Venezuela's Latest Currency Decision Shows Desperation

However, it is a risk for Venezuela to sell oil in any currency other than the dollar or maybe the euro or the British pound. The regime of President Maduro, the quasi-dictator of Venezuela, needs cash to purchase food for its starving people, must pay to keep its oil industry running, and must pay the police and military forces that maintain the Maduro regime’s power. These goods and services cannot be bought with Indian rupees or with Chinese yuan. More…