Russia takes only rubles for gas, links ruble to gold
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.
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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He is FIGHTING Against the Globalists...
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...
Let's go, Brandon.
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...
It's not as if legality matters to any of them.