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VENEZUELA: The oil-backed virtual currency called the petro was launched yesterday.
Caracas hopes the novel money will reduce its dependence on the US dollar for international trade, increasing the country’s resilience in the face of US sanctions and economic warfare.
Each petro is to have the initial value of a barrel of oil and the plan is to release 100 million tokens.
US tariffs have had Von der Leyen bowing in submission, while comments from the former European Central Bank leader call for more European political integration and less individual state sovereignty. All this adds up to more pain and austerity ahead, argues NICK WRIGHT
Trump’s economic adviser has exposed the actual strategy: forcing other countries to provide financial support for US hegemony
