No, oil for food......
The difference between the USA and Russia is that the Russian people are not panzies. They know hardship and deal with it leaving Putin to do what has to be done to defend himself. I’m not defending Russia over America, simply realizing that Putin will never, ever back down. In the end he will win because Russia’s finances are so much better than America’s.
Well, they could sell the oil for Platinum, Silver, Copper, Rare Earths, Land (like The Ukraine for starters), etc.
>> And what will happen to the US petrodollar after the West runs out of physical gold to pay for Russian oil, gas and uranium, as well as to pay for Chinese goods?
If I believed the premise, I’d probably be, like, wetting my pantaloonies or something.
But since the premise is BS, what will happen is I’ll just continue to LMAO.
By Andrew Critchlow, Commodities editor
6:00AM GMT 13 Nov 2014
Comments796 Comments
Russia has taken advantage of lower gold prices to pack the vaults of its central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal - far more than any other nation - in the three months to the end of September as prices began to weaken.
Vladimir Putin’s government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.
Russia’s currency has come under intense pressure since US and European sanctions and falling oil prices started to hurt the economy. Revenues from the sale of oil and gas account for about 45pc of the Russian government’s budget receipts.
The biggest buyers of gold after Russia are other countries from the Commonwealth of Independent States, led by Kazakhstan and Azerbaijan.
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This is funny. He will have to sell the gold to get items from outside of Russia. Also, should gold become scarce because he’s collected most of it, then his oil automatically goes up in price to oil elsewhere. Eventually, he’s left with a bunch of gold AND oil and a population unable to do anything with them.
Who writes this stuff?
5.56mm
All the commie oil exporters are in trouble. OPEC has much less power now. Iran has increasing financial problems. Venezuela may default because of crashing crude income. Russia is running out of funds needed to attack Ukraine.
This has all the earmarks of a pending depression...
panic decision making
deflation
unemployment
inept American leadership
military tensions
Then there is this from 20 hours ago;
Russia Has Begun Selling Its Gold, According To SocGen
http://www.zerohedge.com/news/2014-12-18/russia-has-begun-selling-its-gold-according-socgen
Which is true?
No normal news entity is covering that story, instead it’s sites like lunaticoutpost.com
Gold? LOL! Right now, the Russians cant even sell their oil for a plum nickel!
But what good is gold if there is no money to buy it in the end? So he gets all the gold, silver, whatever, aside from jewelry and fillings, what else is it good for?
$4.5 Billion, not a bad little bank account. You think he could back the ruble with his gold to stop a freefall?
IT wouldn’t surprise me. The dollar has become so degraded over the past decade that it’s what I’d do if I were the President of Russia.
What happens when the US cannot afford Chinese goods? Does China crumble? If China crumbles and the West cannot afford to buy Russian oil and China cannot afford Russian oil, does Russia crumble? Maybe we are all swirling around a big sewer pipe.
So the Chinese and Russians are collapsing their economies for what?
Say goodbye to the petro dollar.
The US public is about to discover that Fort Knox is empty. Ask Bill Clinton where it went.
The checkmate would be on himself. Buying countries will run out of gold before he runs out of oil, then he’s got a bunch of oil he can’t sell, and a bunch of gold that’s basically useless.