{"id":25676,"date":"2017-09-15T05:53:49","date_gmt":"2017-09-15T10:53:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25676"},"modified":"2017-09-15T05:53:49","modified_gmt":"2017-09-15T10:53:49","slug":"venezuela-has-officially-abandoned-the-petrodollar-does-this-make-war-with-venezuela-more-likely","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25676","title":{"rendered":"Venezuela Has Officially Abandoned The Petrodollar \u2013 Does This Make War With Venezuela More Likely?"},"content":{"rendered":"
\n

Venezuela Has Officially Abandoned The Petrodollar \u2013 Does This Make War With Venezuela More Likely?<\/span><\/a><\/h3>\n<\/div>\n
\n
<\/div>\n

\"\"<\/a>Venezuela is the 11th largest oil producing country<\/a> in the entire world, and it has just announced that it is going to stop using the petrodollar.\u00a0 Most Americans don\u2019t even know what the petrodollar is, but for those of you that do understand what I am talking about, this should send a chill up your spine.\u00a0 The petrodollar is one of the key pillars of the global financial system, and it allows us to live a far higher standard of living than we actually deserve.\u00a0 The dominance of the petrodollar has been very jealously guarded by our government in the past, and that is why many are now concerned that this move by Venezuela could potentially lead us to war.<\/p>\n

I don\u2019t know why this isn\u2019t headline news all over the country, but it should be.\u00a0 One of the few major media outlets that is reporting on this is the Wall Street Journal<\/a>\u2026<\/p>\n

The government of this oil-rich but struggling country, looking for ways to circumvent U.S. sanctions, is telling oil traders that it will no longer receive or send payments in dollars<\/strong>, people familiar with the new policy have told The Wall Street Journal.<\/p><\/blockquote>\n

Before we go any further, we should discuss what we mean by the \u201cpetrodollar\u201d for those that are not familiar with the concept.\u00a0 The following comes from an excellent article by Christopher Doran<\/a>\u2026<\/p>\n

In a nutshell, any country that wants to purchase oil from an oil producing country has to do so in U.S. dollars. This is a long standing agreement within all oil exporting nations, aka OPEC, the Organization of Petroleum Exporting Countries. The UK for example, cannot simply buy oil from Saudi Arabia by exchanging British pounds. Instead, the UK must exchange its pounds for U.S. dollars. The major exception at present is, of course, Iran.<\/p><\/blockquote>\n

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

Venezuela Has Officially Abandoned The Petrodollar \u2013 Does This Make War With Venezuela More Likely? Venezuela is the 11th largest oil producing country in the entire world, and it has just announced that it is going to stop using the petrodollar.\u00a0 Most Americans don\u2019t even know what the petrodollar is, but for those of you […]<\/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":[2,5],"tags":[10472,7035,1025,213,6431,6069,1997,11005,6061,16003,16004,4901,6231,16005,4948,626,16006,701,8644,8645,8646,6896,851],"class_list":["post-25676","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-catastrophic","tag-currencies","tag-de-dollarization","tag-dollar-collapse","tag-economic","tag-economic-collapse-blog","tag-economic-sanctions","tag-export","tag-financial","tag-financial-relationship","tag-global-economic-landscape","tag-michael-snyder","tag-michael-t-snyder","tag-oil-exporters","tag-paper-currency","tag-petrodollar","tag-petrodollar-monopoly","tag-saudi-arabia","tag-the-dollar","tag-the-u-s-dollar","tag-u-s-dollars","tag-u-s-economy","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25676","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=25676"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25676\/revisions"}],"predecessor-version":[{"id":25677,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25676\/revisions\/25677"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}