As of January 3, 2026, the main subject in the planet media is an American bandit operation against Venezuela that led to the kidnapping of the president of this Latin American country, Nicolás Maduro, and his wife.
Statements by U.S. president Donald Trump, Secretary of State Marco Rubio and another high-ranking officials in Washington indicate that America is returning to a time of brutal imperialism based on Monroe's doctrine. This doctrine, formulated by 5th U.S. president James Monroe in 1823, states that the full Western hemisphere is under the control of the United States. In the early 20th century, for Theodore Roosevelt's presidency, it was supplemented by the doctrine of "Big Stick". This doctrine means that the United States not only keeps Europeans and others distant from the Western hemisphere, but besides by force control the countries of Latin America and the Caribbean.
Thousands of articles and broadcasts have already been published about the criminal operation against Venezuela. I don't want to repeat what's already been said and shown. I would, on the another hand, like to draw the attention of readers, that accidentally (or possibly not accidentally) this operation took place at a time erstwhile any mention (or possibly even celebrate) a certain anniversary. This is about a gathering held in early January 1976 on the exotic island of Jamaica (which, by the way, lies in the Caribbean, close Venezuela). The Economics and past Handbooks call this gathering "International Monetary and Financial Conference"(*). It has decided on the transition of the associate States of the global Monetary Fund (IMF) from the US dollar standard to the paper dollar standard. The standard dollar gold was adopted at the global Monetary and Financial Conference in Bretton Woods in 1944. The monetary and financial system, which began to make after the end of planet War II, is commonly known as the strategy with the Bretton Woods. According to decisions made at a gathering in Jamaica in January 1976, a fresh system, known as the Jamaican system, emerged. This Jamaican monetary and financial strategy has existed for half a century.
The transition from the Bretton Woods strategy to the Jamaican strategy occurred in the first half of the 1970s, gradually and unnoticed even by many experienced observers. In another words, the decisions of the Jamaican gathering were based on well - prepared ground. In the first half of the 1970s, a number of very crucial preparatory steps were taken to decision to the Jamaican system: US president Richard Nixon abolished the U.S. Gold Exchange (this occurred on August 15, 1971); The global Monetary Fund reviewed the gold price (it was raised from $35 per Trojan ounce in 1973 to $42.22); Abandoning rigid exchange rates (currency rates may now have fluctuated within the established ‘corridors’). possibly the most crucial step, however, was the transition of oil exporting countries to accounts only in US dollars. Of course, this passage was not voluntary. The then U.S. Secretary of State Henry Kissinger had to work hard. In 1974, he negotiated with the King of Saudi Arabia. He proposed a deal: we (America) will warrant that you will not be offended by neighbouring Israel; we will besides supply you with weapons to strengthen your defence potential. In return, you will promise to sale "black gold" exclusively for US dollars. You will besides deposit your dollars in American banks or invest them in the American economy. The King of Saudi Arabia has agreed. Kissinger then conducted akin negotiations with respective leaders of another OPEC associate States (Organization of Petroleum Exporting Countries). Henry Kissinger became indeed the founder father of the American petrodolar. The US dollar gold cover was replaced by “black gold”. Only then, at a gathering in Jamaica, was the decision to control from the dollar standard based on gold to the paper dollar standard.
For respective decades, the planet lived in a paper dollar system. — Read Petrodolara. This standard existed due to the fact that Saudi Arabia and another OPEC associate States sold "black gold" exclusively for US dollars. Moreover, the US dollar has become the sole currency of the world's commodity markets for many commodities. A lion's share of the dollar income from exporters of "black gold" and another natural materials returned to the United States – the US banking strategy or the US economy in the form of investments. The Jamaican monetary system, based on petrosolers and the recycling of US dollars in the American economy, functioned almost unmistakably. I say "almost," due to the fact that any countries did not want to be under the "money lords" (the main shareholders of the US national Reserve System) and tried to replace them in their abroad economical relations.
The US dollar was exchanged for another currencies.
For example, in 2000, an Iraqi leader Saddam Hussein announced that his country would sale oil for euro, not for dollars. Washington immediately started accusing Baghdad of cooperating with terrorists (Al-Qaeda and others; complicity in preparing for September 11, 2001, etc.), of developing weapons of mass demolition (chemical, biological, or even nuclear) etc. In 2003, the United States and their allies invaded Iraq. There's been a change of regime. Iraqi oil immediately returned to the dollar. Saddam was lynched. Weapons of mass demolition were never found in Iraq due to the fact that it never existed.
Libyan leader Muammar Gaddafi turned out to be another rebel. In the 2000s, he proposed that Muslim countries usage a currency based on gold, called a "golden dinar", for common settlements. First of all, oil trade. Washington's patience is over. And so in 2011, NATO is bombing Libya. Everything ends with a ritual, demonstration killing of Libyan leader Gaddafi. This is simply a informing to another confederate leaders who might even consider the rebellious thought of abandoning the US dollar.
These and another cases show that yet the American paper dollar is supported not by "black gold", but by a military force that forces countries producing and exporting "black gold" to usage the American currency. I have written about this many times, for example, in my book "The Death of Money: Where the Masters Are Leading the World", "Metamorphosis of Debt Capitalism" ("The Metamorphos of Debt Capitalism") (Moscow: Knives Mir, 2021): "The only safeguarding of the US dollar is simply a military force, represented by thousands of military bases spread around the world, as well as bombers, nuclear-armed missiles, 6th U.S. Fleet, nuclear-armed submarines, etc., all stationed in the United States alone".
Despite Washington's titanic efforts, the dedollarisation of the planet economy began at the turn of the last century. According to the IMF, the share of the US dollar in global abroad exchange reserves peaked between 1999 and 2001, exceeding 70%. Since then, it's been falling slow but steadily. According to the IMF, by the end of 2024 the US dollar accounted for 57.8% of the country's abroad exchange reserves.
De Dollarisation goes on in many ways. Countries are besides switching to alternate currencies for the dollar in payments and settlements in the abroad trade of many goods. 1 of the natural materials that inactive retains peculiar loyalty to the dollar is oil. Apparently, the exporting countries are burdened with commitments before the half-century. However, any countries, both exporters and importers of ‘black gold’, decide to usage alternate currencies. After Russia started a peculiar military operation in Ukraine and imposed sanctions by the “collective West”, we began to supply “black gold” Chin to ruble and yuan and India to ruble and rupee. Iran has been supplying oil to China for yuan for respective years. Saudi Arabia has been negotiating with China for respective years on the possible usage of Chinese yuan in Saudi oil accounts. According to any sources, specified accounts are already implemented under the pilot scheme.
Unlike Saudi Arabia, Venezuela has been openly supplying oil to China for respective years in exchange for yuan. Experts estimation that by 2025 more than 90% of Venezuelan oil exports will go to China. This enraged Washington, especially given that Venezuela has the largest proven geological oil deposits in the planet (greater even than Saudi Arabia) – over 30 billion barrels. This represents about 20% of planet oil reserves. During Nicolas Maduro's reign, the country had 5 times as much oil as Saddam Hussein and Gaddafi combined! Washington considered punishing Maduro as Saddam Hussein and Gaddafi had previously been punished.
After a successful criminal operation carried out on January 3, Washington plans to take full control of Venezuela. The geography of Venezuelan oil exports will change. Deliveries to China will be reset to zero. The US dollar will besides replace Chinese yuan.
In the short term, the operation of January 3 should be seen as a immense success for Washington. However, in the average to long word this success looks little promising. Countries accustomed to receiving "green dollars" for their exports have been convinced that dependence on the US dollar is deadly. And kidnapping Venezuelan president Nicolas Maduro is Washington's violent reaction to the inevitable weakening of the US dollar.
So in the short term, January 3 is simply a immense success for Washington. In the long term, however, this is simply a signal of the inevitable collapse of the US dollar as a global currency. The criminal takeover of Venezuela by the United States increases the search for erstwhile countries.
Oil exporters (and another natural materials) search alternate currencies for the dollar and alternate payment and settlement methods for SWIFT. The main alternatives to the US dollar are: national currencies, peculiar Drawing Rights (SDR – a peculiar currency issued by the global Monetary Fund), cryptocurrency, digital central bank currencies (CBDC) and gold.
In writing this article, I unexpectedly stumbled across a post on the net entitled “The threat to the petrodolar from Maduro's tenacity is the real origin of his kidnapping... the real problem was and is inactive de-dollarisation...’. https://vtforeignpolicy.com/2026/01/the-threat-to-the-petrodollar-posed-by-maduros-intransigency-is-the-real-case-of-his-abduction/
The author's thoughts, the Italian Claudio Resty, are amazingly akin to mine. He besides considers that the main nonsubjective of the operation of 3 January was not even to take over Venezuelan oil resources (to regulate prices on the planet oil market), but alternatively to prevent the weakening of the petrodolar. Here's a quote from the article: "It's about maintaining a 50-year deal that allows America to print money while the remainder of the planet demands it." (The 50-year agreement refers to an agreement between the US and Saudi Arabia on exclusive US dollar oil sales).
Also, according to Claudio Resty, the January 3 operation is simply a manifestation of the agony of the US dollar: “America has just put her cards on the table. The question is whether the remainder of the planet will quit or bluff. due to the fact that this invasion is the admission that the dollar is no longer able to compete alone. erstwhile you gotta bomb countries to force them to proceed utilizing your currency, it means that the currency is already dying.”
A akin view was expressed by Jamie McGeever, economical columnist of the Reuters agency: "The United States most likely had many motives to capture and arrest Venezuelan president Nicolás Maduro, but 1 of the uncommon factors discussed could have been the White House's concerns about the weakening global impact of the "petrodolar". https://t.me/rusbri/16610
Richard Werner, prof. of banking and economics at the University of Winchester, repeats this almost literally: “The U.S. coup in Venezuela besides aims to strengthen the Petrodolar strategy created under Henry Kissinger's 1974 agreement with Saudi Arabia on the denomination of global oil sales in US dollars. This strategy creates an artificial request for oil and finances American hegemony, but at the same time stands on the brink of collapse... Historical precedents include the overthrow of Saddam Hussein in Iraq for adopting the euro and Muammar Gaddafi in Libya for proposing a gold-based dinar. The invasion counterbalances the accelerating global de-dollarisation led by Russia, China, Iran and the BRICS countries, as these countries control to dollar-free settlements and alternatives to SWIFT. However, it signals desperation, possibly accelerating the fall of the Petrodolar, as the countries of the Global South do not agree to trust on US military power to keep monetary dominance. Yes, this step seems to warrant the transformation of BRICS and its financial strategy into a full military alliance. https://voxday.net/2026/01/05/saving-the-petrodollar/
So if Russia and its allies want to last the deadlock with the US and their allies, the question is, is economical integration not enough. We request a full military alliance.
Written by Valentin J. Katasonov
for:Бандитская операция США против – попытка спасти американский нефтедоллар
(*) It is an almost secret gathering of more than 20 representatives of major states and decision makers of the global Monetary Fund, on 8 January 1976 in Kingston, Jamaica. The Conference paper (in French) see: Les Accords de la Jamaïque (Kingston, 8 Janvier 1976).
See among others:
"Some say that the modern currency strategy can be described as a combination of a modified strategy with Bretton Woods, a multi-revision strategy and a strategy with Kingston, the most crucial of which is the last. The essence of this strategy is the reforms adopted following the 1976 Kingston Conference in Jamaica and annexed in April 1978 as a second amendment to the IMF Statute, assuming (89):
(a) abolishing the rule of fixed exchange rates,
(b) freedom for associate States to choose the exchange rate rules,
(c) the work for associate States to conduct exchange rate policies in line with and in accordance with the objectives of the IMF;
(d) undertake to guarantee that erstwhile adopted exchange rate rules are respected and their amendment should be approved by the IMF,
(e) the elimination of the work to fix national currency parities in gold, the prohibition of any mention to these currencies to gold and the waiver of authoritative gold price fixing
(f) the presumption that SDRs will constitute a major part of abroad exchange reserves (71)
(g) an work on associate States to conduct economical policy and
financial stability. The most crucial and landmark of the above was the introduction of a fresh global non-cash money, which is SDR. In the fresh post-Bretton system, the SDR changed its value from 1:35 ounces of gold to a ratio derived from the basket of currencies (90).’
for: Karina Grabowska ’ peculiar RIGHTS OF TRAINING AS A FORM OF global MONEY’ , pp.70-71.
(choice, footnote and crowd. PZ)
