Well, the problem is that this oil which is supposed to back petro is still well below ground level and in the middle of nowhere - there is oil, all right but no infrastructure nor the ability to construct one. So, in reality, this petro seems to be backed by nothing.
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didn't know about that! We have to see it... anyway having a president discussing about crypto world... its a great thing!
https://www.reuters.com/article/us-cryptocurrency-venezuela-specialrepor/special-report-in-venezuela-new-cryptocurrency-is-nowhere-to-be-found-idUSKCN1LF15U
Nothing that comes for this specific president is a great thing... Trust me! He has no a little idea from economy... he destroyed our country!
All "socialists" are the same - we were used to say that socialism is like toilet paper - long, grey and only good to wipe your ass ;-)
who voted him them?
saludos
Don't ask me - I am not Venezuelan ;-) But I know all this socialist/communist stuff from the past - luckily we got rid of them assholes in 1989. But the fact is that if the distribution of wealth is very uneven (and there is a considerable number of people who have next to nothing and no perspectives to change that do exist) then this creates excellent conditions for crap ideologies of this sort. So I would say that this is a side effect of aggressive capitalism. Keeping the social equilibrium and sharing wealth is the key.
I do agree about the side effect of the aggressive capitalism