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| ‘A Paradigm Shift Western Media Hasn't Grasped Yet’ - Russian Ruble Relaunched, Linked To Gold & Commodities |
| 2022-04-04 |
| [ZeroHedge] |
| Posted by:Skidmark |
| #13 Credit Suisse's Zoltan Pozsar, a currency and interest rate expert who used to be a top official in the US Treasury, argues that Bretton Woods II collapsed when the G7 countries seized Russia's foreign exchange reserves. Pozsar argues that the next global currency regime will not be driven by the US dollar but by commodities instead. The West's sanctions have created a large gap between Russian and non-Russian commodities' prices, and the only way for markets to close this gap is by ditching the dollar and moving back toward the gold standard. Which is exactly Russia's strategy. Last week the Russian central bank pegged the ruble to gold and forced Russian banks to sell their gold holdings to the central bank at a slightly discounted price. Russia is in effect arbitraging the sanctions and positioning itself to come out ahead in a post-Bretton Woods, new world monetary order in which commodities are king. This is probably the biggest reason that so many nations around the world are siding with Russia rather than the West. |
| Posted by: Slineling Chusong5031 2022-04-04 17:56 |
| #12 shipping containers full of it! |
| Posted by: Greng Black3494 2022-04-04 14:35 |
| #11 Russia has some of the biggest reserves of physical gold on the planet, more than enough to back the ruble with a gold standard. This also links the oil price for Russian exports to the gold standard. In effect, the Bank of Russia's move has put floor under the ruble and also boosted the value of these two physical commodities, physical gold and oil. Bad news for the dollar. Hyperinflation will hurt the dollar and boost the ruble, also sendcthe price of physical gold upward. |
| Posted by: Whoger Grundy7581 2022-04-04 14:31 |
| #10 What's the point of those trips down memory lane? History tends to repeat itself. Tragedy. Farce. Something that makes tragedy and farce remind everyone of good times. |
| Posted by: M. Murcek 2022-04-04 09:23 |
| #9 /\ Valid point, but "Memory Lane" has a Cul de sac on both ends. |
| Posted by: Besoeker 2022-04-04 09:20 |
| #8 What's the point of those trips down memory lane? US logistics maintained fighting forces in two theaters simultabeously on the other side of the world; the Russians are failing to keep a force supplied in the next country over. |
| Posted by: Rob Crawford 2022-04-04 09:18 |
| #7 As I recall, they corrected the problem by just letting every soldier wear a beret. |
| Posted by: M. Murcek 2022-04-04 09:14 |
| #6 /\ I'll never forget then Army Chief of Staff Gen. Eric Shinseki and the first issue of the Nearly twenty years ago. Seems like yesterday. |
| Posted by: Besoeker 2022-04-04 09:12 |
| #5 I remember the stink years ago about fake grade 8 bolts from China turning up in US military equipment and commercial aircraft. I wonder what other substandard Chinese stuff has continued to find its way into our gear. |
| Posted by: M. Murcek 2022-04-04 09:08 |
| #4 /\ Yes, the horrible Russian bear has been exposed. Or was it only the Chinese truck tires? Not good news for our Military Industrial Complex or the constantly chirping blame Russia beltway crowd. Oh wait, excuse my redundancy. |
| Posted by: Besoeker 2022-04-04 09:05 |
| #3 *Yawn* Russia can't even maintain trucks, let alone their economy. |
| Posted by: Rob Crawford 2022-04-04 09:00 |
| #2 Yes. "Possession is 9/10 of the law" becomes more like 99.9999% when an underground vault is involved. |
| Posted by: M. Murcek 2022-04-04 08:25 |
| #1 Bullion star dot com has a detailed breakdown on how much gold various countries believe they have stored in London vaults. It’s going to be interesting to see what they may be allowed to repatriate. It’s taken Germany 5 years to relocate a fraction of their holdings. I’m not a gold bug so I found the information very illuminating. Learned about the tungsten adulteration of gold bars in Macau in 2019 along the way. Holdings of physical gold have been pretty opaque but with recent changes they may become of greater interest to the citizens of the countries owning them |
| Posted by: Slenter Panda4300 2022-04-04 08:18 |