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Venezuela’s New Cryptocurrency: Just Another Form of Control Fraud – Charles Hugh Smith (02/23/2018)

If a currency can’t be converted on demand into the underlying commodity, it’s not “backed by oil,” it’s just another form of control fraud. The broke and broken country of Venezuela appears to be the first nation-state to issue a cryptocurrency token (the petro) as a means of escaping the financial black hole that’s consuming…

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