December 16, 2017 – Fort Russ News – Paul Antonopoulos
CARACAS, Venezuela – Residents of El Panal community in a popular district in the west of Caracas, started using their own currency, the Penal, launched by two local collectives on Friday.
The organisations Colectivo Fuerza Patriotica Alexis Vive and Comuna el Panal created a communal currency named ‘Panal’ in order to pay for goods inside the shops of the commune.
According to members of the organisation, this is an alternative to avoid inflation and speculation with the price of food.
“It’s complicated to buy products because we do not have cash in our community, so we decided to boost the communal economy,” Jose Lugo, whose commune consists of about 4,000 families, said during a news conference to announce the currency.
The group has started selling the panal for 5,000 bolivars, about 5 U.S. cents at the black market exchange rate, Reuters reported.
The Bolivar, the Venezuelan currency, is severely inflated as the US continues its covert and overt destabilization of the oil-rich Latin American country as it remains heavily anti-American and anti-imperialist.
Venezuela has the most oil reserves in the world, however, since the beginning of the Bolivarian Revolution in 1999, it has made efforts to reduce and subdue US corporations in the country.