{"id":25408,"date":"2017-09-09T08:13:44","date_gmt":"2017-09-09T13:13:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25408"},"modified":"2017-09-09T08:14:52","modified_gmt":"2017-09-09T13:14:52","slug":"venezuela-is-about-to-ditch-the-dollar-in-major-blow-to-us-heres-why-it-matters","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25408","title":{"rendered":"Venezuela Is About to Ditch the Dollar in Major Blow to US: Here\u2019s Why It Matters"},"content":{"rendered":"
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Venezuela Is About to Ditch the Dollar in Major Blow to US: Here\u2019s Why It Matters<\/a><\/span><\/h3>\n
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<\/span>(<\/b>ANTIMEDIA<\/b><\/a>)<\/b>\u00a0\u2014<\/i>\u00a0Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to \u201cfree\u201d itself from the U.S. dollar next week,\u00a0Reuters<\/i>\u00a0reports<\/a>. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially\u00a0the way Venezuela will manage its currency in relation to other currencies and the foreign exchange market), along with a basket of currencies.<\/div>\n
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According to\u00a0Reuters<\/i>, Maduro was referring to Venezuela\u2019s current official exchange rate, known as DICOM, in which the dollar can be exchanged for 3,345 bolivars. At the strongest official rate, one dollar buys only 10 bolivars, which may be one of the reasons why Maduro wants to opt for some of the weaker exchange rates.<\/p>\n

\u201cVenezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,\u201d<\/i>\u00a0Maduro said in a multi-hour address to a new legislative \u201csuperbody.\u201d He reportedly did not provide details of this new proposal.<\/p>\n

Maduro hinted that the South American country would look to using the yuan instead, among other currencies.<\/p>\n

\u201cIf they pursue us with the dollar, we\u2019ll use the Russian ruble, the yuan, yen, the Indian rupee, the euro,\u201d\u00a0<\/i>Maduro also said.<\/p>\n

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Venezuela\u00a0sits on the world\u2019s largest<\/a>\u00a0oil reserves\u00a0but has been undergoing a major crisis, with millions of people going hungry inside the country which has been plagued with rampant, increasing inflation. In that context, the recently established economic blockade by the Trump administration only adds to the suffering of ordinary Venezuelans rather than helping their plight.<\/p>\n

According to\u00a0Reuters<\/i>, a thousand dollars\u2019 worth of local currency obtained when Maduro came to power in 2013 is now be worth little over one dollar.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

Venezuela Is About to Ditch the Dollar in Major Blow to US: Here\u2019s Why It Matters (ANTIMEDIA)\u00a0\u2014\u00a0Venezuelan President Nicolas Maduro said Thursday that Venezuela will be looking to \u201cfree\u201d itself from the U.S. dollar next week,\u00a0Reuters\u00a0reports. According to the outlet, Maduro will look to use the weakest of two official foreign exchange regimes (essentially\u00a0the way […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[8803,14444,2422,1810,626,683,851],"class_list":["post-25408","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-antimedia","tag-darius-shahtahmasebi","tag-nicolas-maduro","tag-oil-reserves","tag-petrodollar","tag-reuters","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25408"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25408\/revisions"}],"predecessor-version":[{"id":25411,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25408\/revisions\/25411"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}