Venezuela Is Trying To Prevent A BANK RUN! How? By Taking Over The Private Banks.
Venezuela has been a book of bad ideas ever since Chavez tried to implement socialism in the Bolivar nation. How has that been working for them? Josh and I have numerous times covered the monetary and governments insanity in Venezuela. From operation rabbit to removing 000's from their currency, to saying the country lack paper to print passports to the launch of the ICO fraudulent Petro.
As I said, there is no lack of bad ideas both from the government and central bank. Recently the Venezuelan government has tried to control the nations evil corporations. Maybe they are evil as many times they are run by US foreign fascist corporations. https://www.smh.com.au/world/south-america/venezuela-arrests-top-bank-executives-20180504-p4zdh4.html
With considerable problems in their economy from the dependency of oil and thinking that socialism was a grand exit strategy to create a nation like Scandinavia, they ended up going down the track of a dictatorship. They have also sold almost half of their gold holdings.
Maduro has continuously blamed economic warfare on the demise of the Bolivar state, but I saw the economic dependency on oil is a problem. Now we see the failure of the economy and the need of printing Trillions of Bolivares to try to try to save the government from bankruptcy as over $40B in loans from US banks will be defaulted on. https://www.amazon.com/End-Freedom-Monetary-prepperss-surviving-ebook/dp/B016SECTSW
The Obama issuance of Executive Order 13808 of August 24, 2017, that was created not just to stop corrupt government official, but mostly to try to intervene to stop banks that borrowed currency to Venezuela from having Venezuela default of their loans and potentially destroying banks like Citibank from going bust. https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20170825.aspx
As private banks are getting taken over the populace that is left are getting desperate to get their cash out of the banks and now it looks like fractional reserve banks if they are private or government ran doesn't matter as they only have a fraction of the cash the populace have in deposits. What remains to be seen is if the people will look through the bankster scams run by the government or private institutions.
When you run a scam it doesn't matter if the government or private institutions run it it's still a scam. That is what the newspapers don't get! Banksters are deadly afraid of a bank run for cash as that will take down any bank as I have covered in reports on the World and Canadian banks and credit unions. They have very little cash left, and that is why the next step for governments is to go cashless to make sure that the government doesn't lose control over the system together with their bankster friends who rules the money creation system.
Again the bankster and government ran failure of Venezuela becomes more and more apparent as there is no turning back for the Venezuelan fiat currency and with the Bolivar being weighted for transactions it is a part of the last steps of the failing economy. The previous actions taken was to confiscate as many of the guns of the local population as possible to control them.
No matter how much the communists think they are fighting the control of the capitalist over the Venezuelan nation, they will have to face the monetary fact that people will stop trusting the Bolivar and there is no end to the monetary madness of the Venezuelan government.
While the official inflation is low compared to the black market inflation that I track using the Bitcoin price in Bolivares vs the USD in BTC, it is funny how it is over ten times higher than the government number. Makes you think why you feel like you are paying a lot more for groceries here in Canada vs the official inflation rate. The question is should we trust government at all. Well, that one is super easy! NOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!
Governments always lie, and they will deceive you until it's game over as they are not willing to recognize the truth of the matter that their attempt of even having full government control over fiat will fail miserably and there is no stopping it!!
Its time to get into things that will keep us of the fiat grid and that is cryptocurrency, precious metals and commodities that will keep you alive!! It is my opinion from years of researching failures of currencies throughout history!
BUT I think that to understand history is to look as far back in history as we can, and history is ridden with hundreds of fiat currency collapses even though everytime they think their approach was different!
Peace, Love and Voluntaryism,
John
Here's another classic illustration of the truth vs lies human innate bias.
It's sad to say but yeah I agree. This is what's happening. No one wants the truth if they think it's unpleasant.
I do not wonder why World od Warcraft currency is more stable in Venezuela than their own one
Through discipline comes freedom. ~ Aristotle
Wow! Good thought! Aristotle might be right now that we see this things happening.
Ayn Rand's Atlas Shrugged needs to be mandatory reading for the kids in whatever new authority replaces the current government
I didn't know Venezuela has problems like this. I hope they fix it.
This problem has been going on for years.... the country is running out of food and medicine.
It wasnt that long ago that they confiscated the assets of foreign companies declaring them property of the Venezuelan people....