American economic sanctions have been the worst crime against humanity since World War Two. America’s economic sanctions have killed more innocent people than all of the nuclear, biological and chemical weapons ever used in the history of mankind.
The fact that for America the issue in Venezuela is oil, not democracy, will surprise only those who watch the news and ignore history. Venezuela has the world’s largest oil reserves on the planet.
America seeks control of Venezuela because it sits atop the strategic intersection of the Caribbean, South and Central American worlds. Control of the nation has always been a remarkably effective way to project power into these three regions and beyond.
From the first moment Hugo Chavez took office, the United States has been trying to overthrow Venezuela’s socialist movement by using sanctions, coup attempts, and funding the opposition parties. After all, there is nothing more undemocratic than a coup d’état.
United Nations Human Rights Council Special Rapporteur, Alfred de Zayas, recommended, just a few days ago, that the International Criminal Court investigate economic sanctions against Venezuela as a possible crime against humanity perpetrated by America.
Over the past five years, American sanctions have cut Venezuela off from most financial markets, which have caused local oil production to plummet. Consequently, Venezuela has experienced the largest decline in living standards of any country in recorded Latin American history.
Prior to American sanctions, socialism in Venezuela had reduced inequality and poverty whilst pensions expanded. During the same time period in America, it has been the absolute reverse. President Chavez funnelled Venezuela’s oil revenues into social spending such as free+6 healthcare, education, subsidised food networks, and housing construction.
In order to fully understand why America is waging economic war on the people of Venezuela one must analyse the historical relationship between the petrodollar system and Sanctions of Mass Destruction: Prior to the 20th century, the value of money was tied to gold. When banks lent money they were constrained by the size of their gold reserves. But in 1971, US President Richard Nixon took the country off the gold standard. Nixon and Saudi Arabia came to an Oil For Dollars agreement that would change the course of history and become the root cause of countless wars for oil. Under this petrodollar agreement the only currency that Saudi Arabia could sell its oil in was the US dollar. The Saudi Kingdom would in turn ensure that its oil profits flow back into US government treasuries and American banks.
In exchange, America pledged to provide the Saudi Royal family’s regime with military protection and military hardware.
It was the start of something truly great for America. Access to oil defined 20th-century empires and the petrodollar agreement was the key to the ascendancy of the United States as the world’s sole superpower. America’s war machine runs on, is funded by, and exists in protection of oil. Threats by any nation to undermine the petrodollar system are viewed by Washington as tantamount to a declaration of war against the US.
Within the last two decades Iraq, Iran, Libya and Venezuela have all threatened to sell their oil in other currencies. Consequently, they have all been subject to crippling US sanctions. Over time the petrodollar system spread beyond oil and the US dollar slowly but surely became the reserve currency for global trades in most commodities and goods. This system allows America to maintain its position of dominance as the world’s only superpower, despite being a staggering $23 trillion in debt.
With billions of dollars worth of minerals in the ground and with the world’s largest oil reserves, Venezuela should not only be wealthy, but her people the envy of the developing world. But the nation is essentially broke because American sanctions have cut them off from the international financial system and cost the economy $6 billion over the last five years.
Without sanctions, Venezuela could recover easily by collateralising some of its abundant resources or its $8 billion of gold reserves, in order to get the loans necessary to kick-start their economy. There is nothing more undemocratic than a coup d’état. A UN Human Rights Council Rapporteur, Alfred de Zayas, pointed out that America’s aim in Venezuela is to “crush this government and bring in a neoliberal government that is going to privatise everything and is going to sell out, a lot of transitional corporations stand to gain enormous profits and the United States is driven by the transnational corporations”.
Ever since 1980, the United States has steadily devolved from the status of the world’s top creditor country to the world’s most indebted country. But thanks to the petrodollar system’s huge global artificial demand for US dollars, America can continue exponential military expansion, record breaking deficits and unrestrained spending.
America’s largest export used to be manufactured goods made proudly in America. Today, America’s largest export is the US dollar. Any nation like Venezuela that threatens that export is met with America’s second largest export: weapons, chief amongst which are sanctions of mass destruction. - Garikai Chengu
New Era Reporter
2019-02-01 09:49:58 15 days ago