At its root, a currency has power because people believe it does. As belief in and fealty to the dollar continue to erode, we can expect the U.S. to fight, brutally when deemed necessary, to maintain the status quo that made it an empire.
The reported initiative follows a recent trend by Venezuela to take back control of its national reserves and move away from US- and dollar-controlled financial institutions.
Venezuela is looking to repatriate 14 tonnes of gold from the Bank of England as US-led sanctions target their international assets, Reuters has reported. The move, which will bring around US $550 million of international reserves back under Caracas’ control, was initiated two months ago by the Central Bank of Venezuela (BCV),