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To: dennisw

I would love to see the value of the ruble drop hard, and then have Putin peg it to oil, gold, or silver.


8 posted on 12/16/2014 6:30:35 AM PST by Vermont Lt (Ebola: Death is a lagging indicator.)
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To: Vermont Lt
I would love to see the value of the ruble drop hard, and then have Putin peg it to oil, gold, or silver.

30% gold backing would be enough to create a gold backed ruble. Just look at world currencies these days. None have any gold backing though Switzerland used to have a 20-40% gold backing for its currency. Maybe 30 years ago. The Swiss were the last to give up gold backing. Even with our evil Federal Reserve in charge, our dollar had some gold backing prior to FDR's gold confiscation

What I read is Russia and China are still adding to their gold  reserves these days so long term their plans are intact to ace the dollar as world's reserve currency and the world petro-trading currency via offering competing gold backed currencies. The Arabs love gold so would be natural customers for gold backed currencies.

Of course the USD is ascendant these days so these plans are long term and on hold

16 posted on 12/16/2014 8:24:14 AM PST by dennisw (The first principle is to find out who you are then you can achieve anything -- Buddhist monk)
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