Russia takes only rubles for gas, links ruble to gold

Posted by bubah1mau 4 months, 1 week ago to Economics
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Is the petrodollar doomed? I didn't see anything about digital/crypto currencies in this article--only rubles and linkage of rubles to plain old gold. Now, when Europe buys gas (and possibly oil very soon) from Russia, it appears they will be propping up the price of gold

If other gas/oil producers follow Putin's lead, the days of COMEX paper manipulation of commodity markets will be doomed. Oil/gas consumers may be scurrying to buy physical gold and/or currencies other than dollars, to settle their international accounts.
SOURCE URL: https://www.zerohedge.com/commodities/paradigm-shift-western-media-hasnt-grasped-yet-russian-ruble-relaunched-linked-gold-and


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  • Posted by CaptainKirk 4 months, 1 week ago
    From My Perspective.
    Putin is the ONLY LEADER Fighting the Globalists.

    Xi is playing both sides. He is screwing the Globalists when he can get away with it, through Proxy moves. And working with them to enshrine his power.

    But so many more people are hating on Putin around here (term) than on Xi...

    Even though I will ultimately suffer from de-dollarization, it needs to happen...
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    • Posted by term2 4 months, 1 week ago
      Why not just let people pay for things in whatever they WANT. What is most efficient will eventually be done. Whatever the governments want is always BAD.

      Putin is a real crook (as are most all politicians) who seems to enjoy violence against people. Xi is no less a crook, but he seems to stick to violence against just the chinese in his country (at least so far). Invading Taiwan will certainly cross the line and put him in the same category as putin.

      People who trust the dollar implicitly are just a bit stupid. Eventually they will realize they have been duped by othe USA government, not to say the other countries havent done the same with their currencies.

      If people want to pay with tulip bulbs, I say let them. It all comes out in the end.
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      • Posted by lrshultis 4 months, 1 week ago
        The seller determines the form of payment for his goods, not the buyer.
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        • Posted by term2 4 months, 1 week ago
          I understand that, but what I dont get is why would he want rubles of all things. I would think euros would be a lot more stable than rubles. Must be some additional reason he wants rubles.
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          • Posted by freedomforall 4 months, 1 week ago
            For the same reason that the US arranged to have the Saudis require all petroleum purchases be done in USD.
            It causes demand for the USD and demand increases value.
            In Russia's case it will increase demand for rubles and decrease demand for the USD, especially if other oil producers go along with it.
            The petro-dollar arrangement is the only thing that has maintained the USD for the past 50 years.
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            • Posted by term2 4 months ago
              so in the end, when the usd isnt the reserve currency, the demand for it will go down and the dollars will wind up back here and cause massive inflation in prices?
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              • Posted by freedomforall 4 months ago
                Yes. The fed banksters have created this problem to enrich themselves with other corrupt businesses
                (and looting politicians) as accomplices, e.g., military suppliers, construction firms, labor unions,
                insurance companies, big pharma and 'health' services.
                Next the fed increases interest rates to enrich banks using the excuse of slowing inflation.
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                • Posted by term2 4 months ago
                  Maybe competitive currencies with backing and without governmental interference would be better. If one currency was inflated through printing, people would reject it as a store of value and use the others.

                  Somehow I think that might work better than a government guaranteed federal reserve like we have now
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            • Posted by term2 4 months, 1 week ago
              I also heard putin tied the ruble to a specific amount of gold. Did u hear that too?
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              • Posted by freedomforall 4 months, 1 week ago
                Yes. That put a floor price under gold by tying it to other scarce raw materials that Russia can partially control supply of.
                That may limit the price manipulation games that central banksters and Wall St looters play, that they have used for years
                to steal unearned profits from Main St investors - an unethical act against their customers.
                This is another indication that some of Putin's goals are allied with the American people, against NWO elites.
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                • Posted by $ Dobrien 4 months ago
                  5000 rubles per gram. Europe can buy their gas with Gold which increases the value of Gold or buy Rubles with dollars or euros and that increases the value of the ruble. BRILLIANT.
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                • Posted by term2 4 months, 1 week ago
                  I thought the Oliver stone interview with putin was actually a positive thing for putin. This whole Ukraine invasion is a terrible negative for putin, showing him as an evil thug. It’s not going to turn out well for Russia. I get it thst he wanted to steal the riches available in Ukraine, but he really misjudged and should admit he misjudged and should pull out and probably resign
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            • Posted by $ Dobrien 4 months, 1 week ago
              This is the beginning of the end for the Central Banks. Every fiat currency is now under direct attack. Ultimately all currencies will need to be based on precious metal because of a lack of confidence in rapidly inflating “candy wrappers”.

              2619
              Dec 12, 2018 6:57:57 PM EST
              Anonymous ID: 376ff2 No. 4280876

              Q: Do we have the gold?

              Yes.
              Gold shall DESTROY FED.
              Q
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        • Posted by $ Dobrien 4 months, 1 week ago
          Exactly. Russia’s move is to strengthen his currency. The Ruble is accepted in all the BRIC countries. Europe is screwed for now. They either pay in Gold or they trade their weakening currency
          For Rubles , In effect strengthening it.
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      • Posted by CaptainKirk 4 months, 1 week ago
        So, Xi and his violence against Hong Kong is Okay?

        And if you sold something, would you take Zimbabwe Dollars? I don't think so.
        You cannot afford to take potentially worthless currencies. Putin will accept GOLD or BTC as well.
        Seems pretty flexible to me.

        as the seller of a commodity that keeps your nation alive... You CANNOT AFFORD to take Tulip Bulbs for large purchases.
        You are giving real value... And expect VALUE in exchange. Typically, you want something you can THEN TRADE for the goods/services you need. In the PAST, that was the USD. That is coming to an end.

        When when that Chicken comes home to Roost... USA will see inflation and USD value destruction on par with Weimar Germany, IMO.

        Being the SELLER means YOU choose the terms in what you want to sell for...
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        • Posted by term2 4 months, 1 week ago
          I forgot about Hong Kong. That was not good at all.

          But why would Putin require Rubles of all things, unless it was some sort of method to get a better deal than the existing contract specified.

          USA went willy-nilly for years printing money and sending it over to china in exchange for valuable products. USA did this to avoid inflation here in the USA . It was actually cheating China when it comes down to it. We have valuable goods, and they have worthless depreciating paper.

          Its time for the chinese to NOT accept dollars from people like us who get cheaper stuff from there instead of having to pay more for USA made stuff. It would be THEN we would see major inflation here as its no longer cheaper to buy from china using dollars. We delayed the inevitable inflation we deserved for years by sending worthless paper to china (and they accepting it)

          I am rambling a bit, but the USA is going to be paying for all the money printing one way or another
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  • Posted by 25n56il4 4 months, 1 week ago
    Why are we worrying about Russia's oil when we have serious oil abundantly and this wasn't a problem before the idiots took over in DC. This is embarrassing they have put us in the position of beggars.
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    • Posted by Aeronca 4 months, 1 week ago
      The Cabal wants regime change. To kill the oil industry and switch to rare earth elements for electric cars. Not to save the planet, for more money of course. Save the planet is the excuse so people will bend over and take it.
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      • Posted by $ blarman 4 months, 1 week ago
        They want more than just regime change. They want to take over and rule the world in toto. This is the One World Order - feudalism rebooted with total technological control over the populace aka Harrison Bergeron and Fahrenheit 451. It is an elimination of much of the population so that those who remain - the self-appointed elites - can have their pleasure playgrounds and getaways while the rest of us slave away providing for their lives.
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        • Posted by Aeronca 4 months, 1 week ago
          I loved that book. My Mom taught English and a Science Fiction class too so I got exposed to good books.
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          • Posted by $ blarman 4 months, 1 week ago
            You had a great mom then! Congrats!
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            • Posted by Aeronca 4 months, 1 week ago
              She also observed the demise of English, as over time the school prevented her from correcting spelling, grammar and punctuation. Student's grades, and their stupidity, went up.
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              • Posted by $ blarman 4 months, 1 week ago
                My wife is home-schooling four of our children this year (I have two more in public high school besides) and she is reading to them the classic Laura Ingalls Wilder series. It is quite fascinating from those books the basic snippets of common sense: working hard, dealing with adversity, etc. but what also stands out is that the schooling which was available was a real sacrifice to the adults and therefore they took particular care in monitoring their children's learning. We hear about students in big cities graduating from high school without being able to read, but back before the government took over education, students in grade school were reading far higher than they are now with much broader vocabularies. It's quite telling to look at the examinations that teachers had to pass to become credentialed back then, as they were nothing if not rigorous and very broad in terms of knowledge, vocabulary, grammar, etc. How far we have regressed...
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                • Posted by Aeronca 4 months, 1 week ago
                  My cousin is home-schooling his 4 kids. His wife is Teacher. I feel like I was so lucky in High School. I got a quality public education-because I was taught to care and apply myself. But the teachers were good, the curriculum was good. 1980's.
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  • Posted by Aeronca 4 months, 1 week ago
    All things end. The British ruled the world with the Pound until WWII. Then the US Dollar took over. The US Dollar can only have so much inflationary air blown into it before the balloon pops. That doesn't make gold a good investment necessarily, unless society behaves. If society misbehaves, well, you can't eat gold. But you can make bullets out of it.
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    • Posted by 4 months, 1 week ago
      Actually, you're a little off on your timeline. The pound was cooked when Brits left the gold standard at the outset of WW1--although they did make an effort to return to gold in 1925 at about the time of the Dawes gold loan to Germany--leaving the US as the only major player that had continuously kept currency-to-gold convertibility (although gold export from the US was embargoed throughout the course of WW1).

      In the US, the gold standard (both domestic and international convertibility) then remained in effect until 1933 when FDR confiscated gold from the American public and made the dollar gold-nonconvertible except among central banks. See: https://sgp.fas.org/crs/misc/R41887.pdf

      At the end of WW1, the US was not only the greatest industrial power in the world but also the world's biggest creditor nation. At that time, Britain was suffering terrible inflation with the US dollar the most sought-after currency in the world and the only one worth saving for more than a few weeks at a time. Even the much-vaunted Swiss franc remained non-convertible until about 1925 when several European nations attempted a return to the gold standard. See: https://www.bis.org/review/r061218a.pdf

      Except perhaps the Swiss (they had not participated in WW1), everybody owed "Uncle Sam"--even the Brits (although most of this debt was owned by private banks and citizens in the form of bonds). Incidentally, it was Hitler in 1933 who finally repudiated the $2 billion in high-interest, central-European (mainly German) gold bonds US banks and citizens had patiently been holding since the Dawes and Young plans froze principal and interest payments trying to give Germany a new lease on a stable currency. See Stefan Shuker: http://www.piketty.pse.ens.fr/files/c...
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      • Posted by Aeronca 4 months, 1 week ago
        Thanks for the update.
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        • Posted by 4 months, 1 week ago
          I needed to refresh my memory about this history as much as I saw the need to correct your timeline.

          Another interesting proof of Brit pound instability following WW1 is the debasement of Brit common silver currency from sterling (.925 fine) to .500 in 1920. US silver currency maintained its historical (.900 fine) integrity consistently until 1965 when silver was removed entirely from most silver currency intended for circulation. Kennedy halves, the major exception, were reduced to .400 for a few more years after that until silver was also completely removed from them around 1970.
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          • Posted by $ Dobrien 4 months, 1 week ago
            The dollar amount is based on the silver spot for the weight of silver in the coin.
            42-1945 War Nickel (35% Silver) * $1.3751 0.056264 Silver Content (Troy Ounces
            Silver Mercury Dime 1916-1945 Mercury Dime $1.768 0.072339Silver Content (Troy Ounces
            Silver Roosevelt Dime 1946-1964 Roosevelt Dime $1.768 0.072339Silver Content (Troy Ounces
            Silver Standing Liberty Quarter 1916-1930 Standing Liberty Quarter $4.4199 0.18085Silver Content (Troy Ounces
            Silver Washington Quarter 1932-1964 Washington Quarter $4.4199 0.18085Silver Content (Troy Ounces
            Silver Walking Liberty Half Dollar 1916-1947 Walking Liberty Half Dollar $8.8398 0.3617Silver Content (Troy Ounces
            Silver Franklin Half Dollar 1948-1963 Franklin Half Dollar $8.8398 0.3617Silver Content (Troy Ounces
            Silver 1964 Kennedy Half Dollar 1964 Kennedy Half Dollar (90% Silver) $8.8398 0.3617Silver Content (Troy Ounces
            40% Silver Kennedy Half Dollar 1965-1970 Kennedy Half Dollar (40% Silver) $3.6145 0.14789Silver Content (Troy Ounces
            Morgan Silver Dollar 1878-1921 Morgan Silver Dollar $18.903 0.77345Silver Content (Troy Ounces
            Peace Silver Dollar 1921-1935 Peace Silver Dollar $18.903 0.77345Silver Content (Troy Ounces
            Eisenhower 40% Silver Dollar 1971-1976 Eisenhower (40% Silver) Dollar ** $7.7288 0.31623Silver Content (Troy Ounces
            American Silver Eagle 1986-2022 American Silver Eagle (99.9% Silver) $24.416 0.999Silver Content (Troy Ounces
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          • Posted by Aeronca 4 months, 1 week ago
            I was poking around recklessly to find when the pound fell and dollar rose and I got it wrong. Shoulda slowed down.

            I never thought there ever was less than 0.999 for precious metal coins. Why bother?
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            • Posted by $ Dobrien 4 months, 1 week ago
              For durability copper and nickel so the coin is not so soft.
              ilver and gold coins intended for circulation as currency are typically made this way because these metals in their pure state are very soft and wear very quickly – this is also why pure gold or silver jewelry is rarely made.
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              • Posted by Aeronca 4 months, 1 week ago
                I forgot that. I remember in High School you take a penny after 1982 and nick the edge and drop it in hydrochloric acid. The zinc inside is hollowed out and you're left with a copper shell. Prophetic experiment.
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  • Posted by term2 4 months ago in reply to this comment.
    well, I would say that all the claims by USA are to be taken with a grain of salt. The USA invaded iraq based on supposed facts that werent even true, and we killed thousands of citizens in the process. So the USA propagandizing that russia is evil is a bit disingenuous.

    That said, I would say that Russia shouldnt invade another country that didnt invade it, no more than USA should have invaded iraq .
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  • Posted by $ Stormi 4 months, 1 week ago
    In "The Rockefeller Files" Kissinger was quoted as sying in the eraly 70s, If they could get control of banking, oil and food, they could have one world government by 1976. Well, people used to be smarter, now they are falling for letting these folks lead, and who was a frequent Oval office visitor during Obama, Kissinger and Soros. Now Obama is the man behind the Biden curtain.
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    • Posted by $ Dobrien 4 months, 1 week ago
      Pedo Joe goes to Delaware every weekend to avoid a visitors log.
      How did Kissmyassinger get so much power and influence so Quickly.?
      He arrived in 61 with 500 other Professors from phase 2 of Operation Paperclip.
      Within 7 years he was leading our foreign policy , I always wondered about that and find it very interesting.
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  • Posted by term2 4 months, 1 week ago
    I dont understand how paying for gas with rubles does anything for Putin, and why he would want that. Is it just an emotional thing?
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    • Posted by $ blarman 4 months, 1 week ago
      He's not paying for gas. He's selling his petroleum and requiring either his own currency (rubles) or a hard currency (gold) as payment.

      For the first time in history, the bankers of the world have targeted a warring nation and cut them off from their supplies of foreign currency - used to purchase goods from foreign nations. Effectively, Russia has been cut off from foreign trade. And they depend on foreign trade - especially their oil revenues - to prop up their economy and maintain the power of the oligarchs. Putin is fighting back by simply redefining the terms on which he will trade his - needed - oil by requiring those purchasing nations to go around this embargo and purchase directly. It's a very smart move on his part.

      The other thing it does is threaten the global petroleum markets which are largely determined by the US $. If he can show that his system works, he can entice Saudi Arabia and other OPEC nations to abandon the US $ and require payment in gold. With the US $ already weakened because of inflation, etc. this would be a disaster of unparalleled proportions and would destroy the US economy.
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      • Posted by term2 4 months, 1 week ago
        We deserve his retaliation. When Biden announced that he is trying to hurt putin, I knew the net result would be bad. If we are to stop trade with Russia it should be for our benefit, not to hurt putin. Biden us an ass
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        • Posted by Aeronca 4 months, 1 week ago
          What was his quote? Something like, "Today, I have announced sanctions that STRIKE AT THE ARTERY OF THE RUSSIAN ECONOMY." That is a declaration of War. Idiots think we're not at war with Russia. We're just helping the Ukrainians. Oh no! We are most definitely at War with Russia.
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          • Posted by term2 4 months, 1 week ago
            He should say that we are refusing to trade with Russia as we would have refused to trade with Hitler- for our own safety.

            Biden is an idiot. We ARE at war with Russia and have been for a lot of years now. Nuclear is not the only way war can be fought today. Each world war is fought differently. This one will be with things like EMP, Cyber warfare, and things which will weaken the enemy and encourage surrender. I even think the Russians could send over a trial balloon nuclear EMP or standard weapon just like WE did to Japan to encourage their surrender. Putin is one smart cookie and I wouldnt put much past him.
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      • Posted by Aeronca 4 months, 1 week ago
        I want to disbelieve you. But I can't. This cannot be an accident, or unintended consequences by our leaders. They must be doing this for that exact effect, with conscious intent. That's Evil.
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        • Posted by $ blarman 4 months, 1 week ago
          These people ARE evil. There's no two ways about it. They want to bring about their New World Order which necessitates killing off a large portion of the world population so that those remaining can enjoy it for themselves. They think they can accomplish this through disease and war.
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          • Posted by Aeronca 4 months, 1 week ago
            I don't think they will succeed, without eventually killing themselves too. It's like chopping out a lung to get the cancer out of it. The body will die. They will have to be excruciatingly careful and patient to bring about this NWO. If they move too quickly, the frog will jump out of the boiling pot, or, they will just kill everyone including themselves.
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            • Posted by $ blarman 4 months, 1 week ago
              That's one of the primary characteristics of evil - it is inherently self-destructive and its adherents have to lie to themselves that they will be excepted from the carnage. It's the same reason that the establishment media's support for communism is so antithetical.
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              • Posted by Aeronca 4 months ago
                That's why the left called themselves Politically Correct. It's a sneaky lie to say Democrat thinking is the correct way to think, without saying it. Liberals are fun to play with. Play dumb, and ask, what is P.C.? After they insult you for not knowing, and you persist, see how they explain it. It is amazing to watch the artful twists and turns they go through to describe the leftist platform without identifying it as such.
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