In an address to a new legislative superbody, Maduro said:
“I am announcing that Venezuela intends to introduce a new international payment system and to create a currency basket for the liberation from the dollar and, [we intend] to free ourselves from the clutches of the dollar, the currency that is strangling our country.”
“If they pursue us with the dollar, we’ll use the Russian rouble, the yuan, yen, the Indian rupee, the euro,” Maduro said....Another wipe at what's left of Bretton Woods.
The Duran
We should by now be at least 10 years off their heating oil.... replaced by nat gas assisted heat pumps...
ReplyDeleteThis and other articles on the announcement are not addressing the real issue -- will Venezuela finally allow its currency to float, or will it remain pegged?
ReplyDeleteReading in between the lines it seems they will merely peg their currency to a basket of currencies rather than to the U.S. dollar. If so, not much will change.
Right, Dan. They still don't get the monetary.
ReplyDeleteIf they don't want to float out of concern for boilvar depreciation in the fx market, they could make the Venezuelan bolivar (VEF) convertible in bbls of oil at a fixed rate.
LOL They are out of USDs now... so now they are going to of course say they are going to go "off" it....
ReplyDeleteThat's like a drunk running out of munnie and saying "I've had enough!"....
They will soon not be able to even get the crude out of the ground and on a ship....
New England needs to get off the heating oil and on to nat gas pronto....
They will soon not be able to even get the crude out of the ground and on a ship....
ReplyDeleteMaybe Russia and China will step in. Oh, wait.
Russia's biggest oil company has been secretly helping Maduro stay afloat in Venezuela