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Josh Sigurdson talks with author and economic analyst John Sneisen about the recent finding that Venezuela will be out of gold by May or June next year.
Since November, Venezuela has lost 1.6 billion dollars worth of gold.
Several years ago under Hugo Chavez, Venezuela repatriated its gold from central banks around the world. Chavez soon after died and Venezuela started selling its gold to pay for its crippling level of debt. Keep in mind that Canada sold all of its gold some years ago and therefor Venezuela has more gold than Canada. Now Venezuela will join the club and sell off all remaining gold.
Venezuela has printed so much bolivar fuertes that their gold could never pay off what they created.
All fiat currencies eventually revert to their true value of zero. They always have, they always will going back to 1024AD in China. Venezuela is going the way of the Wiemar Republic and Zimbabwe. Total hyperinflation. Poor trillionaires.
This is the end result of all centralized socialist empires. Dependent on oil. A populace in servitude. Vast debt. Hyperinflation. Bread lines. People breaking into zoos to eat the animals out of desperation.
We will continue to break this issue down. Stay tuned!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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