Maduro said each petro token, which is not in circulation yet, would be backed by a barrel of the state’s national petroleum. He also said about 100 million petro tokens would be issued — estimated to be worth around $6 billion.
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Isn’t Maduro’s word good enough? Won’t the NYTimes vouch for a fellow crooked socialist?
I’m investing every penny of the money I’m getting from that Nigerian prince in petros. Gonna be rich...
There are only two eventual outcomes of socialism. Either you are poverty stricken like everyone else or you are dead.
LOL! So true!
Venezuela is dropping the last 5 zeros (00,000) from it’s money today.
Backed by a barrel of oil??? That gets burned up? Gold it ain’t.
When cannibalism becomes a common occurrence, they’ll beg for the “imperialists” to come in and “exploit” them again. Venezuela was once a beautiful country.
Via con diablo Maduro.
5.56mm
If a socialist country had a dysentery epidemic, they’d have a sh!t shortage. In the Sahara, they’d have a sand shortage. Venezuela has an ocean of oil, and they can’t figure out how to make ends meet? Either drill and sell it yourself, or lease it to a capitalist exploiter who’ll do it for you, on favorable terms to you. But noooooo!
Of all the MSM outlets, CNBC is the only one that actually reports on stories like this fairly and accurately. It is one of the few to even mention the word Socialism in their Venezuela stories. It probably has to do with their reporters interacting on a daily basis with people who are actually grounded in reality. It’s hard to believe that they and MSNBC have the same parent company and that they are still allowed to report accurately.
Smell the desperation.
He's dropping 5 zeros from the banknotes, so it would take 20 bolivars to buy one cup of coffee. He's pegging the new banknote to the petro, a digital "currency" that he is creating.
Still bad. Very bad.
What is the petro pegged to? The bolivar? The dollar? If so, then I can peg these Monopoly dollars to the dollar, and go on a spending spree.
Also, the current currency is losing its value at light speed. Nobody says why. Government printing money? Extreme shortages of goods? (How would that work?)
None of this will work.
Sounds like a plan where Maduro can walk away with Venezuela’s whole economy, when things finally fall down.
Venezuelan oil can’t just be pumped and used. It’s dirty stuff that needs steps to clean. When Chavez confiscated the oil industry, the US companies overseeing extraction and refining disappeared, leaving a processing vacuum that was never filled.
This oil-for-bitcoin thing smells as sure as a 90-yard field goal attempt.
Why don't they just sell the oil? Oh, they can't. Their talent has fled, assets being seized.
But the people are happy. They are all millionaires and have all lost weight. Many are on vacation in neighboring countries.
Actually, dealing in bitcoin has helped people who are trying to buy or sell property. Mainly because the fluctuation in the Venezuelan currency is so erratic that when one person agrees to sell his property by the time papers are drawn the land gets devalued in sometimes just one day, which makes any transaction difficult. They are finding that bitcoin is helping out smooth over transactions.
Good luck with that.