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| Hugo always dress in red, a symbol of socialism |
The government will hold at least 55 percent of any joint ventures, according to a decree in today’s Official Gazette. The decree sets a royalty rate of 10 percent to 13 percent and says that all Venezuelan gold production will be sold to the state.
Chavez first announced the nationalization of the industry and plans to repatriate Venezuela’s foreign gold reserves on Aug. 17.
By nationalizing gold mines, Chavez ensures the people get a fair share in the mineral wealth, rather than enriching capitalist. The requirement that all gold must be sold to the state will further strengthen the reserves. And the repatriation of gold reserves stored abroad home prevents confiscation.
The action of Chavez is yet another crucial piece of jig-saw puzzle in dismantling the dollar as the reserve currency. Besides, it will also make people to be aware of the world monetary system which will further the destruction of the dollar supremacy.
2 comments:
Hi Veritus,
USD is rising fast lately against other currencies including SGD. What is your view on this? Thanks
Upon every major economic crisis or market crash, the central banks in the world will collaborate to take gold down, in order to destroy gold as a safe haven.
In parallel, they will also coordinate to create US dollar as a safe haven by bringing US dollar up.
Gold is a supreme currency in competition with all the other fiat currency and its winning,
The more gold is taken down, and the more US dollar rise in crisis, is a signal of despair of bankers.
The people must be deceive into using fiat, and must be fooled into think gold as yet another commodity.
Ultimately the law of demand and supply is going to reassert and gold will regain its supremacy. This will happen in not too distant future.
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