Venezuela has just taken the next step in its quest to “free” itself from the tyranny of US dollar hegemony. One year after the country said it would stop accepting US dollars as payment for its (ever shrinking) oil exports (saying the country’s state-run oil company would accept payment in yuan instead), Venezuelan Vice President for Economy Tareck El Aissami said Tuesday that Venezuela will officially purge the dollar from its exchange market in favor of euros. Continue reading
Source: The Burning Platform
- President Maduro ‘ Venezuela will create a basket of currencies to free us from the dollar,”
- Oil traders ordered to stop accepting U.S. dollar in exchange for crude oil
- Order comes following calls from Russia and China to find alternatives to current reserve system
- U.S. Dollar accounts for two-thirds of global trade
- Venezuela has over ten-times more oil than United States
- Super powers are gradually turning to gold to avoid using world’s main reserve currency
- Are we seeing the beginning of the end for the U.S. dollar?
The oil-rich country of Venezuela has stopped accepting the U.S. Dollar as payment for oil.
Last week President Maduro warned that the country would this week ‘free’ itself from the US dollar. Continue reading
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