Russia takes only rubles for gas, links ruble to gold

Posted by bubah1mau 3 years, 1 month 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.


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  • Posted by term2 3 years, 1 month ago in reply to this comment.
    I will just drive less, and buy less "stuff", and I sure wont buy some stupid electric car being foisted on us to save the climate...
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  • Posted by term2 3 years, 1 month ago in reply to this comment.
    They want to reduce the USA to maybe 100 years ago, so they can restart it with THEM in power.
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  • Posted by term2 3 years, 1 month 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 bsudell 3 years, 1 month ago in reply to this comment.
    True. Also, they tried a Color Revolution in Russia, and Putin won; he beat them at their own game. I love it.
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  • Posted by fairbro 3 years, 1 month ago in reply to this comment.
    Putin is playing chess, Biden is playing tiddlywinks, and hearing voices in his head (cochlear implant so he can hear what he is supposed to say)
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  • Posted by bsudell 3 years, 1 month ago in reply to this comment.
    Oddly, we do have that oil and gas in America. Our crooked politicians won't drill for it, though. Do you think they hate us?
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  • Posted by bsudell 3 years, 1 month ago in reply to this comment.
    And that is exactly what they want -- to destroy the American economy, America and Capitalism.
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  • Posted by CaptainKirk 3 years, 1 month 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 starguy 3 years, 1 month ago
    If only we had some of that oil and gas, here in the USA!

    Let's go, Brandon.
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  • Posted by 3 years, 1 month ago in reply to this comment.
    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 3 years, 1 month ago in reply to this comment.
    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 freedomforall 3 years, 1 month ago in reply to this comment.
    Wiser to have a bit less gold and more brass and lead (and silver and antibiotics and seeds and fertilizer and fish-hooks, etc.)
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  • Posted by $ 25n56il4 3 years, 1 month 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 3 years, 1 month 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 freedomforall 3 years, 1 month ago
    So what will prevent technologically advanced economies from counterfeiting rubles?
    It's not as if legality matters to any of them.
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