In this video, I talk with author and economic analyst John Sneisen about the attempt by Nicolas Maduro to save Venezuela's hyperinflated economy by forcing people to use the Petro Coin in all oil trades. So, the fake government backed so-called cryptocurrency which is based on oil may be the only thing you can buy oil with in one of the largest oil rich countries in the world? Sounds ridiculous, right?
Well the public is overwhelmingly rejecting this desperate attempt to keep the insane Venezuelan government on its feet while the public rolls their eyes after years of poverty and struggling as they ignore government and trade on the free market in real cryptocurrencies like Dash to survive and put food on their tables.
Maduro is famous for coming up with ridiculous plans to save the economy. Ridiculous may just be an understatement. Giving everyone pet rabbits to eat is obviously beyond ridiculous. Meanwhile, the public once again ignores government and puts bows on the rabbits, treating them as pets. There is clearly a free market revolution happening in Venezuela and it could actually end very well with the government falling and simply not being replaced by anything. This is the dream of many in Venezuela after years of MASSIVE government and complete monetary destruction as the Venezuelan Bolivar reaches MILLIONS of percentage points in inflation.
All fiat currencies fail! Time to decentralize everything and join the free market revolution/evolution as the government desperately attempts to stay relevant.
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