Letters to THE EDITOR: Building a payment system outside the dollar

Building a payment system outside the dollar

The real reason for the US invasion of Venezuela can be traced back to a deal made by Henry Kissinger with Saudi Arabia. This is actually about the survival of the US dollar itself. Not drugs. Not terrorism. Not "democracy." This story is about the petrodollar system that has kept America the dominant economic power for 50 years. And Venezuela just threatened to end it. Venezuela has 303 billion barrels of proven oil reserves, the largest on Earth. Venezuela's proven oil reserves surpass those of Saudi Arabia and account for 20% of the global oil reserves. But here's the part that matters: Venezuela was actively selling that oil in Chinese yuan. Not dollars. In 2018, Venezuela announced its intention to "free itself from the dollar." They started accepting yuan, euros, rubles, and anything but dollars for oil. They were petitioning to join BRICS. They were building direct payment channels with China that bypass SWIFT entirely. And they were sitting on enough oil to fund de-dollarization for decades. This issue matters much because the entire American financial system is built on one thing, and that is the petrodollar. In 1974, Henry Kissinger made a deal with Saudi Arabia—all oil sold globally must be priced in US dollars. In exchange, America provides military protection. This single agreement created artificial demand for dollars worldwide. Every country on Earth needs dollars to buy oil. This lets America print unlimited money while other countries work for it. It funds the military. The welfare state. It also finances the deficit spending. The petrodollar is more important to US hegemony than aircraft carriers. And there's a pattern of what happens to leaders who challenge it by actively selling in yuan. Building payment systems outside dollar control. Petitioning to join BRICS. American sweat, ingenuity, and toil created the oil industry in Venezuela. Its tyrannical expropriation was the largest recorded theft of American wealth and property. A flurry of strikes accompanied the extraordinary nighttime operation, which came after months of escalating pressure on the oil-rich nation.

Maniam Ramani Jayanthy

(mrjayanthi@yahoo.in)

Priyanka to head candidate selection panel

In a significant organizational move ahead of the Assam assembly elections, the Congress has entrusted Priyanka Gandhi Vadra with a key strategic role, appointing her chairperson of the party’s screening committee for candidate selection in the state. The decision was announced late Saturday night by All India Congress Committee (AICC) general secretary (organization) K.C. Venugopal, who unveiled the screening committees for five states and Union territories set to go to the polls in the first half of the year. The party has constituted four-member committees for Assam, West Bengal, Kerala, Tamil Nadu, and Puducherry, tasked with finalizing the party's candidate lists for the upcoming elections. AICC general secretary and Member of Parliament Priyanka Gandhi Vadra will lead the Assam committee at a time when the Congress is preparing to enter the electoral fray as part of a broader opposition alliance. Lending support to her on the panel are her close aides, Lok Sabha MPs Imran Masood and Saptagiri Sankar Ulaka, along with Sirivella Prasad. The high-stakes election to the 126-member Assam Assembly is expected to be held in March–April, and the Congress has already begun laying the groundwork for a united Opposition challenge. Last month, the party joined hands with CPI(M), Raijor Dal, Assam Jatiya Parishad (AJP), CPI, CPI(ML) Liberation, Jatiya Dal-Asom (JDA), and the Karbi Anglong-based All Party Hill Leaders Conference (APHLC) to contest the polls from a common platform.

With Priyanka Gandhi Vadra at the helm of the screening process, the Congress is signaling a focused and centralized approach to candidate selection in Assam, as it seeks to sharpen its electoral strategy and present a cohesive challenge in a state where alliances and arithmetic could prove decisive.

Bhagwan Thadani

(bhagwan_thadani@yahoo.co.in)

Book fairs: Perfect sites of knowledge

At a time when the publishing industry navigates an increasingly digital world, Union Minister Sarbananda Sonowal, during his recent visit to the Assam Book Fair at Khanapara, made a very thoughtful comment that book fairs are pilgrimage sites of knowledge, which deserve to be appreciated. There is no doubt that book fairs are the powerhouse of knowledge on various subjects, which pave the way for intellectual growth and a thoughtful society. It gives children a motivation to read by offering them a wide selection of books to choose from before they decide to buy. When children go to a book fair with their parents, both have the opportunity to pick out and read books together. This helps both to instill a love for books and a love of reading. Is there anything else that could possibly leave a more lasting impression than books? When teachers visit a book fair, they get a chance to see and buy books, and that too at discount rates, which proves to be very useful for their classroom teaching. Book fairs, no doubt, are traditional events today, but they are invaluable. The gathering of book lovers at book fairs helps immensely the future of book publishers, who gain a unique chance to gain insights into new trends, especially in the areas of digital transformation and technological advancement. Therefore, book fairs significantly contribute to the development of a broad-minded, constructive, and progressive human population. Therefore, it is a much-attended event for book enthusiasts of all age groups, especially children, to expose themselves to good books and cultivate a reading habit.

Iqbal Saikia,

Guwahati

Iran’s crisis

Unrest is simmering in Iran as skyrocketing prices, unemployment, and a weak currency have escalated into protests. Clashes with security forces and arrests have only fueled public anger. To calm the situation, the government must tackle economic woes, create jobs, rein in inflation, and reach out to its people.

The international community, including India, can chip in by encouraging dialogue, supporting humanitarian trade, and keeping communication channels open without interfering in Iran’s affairs. The UN can step in to mediate, monitor rights, and deliver aid. Together, these steps can help Iran regain stability and peace.

Dipen Gogoi,

Teok, Jorhat