by Nino Pagliccia
Pagliccia is an activist and writer based in Vancouver,
Canada. He is a Venezuelan-Canadian who writes about
international relations with a focus on the Americas.
is editor of the book "Cuba Solidarity in Canada - Five
Decades of People-to-People Foreign Relations"
is a frequent contributor to Global Research.
image Black Agenda Report
revolution in Venezuela
Venezuela has undergone many challenges in the last twenty years
Hugo Chavez was elected
president and continued after his death in 2013.
The main reason is that
Venezuela has taken seriously the internationally recognized right
to be sovereign and establish its own social model.
Violence has never been
part of the model. However, violence has been the reaction of those
who do not want to change the status quo despite people's majority
democratic electoral choice.
The new social model chosen by Venezuela has been widely called the
Bolivarian Revolution. It is a
revolution that is still under construction.
In fact, having defused
the rampant rightwing violence, and with Nicolas Maduro as
the reelected president last May 20, Venezuela continues building an
unequivocal socialist anti-imperialist society by strengthening its
It is succeeding socially
and politically by retaining a large popular support while it is
struggling economically because of foreign induced hyperinflation,
crippling sanctions and financial U.S. blockade.
Last July 25 President Maduro announced a series of economic
measures that many were expecting following the creation on the
crypto currency, the Petro, last March. 
The most relevant
announcement was that on August 20 Venezuela will put in circulation
a new currency, the Sovereign Bolivar (Bolivar Soberano - BsS),
that will reduce by five zeros the current value of the Strong
Bolivar (Bolivar Fuerte -
The referential value of
the BsS will be linked to the Petro, whose value is pegged to the
price of a barrel of oil.
To give substance to this
action, the state oil company PDVSA - with the largest oil reserves
in the world - will transfer a large oil field in the Orinoco Belt,
with almost 30,000 million barrels of oil, to the Venezuelan Central
Undoubtedly, this sent shockwaves to the world monetary and
financial system in what may be dubbed a "monetary revolution" that
signals the beginning of a possible trend to drop the U.S. dollar as
a reference and the expansion of the use of crypto currencies. Iran
has already suggested it might take a similar path.
China are already building their
gold reserves to back up their currency and they may welcome
Venezuela's move since they have economic interests in Venezuelan
It is still too soon to understand the full implications of this
monetary revolution, also considering that we do not know the
details of the monetary conversion. We do know its stated
intentions, which are to stabilize the currency, stop capital
flight, increase production and encourage international investment
all leading to economic recovery.
We also know that there
was a pre-emptive reaction last March when the U.S. announced
sanctions to forbid U.S. citizens and business from doing any
But the difficulty of predicting any real impact on the Venezuelan
economy is also due to a great extent to the level of trust from
Maduro was quite aware of
this when he said:
"I ask for your
confidence, I ask for your support, beyond ideologies and
political positions, because Venezuela needs this change."
Surely, we do know the
political reasons why 'Venezuela needs this change'...
In a sentence, the U.S.
is using all its power to produce another type of change in
Venezuela - a regime change - in order to have imperial control over
it by creating economic havoc.
system and economic sanctions
Military threats as the ones already used against Venezuela under
the pretext of alleged humanitarian crisis can be quite a
strong disincentive on the economy, however, even with its military
might U.S. imperialism could not survive or spread without the
financial system that keeps track of the global capital.
military industrial complex, armies
banking institutions can be seen as
the hardware of
the U.S. imperial machine, the
U.S.-based financial system is the software that operates the
day-to-day operations of policing trade, competitors and governments
to ensure the generation and protection of wealth for the empire
through financial monopoly.
The policing of all
financial transactions by the U.S. was facilitated when the gold
standard was dropped by the Nixon administration and the dollar
became the new monetary standard.
But we need to keep in
mind that the dollar also has a psychological value based on the
trust people put on it.
We could say that it is
largely a paper "crypto" currency, whose value is manipulated
by the U.S. financial system and enforced by the military power.
In fact, part of the policing process is punishing all those deemed
to challenge any aspect of U.S. power. And that's when sanctions and
financial blockade come into the picture.
The U.S. has used
sanctions and financial blockade regularly as instruments of
A recent report titled "To whom and why does the United States
impose sanctions?" about some of the countries affected by this
perverse strategy states,
"Beyond the rhetoric
that justifies it in the name of 'democracy', sanctions are an
instrument of war, designed to make people suffer in order to
bend sovereign States." 
The same report further
"In Latin America,
during the post-war period, economic sanctions have been an
instrument of intervention and interference, used to 'punish',
extort and destabilize governments that posed some kind of
obstacle to the expansion of U.S. interests." 
To those who believe that
this is an exaggeration we remind them of former U.S. Secretary of
State Madeleine Albright reaction to the deaths of 500,000
Iraqi children as a result of sanctions:
"We think the price
was worth it."
And paraphrasing Canadian
author Stephen Gowans,
have killed more people than the nuclear bombs used by the U.S."
Another report, drafted
by the People's Power Ministry for Foreign Relations of the
Bolivarian Republic of Venezuela, titled "Sanctions and Blockade
- Aggression to the Bolivarian Republic of Venezuela" refers more
specifically to that country.
The report presents,
"arguments and facts
that demonstrate the existence - since 2014 - of a hostile and
aggressive policy undertaken by the United States of North
America towards Venezuela.
This policy is
expressed with particular intensity in the adoption of
unilateral and coercive measures (sanctions) aiming at affecting
the economic and political stability of Venezuelan democracy,
within a framework that looks to achieve the overthrowing of the
constitutional government." 
At the time of writing a failed
attempt on the life of president Nicolas
Maduro was carried out on August 4 while he was
delivering a speech to a gathering of the Bolivarian National Guard.
information reports that the security forces immediately began the
investigations and that several of the material authors of the
attack have been captured together with part of the evidence of the
The effective initial
investigation made it absolutely clear that this is a conspiracy
against the life of the President employing an act qualified as
The Government of Venezuela is convinced that this attack
desperately sought to stop the implementation of the new measures
for economic recovery announced by the Maduro administration and
that are to be launched on August 20.
These measures are meant
to be effective responses to the country's crisis that will bring
stability, prosperity to all citizens and hopefully peace.
The Maduro government is doing everything possible to tackle the
foreign induced economic crisis by announcing what can be called a
"monetary revolution" with a new currency linked to a crypto
currency pegged to the price of oil, while at the same time
preserving its on-going revolution, the socialist Bolivarian
We do not know what the ultimate impact will be on the economy
because there are too many factors involved.
are skeptical about a positive impact and even call on the
government to implement other economic measures that might
include a compromise of its socialist principles.
any compromise as a myopic approach - no matter what the
short-term intentions might be - that will play in the
interests of the U.S.
We should not doubt for a
moment that any attempt to liberalize the Venezuelan economy under
the banner of Bolivarian Revolution will not be allowed to
succeed, as more liberal policies are not allowed to succeed in
Nicaragua under the banner of
The U.S. will never give
up its goal of regime change.
60-year-old blockade of Cuba is
another point in case despite the recent cautious introduction of
"market economy" elements in the country.
Disillusioned Venezuelans and the international community of
experts, analysts, observers and activists - indeed all who care
about a sovereign Venezuela and a more just world community - should
turn their gaze on, and reject, the real intentions of the U.S. as
the world power, and vociferously call on other nations to a more
radical rebellion of the oppressed.
The rapid success of this
rebellion lies on the strength of unity and solidarity.
We do know the devastating impact of economic sanctions on the
population, and stopping the human suffering needs to be the focus
of our attention.
It is encouraging to see that a new campaign is taking shape,
"to end U.S. and
Canada sanctions against Venezuela." 
An initial subscription
to the campaign gathered dozens of signatures from the U.S. and
This is precisely what Venezuela needs from the international
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For more information on the campaign, e-mail: