Saturday, January 13, 2018

Venezuela's Maduro ready to preach the gospel of gold-backed cryptos to the rest of Latin America

Perhaps Venezuela's President Nicholas Maduro needs to step back and remember what happened to the last sovereign leader who tried to bring about a return of gold-backed money to the global economy.  And of course we are referring to Libya's Muammar Gaddafi, who while in the process of negotiating a gold backed Dinar for a coalition of African countries was summarily overthrown and assassinated by actions initiated by former Secretary of State Hillary Clinton.

But be that as it may, the 'bus driver from Caracas' appears to have the bit in his teeth and is ready to preach his gospel of gold-backed cryptocurrencies to the rest of South and Latin America.

Venezuela’s leader Nicolas Maduro has invited members of the regional ALBA-TCP bloc to join him in launching a new cryptocurrency. Named petro, the cryptocurrency will be backed by the country’s oil, gas, gold and diamond riches. 
“I have a proposal for the economic teams of the ALBA: to assume jointly the creation of an oil-backed petro cryptocurrency, which will be supported with Venezuelan oil and that very soon we will sustain with the wealth of Venezuela’s gold and diamonds,” Maduro told the delegates of the Bolivarian Alliance for the Peoples of Our America-Peoples Trade Treaty (ALBA-TCP) on Friday. 
Meeting the high-ranking officials from Antigua & Barbuda, Cuba, Dominica, Grenada, Saint Lucia, Saint Vicente and the Grenadines, Saint Kitts and Nevis, Bolivia, Ecuador and Nicaragua, the President of Venezuela invited them to join him in overcoming what he had previously called a “financial blockade” imposed by the United States. – Russia Today
Attempting to restore one's own hyperinflationary monetary system through the use of a gold backed form of currency is one thing, but advocating that the entire Southern Hemisphere follow suit is something entirely different. And should Maduro's proposal happen to gain steam, especially among the Latin American nations fed up with dollar and U.S. hegemony, then it will not be too long before the boys at Langley come a calling, and possibly show Maduro the same hospitality they showed Gaddafi a few years back.

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