Saturday, February 17, 2018

Venezuela's President desperately calls for global investors to buy into his Petro cryptocurrency scheme as sales begin next week

Venezuela currently resides within a double whammy of Socialist policy and monetary insolvency.  Thus the old saying from former British Prime Minister Margaret Thatcher fits perfectly for Nicholas Maduro and the Venezuelan government.

"Socialism works until you run out of other people's money".

Since late last year when Venezuela defaulted on sovereign bonds held by Wall Street, only Russia has been willing to backstop the OPEC nation's debt through promises of collateral in the country's oil reserves.  But even this was limited to simply rolling over current debt, and not in providing new monies desperately needed for their hyperinflationary economy.

So with very few options left for President Maduro, the Socialist dictator embarked on a scheme of putting the nation's resources onto the Blockchain and in creating a new cryptocurrency to replace the Bolivar.  However with Venezuela's track record of confiscation, nationalization, and debt defaults, it is unlikely that Maduro will garner any real support even as he makes a desperate plea to investors to buy his crypto which will officially go on sale next week.

Venezuela’s new “petro” cryptocurrency will attract investments from Turkey, Qatar, the United States and Europe, the country’s cryptocurrency regulator said on Friday. 
The government of President Nicolas Maduro, which says the petro will help skirt financial sanctions by Washington, has scheduled the first petros sale for Tuesday. 
Skeptics say that concerns about Venezuela’s financial solvency will likely limit investor interest, while the U.S. Treasury Department has warned the petro may violate sanctions against the OPEC nation. 
“On Tuesday, there will be quite a few announcements about the start of the process,” Venezuelan Cryptocurrency Superintendent Carlos Vargas said on the sidelines of a political meeting in Caracas. 
“And there will surely be a lot of investors from Qatar, Turkey, and other parts of the Middle East, though Europeans and Americans will also participate.”
He did not elaborate.  - Rueters


When you run out of other people's money to spend, just create some more of your own via a new scam!!
ALL fiat currencies, be they made of paper or electronic blips on a screen, always, always, always fail. And the longer they last, the bigger the splash when they crash!! When the USD finally finishes its run, it will shake the entire financial world to its core!

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