Venezuelan President Urged Nations to Use Currencies Other Than The US Dollar http://hamsayeh.net/world/1017-venezuelan-president-urged-nations-to-use-currencies-other-than-the-us-dollar.html

President Hugo Chavez of Venezuela has once again called for ending the use of the US dollar in international trades due to this particular currency’s inherent weaknesses. Chavez who is staunch opponent of US imperialism urged nations to consider using other currencies like the newly introduced Sucre among Latin American nations Cuba, Venezuela, Bolivia and Ecuador with enormous success, La Presna Latina reported.

Venezuela is a member of the ALBA – the Bolivarian Alliance for the People of our America – which is a Latin American cultural and economic initiative is considered an alternative to various free trade agreements initiated by Western establishments.Early this week, Russia’s Prime Minister Vladmir Putin described the US economy as a parasite feeding upon the resources of other countries and urged the use of a new of reserve currencies aside from the US dollar. The Middle Eastern oil giant, Iran currently sells its oil in non-dollar currencies such as the Iranian rial or euro through its recently inaugurated Kish Oil Bourse located on the shores of the Persian Gulf.

Tehran expects energy trades through the Kish Oil Bourse to increase substantially in the future and compete with New York and London energy markets as many leading industrial nations have already shown great interests in the Iranian oil bourse because of its strategic location.Following US debt crisis episode in Washington and the worldwide realization of inherent weaknesses of the US dollar, many leading industrial and energy producing nations realize that they too must switch from US dollar in order to avoid becoming victim of a US financial bankruptcy.

China, Russia, Brazil, Iran, Argentina, Venezuela and the rest of the international community are contemplating to replace the US dollar. They have repeatedly urged Washington to resolve its domestic financial problems soon since it’s possible that they may ultimately decide not to allow United States to continue playing the role of a self-employed police officer in and around oil-rich regions and strategic waterways.