Minister: Obama ‘Woefully Ignorant’ of Threat EU Membership Poses
Referring to a statement Mr Obama made in the Telegraph on Friday in which he said: “The European Union doesn’t moderate British influence – it magnifies it,” she responded: “Unfortunately this opinion betrays a woeful ignorance of the practical reality of the EU’s impact on our security, and the interests of the U.K. and the US.”
Hurricane Harvey, the big question
Russia and China delare outright war on the Petrodollar
Has USA delared full scale trade war on Russia
