In a bold response to western sanctions pressures which have significantly contributed to Venezuela's severely damaged economy, the Maduro government has launched an oil and gold-backed cryptocurrency platform as means of both defense against hyperinflation and embargoed oil trading, and as offense against petrodollar and wider dollar-as-reserve-standard hegemony. Other nations are taking note and quite possibly even participating tacitly in the cryptocurrency's eventual global structural goals via their own digital vehicles, which could dovetail with Maduro's ambitions.
But questions need to be asked of Maduro's government, Maduro's eastern allies, as well as of the sanctioning Trump administration and its allies. Questions that go to the core of not just what cryptocurrencies are capable of doing, but of what money even means anymore in this increasingly digitized, and thus opaquely designed technocratic age where global economic stakes are unprecedented, especially in the domains of cyber warfare, debt, oil, natural gas, gold and other vital commodities.
In this episode of Money & Fear, and in the show's vital Show Notes, we'll look at what Maduro's seeking to do, how his efforts are being perceived by both friend and foe, and how said foes are increasingly over-extended via their sanctions tools. Will Maduro's crypto gamble pull a Bolivarian-salvaging hat trick? Or will it ultimately feed into the hands of those Maduro is fighting against?