Actually it is backed by oil.
Backed by more than the dollar.
Backed by oil they can’t get out of the ground or transport.
*** “Actually it is backed by oil” ***
Really Crappy Oil that they themselves cannot process or produce for that matter...
Their Fiat $ is backed by nothing but Govt Incompetence and people that vote them in ... let the learning begin.
*** “Backed by more than the dollar” ***
Don’t think so sport
The US dollar is backed by the American Economy. There will never be a metal-backed currency again. You use dollars to buy them.
“Actually it is backed by oil.”
not really ... what’s supposedly “backed” by oil is a fake “cryptocurrency” called the Petro that’s been declared a scam by all the major cryptocurrency rating sites ...
Backed by oil? Isn’t someone repossessing their refinery and stations due to the fact they missed paying off a 1.1 billion note.
But, they aren’t selling their oil. So, the oil is not relevant at this point.
“Actually it is backed by oil.”
Their oil exports are not enough to even feed the people due to the fact that communism has destroyed the economy of that nation. Thus they have no oil to back their currency. In addition their production of oil has plummeted due to the fact that those that know how to drill and produce the oil left Venezuela and most wise was their leaving.
Venezuela today is just a name place on a map. That once good nation no longer exists as law and order are no more. I would not be the least bit surprised to see Western Venezuela attach itself to Columbia via an armed revolution.
A lot of oil is there.
I worked there a few years pre Chavez. Life there was good then.