Stealing of Another Venezuelan Asset?

After the Trump administration’s illegal invasion and capture of Maduro (for which I believe he should be impeached), global attention has largely focused on Venezuela’s vast oil wealth – generally considered the largest reserves of any nation in the world. But should we also be concerned about another Venezuelan asset?

The country also has significant financial holdings… in GOLD! - some of which is stored at the Bank of England. The value was estimated at $1.95 billion… in 2020. With the price of gold almost double compared to five years ago, it’s value could be north of $3.5 billion. For years the gold bars entangled the Bank, and the UK government, in Venezuelan politics, resulting in a geopolitical battle that is now taking a fresh twist.

The practice of governments storing bullion in Britain is not unusual: the Bank keeps about 400,000 bars on behalf of various governments and institutions, second only to the New York Federal Reserve.

Since 2018, Venezuela has been blocked from bringing the gold home due to foreign pressure on Maduro following the country’s controversial presidential elections that year. Who requested the gold blockade? America’s interfering emperor, Donald Trump. The UK Foreign Office agreed to block any gold transfer at his suggestion.

Britain, along with dozens of other countries, did not recognize Maduro as the country’s legitimate leader. Opposition figures also urged the Bank not to hand over the money, arguing Maduro would either steal the gold or use it to finance his dictatorial government.

In 2020, Venezuela sued, via London courts, to recover the gold, with the Maduro government arguing it needed money for its pandemic response. Opposition leader, Juan Guaidó, also claimed control, initiating a complicated legal battle as the UK government formally recognized Guaidó as Venezuela’s interim head of state. Guaidó is no longer recognized and the legal case remains unresolved.

Venezuela’s now interim president, Delcy Rodríguez, had previously described the Bank of England’s refusal to release the gold bars as ‘blatant piracy’. She would be correct. Refusing to give an entity – be it a person, business, charity, or even a country – what belongs to them is theft. I can’t imagine anyone reading this who wouldn’t be completely upset if any part of their assets were frozen for something the government disagreed with us on.

Rodriguez has taken a quieter stance since Maduro’s capture, offering to work with the US. However, Britain continues to not recognize the Venezuelan administration because it is “important that we have the pressure in place to have a transition to a democracy”. While desiring democracies worldwide is a worthy goal, no country should ever dictatorially impose democracy on another country.

With the value of gold crazily “going through the roof”, and with seizing another country’s assets being common, countries would be wise to build their own impenetrable fortresses and store their own gold at home where it can’t be frozen. After all, it’s their gold, whether it’s held by a dictator or a so-called democracy.

Source: the Guardian