Monday, February 26, 2018

Like clockwork, here come the Neo-cons and Neo-libs to go after Venezuela for threatening dollar hegemony

At this point in history there are a few sure things in life.  The sun will rise each morning, the human body needs sustenance to function properly, and the U.S. will do anything to protect their place as the singular authority over the global reserve currency.


The 21st century is chock full of examples of what happens to nations and leaders who even remotely dare to threaten dollar hegemony.  Iraq, Libya, Iran, and even Russia are just a few of the countries that have been attacked with either military or economic war by the U.S. in the past two decades, and even China is not immune as the White House is beginning to threaten them with a trade war just weeks before the implementation of a yuan-denominated oil contract.

So it should come as no surprise that shortly after Venezuela ICO'd a sovereign cryptocurrency meant to help their economy bypass the dollar, neo-conervatives and neo-liberals in Congress are already calling for economic sanctions to be placed on the South American nation despite the fact that it is very likely this new cryptocurrency will result in little more than a nothingburger.

Venezuela on Tuesday announced the launch of its own oil-backed cryptocurrency called the petro which, it claims, is the world's first sovereign cryptocurrency. The petro may allow the country to combat US-imposed sanctions amid a deep economic crisis in the country. 
Venezuelan President Nicol├ís Maduro said he hopes the petro will become an alternative national currency to the bolivar, which is now only worth 0.00003 USD — following years of hyperinflation. According to the president, the petro token had raised $735 million on its first day of a pre-sale. 
Late last month, Menendez, together with fellow Republican Marco Rubio, co-authored a letter to US Secretary of the Treasury Steven Mnuchin condemning the creation and use of the petro. 
"We are concerned that a cryptocurrency could provide Maduro a mechanism by which to make payments to foreign lenders and bondholders in the United States, actions that would clearly thwart the intent of US imposed sanctions," the Senators wrote. 
The lawmakers urged the Treasury Department to monitor the petro's progress and offered insight into what actions the department could take to foil the token's use as a means to bypass US sanctions. – Sputnik News
It is ironic that the U.S. cares little for the plight of millions of Venezuelans who are even now starving to death under mass hyperinflation, and instead are completely bent out of shape in Maduro creating a oil and gold backed cryptocurrency that may or may not survive when put onto international financial markets.  But sadly that is the world we live in, where the imperialists of today function in the same capacity as the imperialists of the past.

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