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Venezuela Will Back It’s Crypto Currency With Gold & Oil

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(Via Zerohedge)

Four months ago, in a not entirely surprising move meant to circumvent US economic sanctions on Venezuela, president Nicolas Maduro announced that his nation would stop accepting dollars as payment for oil imports, followed just days later by the announcement that in a dramatic shift away from the Petrodollar and toward Beijing, Venezuela would begin publishing its oil basket price in Chinese yuan. The strategic shift away from the USD did not work quite as expect, because a little over two months later, both Venezuela and its state-owned energy company, PDVSA were declared in default on their debt obligations by ISDA, which triggered the respective CDS contracts as the country’s long-expected insolvency became fact.

Then, in early December, clearly fascinated and captivated by the global crypto craze, Maduro shocked the world by announcing the creation of the “Petro”, Venezuela’s official cryptocurrency “to advance in the matter of monetary sovereignty, to make financial transactions and to overcome the financial blockade”.

“The objective is to advance in the Venezuelan economy and overcome the financial blockade, this allows us to continue in the economic and social development supported by Venezuelan riches,” said the president, explaining that his government will make a cryptocurrency issue “backed by reserves of Venezuelan gold, oil, gas and diamond wealth.”

Still, as we said when he first commented on Venezuela’s bizarre foray into digital currencies, “it was not exactly clear how this PetroCoin would be backed by various natural resources when the whole point of cryptos is that they are not backed by anything, and as such it appears that what Maduro is trying to do is admit that the hyperinflating Bolivar has failed as a sovereign reserve, and the country is hoping to confuse its global trading partners enough into believing that it somehow had a new “bitcoin” on its hands, which like the real thing would then proceed to appreciate in value in the near future.

Today we got the answer when Venezuela’s president announced that “every single Petro will be backed by a barrel of oil… and gold.”

“The objective is to advance in the Venezuelan economy and overcome the financial blockade, this allows us to continue in the economic and social development supported by Venezuelan riches,” said the president, explaining that his government will make a cryptocurrency issue “backed by reserves of Venezuelan gold, oil, gas and diamond wealth.”

Some joked at the time that a different name might be more suitable…

But now, as RT reports, Maduro confirmed the backing of the national cryptocurrency Petro with the country’s vast natural resource reserves.

“Here’s the document formalizing the provision of the certified Ayacucho oil field No.1 in the Orinoco Petroleum Belt for the support of El Petro cryptocurrency,” Maduro said on national TV.

Maduro said the field’s “reserves amount to five billion barrels of oil,” which is confirmed by the corresponding “international certificate.”

“Every single Petro will be backed by a barrel of oil,” Maduro said, promising to provide cryptocurrency mining throughout the country.

“We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country.”

The Venezuelan leader has also promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits.

The Venezuelan president explained the purpose was “to advance the country’s monetary sovereignty, to carry out financial transactions and to defeat the financial blockade against the country.”

“We are facing a financial war against the country which we have denounced, and the opposition has denied. There are business people who are unaffected by Donald Trump’s blockade. With this, we will join the 21st century,” said Maduro.

Finally, as Pepe Escobar concluded recently, it ain’t over till the fat (golden) lady sings. When the beginning of the end of the petrodollar system – established by Kissinger in tandem with the House of Saud way back in 1974 – becomes a fact on the ground, all eyes will be focused on the NSS counterpunch.

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Politics

The Clash of Titans: X’s Shutdown in Brazil

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In an unprecedented move, Brazil’s Supreme Court has ordered the nationwide suspension of X, the social media platform formerly known as Twitter, marking a significant escalation in the ongoing feud between the platform’s owner, Elon Musk, and Brazilian authorities. This decision stems from Musk’s refusal to comply with court orders to appoint a legal representative in Brazil and to suspend certain accounts accused of spreading misinformation and hate speech.

The tension reached a boiling point when Justice Alexandre de Moraes gave X a 24-hour ultimatum to name a representative or face a complete operational shutdown in Brazil. Musk’s response was to close X’s office in Brazil, citing threats of arrest against his staff for non-compliance with what he described as “secret censoring orders.” This move has left millions of Brazilian users in the dark, with the platform going offline across the nation.

The implications of this standoff are manifold. Firstly, it pits the concept of free speech, as championed by Musk, against Brazil’s judicial efforts to curb what it sees as the spread of dangerous misinformation. Critics argue that this is a test case for how far nations can go in regulating global digital platforms. Secondly, the economic impact on X cannot be understated, with Brazil being one of its significant markets.

The situation has also sparked a debate on digital sovereignty versus global internet freedom. While some see Justice de Moraes’s actions as necessary to protect Brazilian democracy, others view it as an overreach, potentially stifling free expression. As X users in Brazil scramble to find alternatives or use VPNs to bypass the ban, the world watches closely to see if this could set a precedent for other nations grappling with similar issues.

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Media

Assange’s Freedom: A Blow to the Neo-Con and Neo-Liberal Elite

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In a surprising turn of events, Julian Assange, the controversial founder of WikiLeaks, has been freed from prison, sending shockwaves through the political establishment. For years, Assange has been a thorn in the side of the global elite, exposing their secrets and lies to the world. Now, as he walks free, many on the right-wing populist side of the aisle are celebrating, while others, particularly those with skeletons in their closets, are trembling in fear.

The release of Julian Assange is a victory for truth and transparency. For too long, the powers that be have operated in the shadows, manipulating the masses and advancing their own agendas. Assange and WikiLeaks have been instrumental in shining a light on the dark underbelly of global politics, revealing the corruption and deceit that permeates our institutions.

However, not everyone is happy about Assange’s newfound freedom. Neo-cons and neo-liberals, who have long been in cahoots with the global elite, are terrified that their treasonous activities will be exposed. They fear that Assange’s release will lead to a flood of information that will expose their lies and destroy their carefully constructed narratives.

Take, for example, Mike Pence, the former Vice President of the United States. Pence, a known neo-conservative, has been a vocal opponent of Assange and WikiLeaks. Why? Because he knows that his own treasonous actions could be exposed. Pence has been accused of colluding with foreign powers and selling out the American people for his own gain. The release of Assange could be the final nail in the coffin for Pence and his ilk.

The truth is, the opposition to Assange’s release is not about national security or protecting classified information. It’s about protecting the interests of the global elite and their puppets in government. The neo-cons and neo-liberals are terrified of losing their grip on power, and they will do anything to silence those who threaten their reign.

But the people are waking up. They are tired of being lied to and manipulated. They are hungry for the truth, and they will not be silenced. The release of Julian Assange is a step in the right direction, but it is only the beginning. The fight for truth and transparency is far from over.

As a right-wing populist, I believe that the people have a right to know the truth about their leaders and the institutions that govern them. I believe that the global elite and their puppets in government should be held accountable for their actions. I believe that Julian Assange is a hero, and his release is a victory for the people.

So, to Mike Pence and all the other neo-cons and neo-liberals who oppose Assange’s release, I say this: The truth will come out, and you will be exposed for the traitors that you are. The people will not be silenced, and they will not be fooled. The fight for truth and transparency is just beginning, and we will not rest until justice is served.

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Politics

Populist Politicians Must Separate From Zionism To Truly Win

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In a stunning turn of events, populist parties across Europe have made significant gains in the recent elections. From Italy to France, Germany to the Netherlands, these political outsiders have captured the hearts and minds of millions of disillusioned voters.

In Italy, the right-wing populist Brothers of Italy party secured the highest vote share of any single party in the nation’s recent election, making its leader, Giorgia Meloni, the likely prime minister. Meloni’s party has been riding a wave of anti-establishment sentiment, promising to put “Italians first” and curb immigration.

In France, the National Rally party, led by Marine Le Pen, made significant gains in the European Parliament elections. Le Pen’s party has been a thorn in the side of the French establishment for years, advocating for stricter immigration controls and a more nationalist agenda.

In Germany, the right-leaning Alternative for Germany (AfD) saw a surge in support, coming in second place in the European Parliament elections. The AfD has been gaining traction with its anti-immigration stance and skepticism towards the European Union.

In the Netherlands, the populist Forum for Democracy party made significant gains in the European Parliament elections, coming in second place. The party has been tapping into Dutch voters’ concerns about immigration and the influence of the European Union.

The rise of populist parties across Europe is a clear sign that many voters are fed up with the traditional political establishment. These parties have been able to tap into a deep well of discontent, promising to shake up the status quo and put the interests of ordinary citizens first.

However, the true success of these populist movements will come when they disassociate Europe from zionism and focus on the European people, their cultures, and their interests. Populism isn’t about being anti-anyone. It’s about being pro-European. It’s about standing up for our people, our culture, and our interests. And as long as populist movements stay true to that mission, they will continue to thrive.

So, to all the populist leaders out there, keep doing what you’re doing. Keep fighting the good fight. And remember, the people are watching. Don’t let them down.

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