Refusal to hand over Venezuelan gold means end of Britain as a financial center – Prof. Wolff

Refusal to hand over Venezuelan gold means end of Britain as a financial center – Prof. Wolff

The freezing of Venezuelan gold by the Bank of England is a signal to all countries out of step with US interests to withdraw their money, according to economist and co-founder of Democracy at Work, Professor Richard Wolff.

He told RT America that Britain and its central bank have shown themselves to be “under the thumb of the United States.”

“That is a signal to every country that has or may have difficulties with the US, [that they had] better get their money out of England and out of London because it’s not the safe place as it once was,” he said.

The Bank of England is currently withholding $1.2 billion in gold from Venezuelan President Nicolas Maduro’s government, but is being urged by Washington to release it to the chairman of the National Assembly, Juan Guaido. Last week, the US backed Guaido as the legitimate president of Venezuela, after he declared himself interim president.

According to Professor Wolff, control of Venezuela’s oil has always been an urgent issue for Washington.
He also said that the collapse of Britain as a global power, which was accelerated by Brexit, is now about to take another step.

“One of the few things left for Britain is to be the financial center that London has been for so long. And one of the ways you stay a financial center is if you don’t play games with other people’s money,” he said.