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Title : Breaking Venezuela Stops Accepting Dollars: Is This The Offset Of The Collapse Of The Dollar Every Minute The Global Reserve Currency?
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Breaking Venezuela Stops Accepting Dollars: Is This The Offset Of The Collapse Of The Dollar Every Minute The Global Reserve Currency?

In retrospect, this could last the nigh of import economical consequence of 2017.

The oil-rich dry soil of Venezuela has

stopped accepting the U.S. Dollar every bit payment for oil.

Last calendar week President Maduro warned that the dry soil would this calendar week ‘free’ itself from the USA dollar.

“Venezuela is going to implement a novel arrangement of international payments in addition to volition practise a handbasket of currencies to gratis us from the dollar.”

Yesterday Venezuela temporarily suspended the sale of U.S. dollars through its Dicom auction system. This (and other moves) was inwards reply to U.S. sanctions set inwards house past times the Trump administration.

This morning The Wall Street Journal reports that the Venezuela is already telling fossil oil traders non to convey the USA currency.

Oil traders who export Venezuelan unsmooth or import fossil oil products into the dry soil direct maintain begun converting their invoices to euros.

The province fossil oil fellowship Petróleos de Venezuela SA, known every bit PdVSA, has told its someone articulation company partners to opened upwards accounts inwards euros in addition to to convert existing cash holdings into Europe’s primary currency, said i projection partner.

The determination to suspend dollar trading on Diacom in addition to to no longer convey the the U.S. currency for fossil oil is potentially a major blow for the world's reserve currency.

Venezuela's determination comes at a fourth dimension when other countries (namely Russian Federation in addition to China) are already finding ways to avoid using the U.S. dollar.

Jim Rickards comments:

China, Russian Federation in addition to Islamic Republic of Iran are coordinating a novel international monetary club that does non involve U.S. dollars. It has several parts, which together piece dollar doom. The inaugural of all role is that PRC volition purchase fossil oil from Russian Federation in addition to Islamic Republic of Iran inwards central for yuan.

The yuan is non a major reserve currency, in addition to thus it’s non an specially attractive property for Russian Federation or Islamic Republic of Iran to hold. PRC solves that work past times offering to convert yuan into gilt on a location footing on the Shanghai Gold Exchange.

This marks the commencement of the halt of the petrodollar arrangement that Henry Kissinger worked out alongside Kingdom of Saudi Arabia inwards 1974, afterwards Nixon abandoned gold.

The Venezuelan motion may last the inaugural of all straw that breaks the condition of the USD dollar every bit the world's global reserve currency. And gilt may furnish to play that role.

(via Zero Hedge)

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