I thought the ruble was going to be the next reserve currency?
The Yuan is the next reserve currency and Russia is moving in that direction.
How to twist people giving up the US dollar for the yuan is illustrated by this propaganda piece.
“I thought the ruble was going to be the next reserve currency?”
Some months ago the Putin fanbois were also insisting that the ruble was also “backed by gold” yet they were utterly confused about the concept of redeeming a ruble for gold as opposed to buying gold with the ruble.
Since then I’ve noticed that no one is pushing that narrative anymore.
This reserve currency battle (BRICS vs Dollar) is the real reason Russia invaded Ukraine. Their strategy at the time was to gain control of Ukraine’s energy and then use that to blackmail the EU to stay out of the China vs Taiwan up coming conflict.
However, the shock and awe campaign to take over Ukraine failed. The US and NATO were able to drag out the conflict and make it FAR more expensive in man and material that Russia thought it would be. That long term approach is now pushing on the Ruble, hurting the Russian economy.
This has allowed US and NATO to reactivate some of their defense production and now it works to jeopardize the success of China vs Taiwan. That is why China has delayed their attack.
“I thought the ruble was going to be the next reserve currency?”
Likely so, as it’s holding up just about EXACTLY where it was when the Liberation of Ukraine began.