by Mish Shedlock, Mish Talk:
With Venezuela in default as well as hyperinflation, president Maduro vows to fight a US “blockade” with the “Petro”.
Reuters reports Venezuela to launch cryptocurrency to fight ‘blockade’: Maduro.
President Nicolas Maduro said on Sunday that Venezuela will launch a cryptocurrency to combat what the leftist leader says is a financial “blockade” against the crisis-hit nation spurred by U.S. sanctions.
Maduro said the OPEC member’s new currency, “petro,” will be backed by natural resources reserves although he did not provide details on the logistics of its roll-out.
The number 1 problem in Venezuela is Maduro, not lack of food or money. Maduro’s socialist program is what created hyperinflation.
— Prof. Steve Hanke (@steve_hanke) November 23, 2017
Venezuela Hyperinflation Hits 4,000%
— PanAm Post (@PanAmPost) December 3, 2017
So a Venezuelan government crypto currency brought to you by the same statist minds that created the Bolivar hyperinflation backed by oil that no one left in Venezuela knows how to pull out of the ground anymore.
Maduro is a murderous dope.
Buy Bitcoin and shun this shitcoin. https://t.co/v7XhFFYsiw
— 🌇 (@urbanarson) December 3, 2017
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