The United States has decided to ban – in the form of sanctions – transactions in Venezuela’s new cryptocurrency, the Petro. This is a bad, bad, idea. For it plays right into the hands of the usual idiots who insist that the only reason the socialist revolution has never worked in Latin America is because of the Damn Yanquis. This not actually being the cause, rather, Latin American socialism has always been destined for failure on the grounds that Latin American socialism is never going to work, Damn Yanquis or not.…
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Venezuela’s Petro Cryptocurrency – Assignat Or Rentenmark?
When you’ve entirely blown up the value of a fiat currency the correct solution is to introduce a new form of money. So, Venezuela has destroyed the value of the bolivar fuerte by printing too many of them (to the point that a request to print more went out in such volumes that the bank note printing capacity of the planet was strained) so, yes, the correct solution is to have another currency. This does not mean that the Petro, the country’s entrant into the cryptocurrency market, is the correct solution.…
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