Posted on 03/30/2009 12:58:42 PM PDT by mnehring
Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.
Arkady Dvorkevich, the Kremlin's chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.
Chinese and Russian leaders both plan to open debate on an SDR-based reserve currency as an alternative to the US dollar at the G20 summit in London this week, although the world may not yet be ready for such a radical proposal.
(Excerpt) Read more at telegraph.co.uk ...
If they do this, the dollar is finished. Not that it isn’t close to finished in the near future anyway, but this will shoot the corpse in the head a few times for good measure.
Russia has plenty of gold mines?? I’m just saying ...
South Africa will now join this two nation band wagon.
It all depends on who is in a position to supply the gold. IF we where smart and could read the writing on the wall, we would open up more areas to mining (Mine Here Mine Now)....
One of the reasons I am hesitant to back a move to the Gold Standard now, here in the US, is that the supply side of that has been degrading in our country for quite some time and we could risk being held financial hostage by countries like South African and Argentina.
I’ll have to look it up, but I believe Russia has let her gold mining operations in Siberia go by the wayside like we have here.. tough place to work...
I don’t know much about this at all, but shouldn’t we have stuck with the gold standard in the first place?
Didn’t it all go down hill after the gold standard was jettisoned?
Is Ron Paul running Russia?
LOL!
Yep, even with our reducing production, Russia has let her mining operations fall behind us.
http://www.lbma.org.uk/docs/conf2003/3d.pikhoyaLBMAConf2003.pdf
(page 2 of that doc)
I didn’t read any ‘trilateral’, ‘Zionist banking’, or ‘buildaberger’ conspiracies in that, so nope..
Putin’s probably less of a communist and more free market than The Islamo-Teleprompter In Chief.
I believe the Chinese do, also.
Never considered that but I bet you’re exactly right.
H-ll the CHINESE are complaining about are left wing economic policies.
are = our
Interesting. Thanks for the link.
“The central thesis is that with the end of the Cold War the political forces which benefited from this general inflation no longer require it and, in fact, are organizing for an environment of stability to suit global commercial interests”
“The most powerful and influential men of wealth could play the speculative swings and become wealthier in the process, at the expense of ordinary people. Worse, they might use their influence with government bureaucrats in the central bank to cause the inflation/ deflation swings according to schedule.”
I’ve thought that too.
RON PAUL FOR PRESIDENT...
of Russia.
LOL
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