Skip to main content

Venezuela releases 82.4M units of Petro Cryptocurrency, marks the beginning of Western monetary monopoly collapse


It was a matter of time the US stupid strategy against Venezuela to backfire.

For decades the US has been fighting an economic war, “making the economy scream,” in Venezuela. Wealthy Venezuelans have been conducting economic sabotage aided by the US with sanctions and other tactics. This includes hoarding food, supplies and other necessities in warehouses or in Colombia while Venezuelan markets are bare. The scarcity is used to fuel protests, e.g. “The March of the Empty Pots,” a carbon copy of marches in Chile before the September 11, 1973 coup. Economic warfare has escalated through Obama and under Trump, with Tillerson now urging economic sanctions on oil.

President Maduro recognized the economic hardship but also said sanctions open up the opportunity for a new era of independence and “begins the stage of post-domination by the United States, with Venezuela again at the center of this struggle for dignity and liberation.

Maybe the Petro Cryptocurrency was what Maduro had in mind, as Venezuela has just released 82.4M units, and became a pioneer of the resistance against the Western monetary monopoly, through blockchain technology. From TeleSur:

The Venezuelan Government has officially announced the pre-sale of the Petro (PTR) cryptocurrency – the first commodity-secured currency of its kind in the world.

The manual of acquisition and commercialization of the Petro will now be available and will begin the pre-sale of this digital currency with 82.4 million units available. The manual is available for download in several languages.

Maduro previously announced that the value of the entire Petro issuance of 100 million tokens would be just over US$6 billion.

The cryptocurrency, which will be backed by the oil resources of the country, aims to begin a new economic era in the nation.

Vice President of the Republic, Tareck El Aissami, launched the pre-sale process for the Venezuelan cryptocurrency, early Tuesday.

The Petro was created by the Venezuelan Government to counter the financial blockade imposed by the United States, attract investments and generate a new payment mechanism for goods and services.

The Venezuelan Government says the Petro is the foundation of a policy to promote development and infrastructure as well as the training of young people in electronic mining, coding, cryptography, network security and economics.

The cryptocurrency will be redeemable for fiduciary money and other crypto-assets through digital exchange locations.


The move probably marks the end of dollar domination as the global reserve currency and brings a new era of a decentralized global economy in which the old financial centers will rapidly lose power. A historic moment? Time will tell.

The most interesting aspects of the story are:

- These developments came partly as a result of the non-efficient strategy of the US and the West to insist on imposing sanctions against countries that would not obey to their agenda, that is, giving up their natural resources for the biggest corporations, as well as, adopting the neoliberal doctrine.

- The idea came out from Bitcoin Cryptocurrency, probably designed by market anarchists who wanted to get rid of any state control. Venezuela now uses the same weapon to get rid the Western economic suffocation and under a completely different ideological frame.

The alarm must have been activated again for the Wall Street mafia and the Western banking cabal, as they should be realizing that they are increasingly losing ground in controlling the global monetary system. If this Venezuelan experiment survive the expected war that would be launched by the traditional financial centers who control money flow and circulation, then a vicious circle of global, uncontrolled, decentralized transactions may accelerate their final demolition. This is why many US officials lately have openly called for direct intervention against Venezuela, implying a military coup, or even military invasion.

Yet, even countries that are considered allies of the West begin to realize that the decentralized monetary market through blockchain technology is inevitable and make moves in order to stay tuned with the rapid developments. For example, “The head of South Korea’s financial regulator and watchdog has now confirmed the government will support cryptocurrency trading while encouraging banks to facilitate transactions with exchanges, effectively killing any fears of a rumored ban. In noteworthy remarks made today, South Korea’s Financial Supervisory Service (FSS) chief Choe Heung-sik said the government will back the cryptocurrency industry to develop in the country. Specifically, the official said the government will support “normal transactions” of cryptocurrencies, three weeks to the day after the government moved to curtail anonymous accounts trading in crypto markets in late January.

Such actions will facilitate Venezuela's efforts to find alternative state-authorized markets flooded by Cryptocurrencies, therefore successfully bypassing the Western financial blockade.

Meanwhile, we had another sign of the panic that spreads among the financial centers who currently control the global money markets in front of the prospect of the Venezuelan experiment. This time it was the turn of Elliott Management to attack on Cryptocurrencies as a whole, calling them “a Scam, Bubble and Fraud”.

Recall also that, “The US Treasury Department has red-flagged Venezuela's "Petro" cryptocurrency, warning investors in the United States that engaging with the currency might prove a legal liability because of sanctions in place against the Latin American nation.

As has been already pointed out, Russia also made a first move to issue its own Cryptocurrency. While Vladimir Putin implied that Cryptorouble comes as a natural attempt by Russia to participate in rapid developments in the sector of monetary and commercial transactions, it is quite probable that there are other reasons too. At the time where Russia struggles to overcome continuous sanctions by the West, and BRICS seek complete independence from the Western monetary monopoly, the move could contribute significantly towards the achievement of both of these goals.

With an alternative economic bloc based on a Cryptocurrency issued by BRICS, Bitcoin and other Cryptocurrencies will find a much more solid ground to be developed and survive. Because this huge bloc will be backed by a fast-growing market functioning with real goods, investments and services, not big oil interests, wars, bubbles and speculative transactions that dominate in the Western financial system today.

Venezuela opens the road ...

Related:









Comments

Popular posts from this blog

Greece is about to become the blueprint for modern feudalism

globinfo freexchange
After almost ten years of an unprecedented crisis, Greece has been trapped into an ongoing, slow motion recession. The economy still struggling hard to recover, with unemployment and national debt being permanently in a red alarm mode.
As has been already pointed out, the result of the recent Greek national elections could be characterized "paradoxical" mainly for two reasons: 
First, the voters gave a clear governmental order to one of the traditional powers of the old political system, which are highly responsible for the Greek crisis that erupted in 2010. Several top names of the new government, and even New Democracy leader, Kyriakos Mitsotakis, have been accused of being involved in various corruption scandals, in the not so distant past.

Second, the fact that the voters elected perhaps the most fanatically neoliberal government ever. This means that Mitsotakis administration is expected to implement the brutal neoliberal policies imposed by Greece&…

How Joe Biden’s privatization plans helped doom Latin America and fuel the migration crisis

On the campaign trail, Joe Biden has boasted of his role in transforming Colombia and Central America through ambitious economic and security programs. Colombians and Hondurans tell The Grayzone about the damage his plans did to their societies.
by Max Blumenthal
Part 8 - Gutting public healthcare, driving more migration
The Alliance for Prosperity also commissioned the privatization of health services through a deceptively named program called the Social Protection Framework Law, or la Ley Marco de Protección Social.

Promoted by Honduran President Juan Orlando Hernández as a needed reform, the scheme was advanced through a classic shock doctrine-style episode: In 2015, close associates of Hernández siphoned some $300 million from the Honduran Institute for Social Services (IHSS) into private businesses, starving hospitals of supplies and causing several thousand excess deaths, mostly among the poor.
With the medical sector in shambles, Hondurans were then forced to seek healthcare from …

As Boris Johnson unleashes ultimate threat against Bremain capitalist faction, the British working class is suddenly in front of a unique opportunity

globinfo freexchange

In the merciless endo-capitalist war around Brexit, Boris Johnson decided to unleash the ultimate threat against Bremain capitalist faction. That is, a snap election with the 'danger' of a Labour victory under Jeremy Corbyn, which would be neoliberal capitalists' worst nightmare.
As already pointed out, despite the capitalist civil war, both major factions of the British capital remain deeply neoliberal in their ideological core. And therefore, both factions see a potential Labour government under Jeremy Corbyn, as a major threat.
Indeed, as ZeroHedgereported
As Prime Minister Boris Johnson faces the prospect of his rule being cut short, wealthy Britons have a message for Johnson's most likely successor: A 'no deal' Brexit makes no difference to them. But if Labour leader Jeremy Corbyn becomes PM, they will flee in droves, taking their money with them

[...]

The chairman of one Swiss asset manager who helps wealthy Britons shield th…

Tucker Carlson accidentally promotes one of the most anti-capitalist, real-Left positions!

globinfo freexchange 
We wouldn't believe it if we wouldn't have seen it and hear it with our own eyes and ears, but the following phrase came out from Tucker Carlson's mouth:

                    Every minute you are angry about race, is a minute you are not thinking about class, which, of course, is the real divide in this country. Working class people of all colors have a lot more in common - infinitely more in common with each other, than they do with some overpaid MSNBC anchor. And if you are allowed to think about that for long enough, you might start get unauthorized ideas about economics. And that would be disruptive to a very lucrative status quo. So, they whip you into a frenzy of racial fear so that it never enters your mind. It's a diversion. Everyone hates each other, they get to keep their money.
Here's why they're pushing racial division: so you won't notice the real divide, which is economic. pic.twitter.com/ZVLvQn2u9O — Tucker Carlson (@Tuck…

Roger Waters for Julian Assange

globinfo freexchange
On Monday, 3 Sept, Roger Waters of Pink Floyd will perform his classic 'Wish You Here' for Julian Assange outside the Home Office (interior ministry) in Marsham Street in the heart of London. John Pilger will be speaking. Join us at 6pm in solidarity with Britain's political prisoner.

On Monday, 3 Sept, Roger Waters of Pink Floyd will perform his classic 'Wish You Here' for Julian #Assange outside the Home Office (interior ministry) in Marsham Street in the heart of London. I will be speaking. Join us at 6pm in solidarity with Britain's political prisoner. pic.twitter.com/Lytg2GCZVQ — John Pilger (@johnpilger) August 30, 2019


Καταιγίδα επιχειρήσεων αποπροσανατολισμού από το Μητσοτακικό καθεστώς με τη βοήθεια της τραπεζομιντιακής χούντας

globinfo freexchange

Ο μηχανισμός του εγχώριου νεοφιλελεύθερου καθεστώτος επιδόθηκε τις τελευταίες μέρες σε έναν καταιγισμό επιχειρήσεων αποπροσανατολισμού προς τέρψιν του πόπολου, το οποίο έδωσε αυτοδυναμία στην πολιτική του συνιστώσα. Δηλαδή, στη χειρότερη δεξιά της μεταπολίτευσης.
Μετά το ταξίδι Μητσοτάκη στη Γαλλία, όπου είδαμε ένα χιλιοπαιγμένο έργο, το σόου του αποπροσανατολισμού ξεκίνησε από το Μάτι. Εκεί είχαμε ένα διπλό χτύπημα. Από τη μια τον Μητσοτάκη να ποζάρει στα καμμένα, διατυμπανίζοντας τη δήθεν αποτελεσματική του κυβέρνηση. Από την άλλη, την διαφήμιση των "καλών ιδιωτών", οι οποίοι ως καλοί Σαμαρείτες, ανέλαβαν δήθεν αφιλοκερδώς (Αφιλοκερδώς ΑΕ, όπως έλεγε και ο αξέχαστος Τζιμάκος), να καθαρίσουν την περιοχή από την επικίνδυνη καύσιμη ύλη.
Αμέσως μετά, απολαύσαμε άλλη μια κωμωδία από τις δυνάμεις καταστολής που έκαναν έφοδο στα Εξάρχεια για να τα "καθαρίσουν" από τους μετανάστες. Οι νεοφιλέλεδες της δεξιάς και τα ακροδεξιά δεκανίκια τους είναι μανο…

Citibank blocks funds for insulin: more than 450,000 Venezuelans affected

The US bank Citibank blocked, in August this year, part of the funds destined to import 300 thousand doses of insulin, a criminal act that affects more than 450 thousand patients, the Venezuelan Ministry of Economy and Finance reported.

On the other hand, the BSN Medical laboratory, based in Colombia, after receiving payment for the purchase of 2 million units of antimalarial treatment, denied the clearance of the drugs.
The ministry indicated that this fact caused the Swiss bank UBS AG to block the transactions made by the country with the Pan American Health Organization (PAHO), destined for the purchase of vaccines for the immunization program.
Given this circumstance, Venezuela and PAHO sought alternatives with banks from other countries, although this situation led to a 4 month delay in the immunization program.

The national government also revealed that other pharmaceutical transnationals such as Pfizer and Novartis refuse to sell medicines, reagents and supplies to Venezuela.
F…

The untold Socialist history of the United States

globinfo freexchange

Abby Martin spoke with renowned Marxist Economist Richard Wolff to discuss the growing popularity of Socialism under Trump and its historical roots in America, misconceptions about Russia and China’s economic success and Marx’s theory of alienation and monopoly capitalism.

Wolff explains:

A hundred years ago, 1916 to be precise, was the first time that the Socialist Party of America put forward a candidate for president. His name was Allan Benson and he ran for president a hundred years ago and he got 600,000 votes in the United States. That worked out to three percent of the vote.
The Socialist Party thought that was a good beginning, so they ran again four years later, in 1920, little less than a hundred years ago, and they had a different candidate. A man named Eugene Victor Debs, a head of the railway Workers Union, very good orator. And he did better. He got 900,000 votes. That's a 50% increase in four years, four percent of the total vote.
Four yea…

US sanctions on Venezuela are 'sociopathic'

The Grayzone
The Grayzone's Max Blumenthal discusses his heated exchange with a former Obama official and a member of Venezuela's far-right opposition over the basis for crippling US sanctions on Venezuela. Max also recounts his recent reporting trip to Venezuela, where he witnessed the impact of US economic warfare and the Venezuelan people's defiant resistance. 

Ο πραγματικός λόγος που ο Μπόρις Τζόνσον πιέζει για Brexit χωρίς συμφωνία

globinfo freexchange

Το Βρετανικό πολιτικό τοπίο μοιάζει να γίνεται όλο και πιο χαοτικό όσο πλησιάζουμε την 31η Οκτωβρίου, ημερομηνία-τελεσίγραφο που έχει ορίσει ο τωρινός Βρετανός πρωθυπουργός, Μπόρις Τζόνσον, ο οποίος μάλιστα απειλεί με ένα Brexit χωρίς συμφωνία. Ολόκληρη η χώρα φαίνεται να βρίσκεται υπό το καθεστώς μιας γενικής νευρικής κρίσης, με τα διάφορα στρατόπεδα υπέρ και κατά του Brexix, το καθένα για τους δικούς του λόγους, να έχουν λάβει θέσεις μάχης σε μια "όλοι εναντίον όλων" κατάσταση. 
Όπως ανέφερε η Εφημερίδα των Συντακτών:  
«Στις Βρυξέλλες και στο Λονδίνο ένα ερώτημα ακούγεται όλο και πιο δυνατά: Mπορεί να αναχαιτιστεί ο Μπόρις Τζόνσον;»… Καυτή και εύλογη η απορία που μετέφερε χθες το πρακτορείο Associated Press, καθώς εντείνεται ραγδαία η ανησυχία και στις δύο πλευρές της Μάγχης πως ο νέος, σκληροπυρηνικός μπρεξιστής, πρωθυπουργός του Ηνωμένου Βασιλείου όχι μόνο δεν μπλοφάρει επιμένοντας πως θα βγάλει τη χώρα από την Ε.Ε. στις 31 Οκτωβρίου με ή χωρ…