Venezuela and the Petrodollar
Venezuela's decision to abandon the petrodollar is a necessity. Every sovereign nation has the right to chart its own course. Premise given, the US sanctions against Venezuela is an act of war. Venezuela 's action to abandon the petrodollar that has rendered its currency to worthlessness. is a desperate act of self-defense, mainly to preserve what is left. It is a question of survival. It is not about China, people have rights no matter what their leanings are, to eat and survive. The currency basket is not limited to US Dollars. There are the Euros, the Sterling, the Yen, and recently the Renmimbi. Selling its oil other than the Us Dollar could theoretical help in alleviating its present situation. Why then the US and possibly the west hates Venezuela, it is because Venezuela won't sell their oil at a price dictated by the west and on top of that, Venezuela charges 16 percent royalties from the previous 1 percent for its oil since the nationalization of its oil industry.