Posted on 04/29/2022 2:31:08 PM PDT by PK1991
RG Question: And what do we need to do to ensure the ruble's sovereignty?
Nikolai Patrushev: “For any national financial system to be sovereignized, its means of payment must have intrinsic value and price stability, without being pegged to the dollar.
Now experts are working on a project proposed by the scientific community to create a two-circuit monetary and financial system.
In particular, it is proposed to determine the value of the ruble, which should be backed by both gold and a group of goods that are currency values, and to put the ruble exchange rate in line with the real purchasing power parity.” **** Elsewhere in the interview, Patrushev drops some bombshell comments about how Russia is intensifying cooperation with the non-Western world, comments which have yet to be appreciated by the mainstream Western media.
“I am confident that we will solve all the problems that have arisen as a result of the sanctions restrictions.
Today, Russia is moving from the European market to the African, Asian and Latin American markets.
We give priority attention to the EAEU, whose importance is growing many times over in the current conditions.
We are stepping up cooperation with the BRICS and SCO countries, which bring together about three and a half billion people on the planet.”
Read the article in 25. They were “supposed” to be stockpiling. Scandel.
Thank you for posting, this explains a lot.
👍
You’d Be surprised at the hunger for a stable currency. It’s certainly not the dollar. The United States is not prepared socially, economically, militarily or politically to go to war with Russia. Russia has no problem whatsoever killing civilians what about the west don’t they have laws against that? How would they fight all out war? The current militaries been conditioned to fight global warming and racism
Are you kidding about Russia only having a little bit of gold? Because the United States in an effort to keep its dollar stay boy had to keep the price of an ounce of gold low and during that. Russia and China both have been buying up tons of gold. Do you ever wonder why the US doesn’t give tours of fort Knox anymore?
All this talk about Russia gold flowing out of Russia is kind of bassackwards.
Russia isn’t buying with gold, Russia is selling (oil, gas) for rubles. You don’t have rubles? No problem, Russia will exchange you some rubles for YOUR gold. As long as they can sell energy, there is no reason that Russia will need to spend gold to buy goods from friendly countries.
Russia’s supply of gold shouldn’t be depleting, it should be increasing.
There’s something else you should think about on our currency is right in the faith and trust of the US government. You know what I got a whole bunch of old silver certificates that the government will no longer honor they traded them back in the early 60s they would give you one of the old Morgan dollars for it but now they won’t honor them anymore
The dollar just hit a 20 year high. Did you even know that? Tell everyone why the dollar is so widely used. If you can not then you have no credibility.
Thanks for the explanation.
“Do you ever wonder why the US doesn’t give tours of fort Knox anymore?”
There have only been two “tours” in its entire history.
Journalists and Congressmen on September 23, 1974.
Congressmen once again August 24, 2017.
I can hear the silent, REEEE! REEE! screeching in response.
Commodities backed currency not just gold. They say it is the new standard so all the printing presses will stop until they figure out another way to faux print with derivatives etc... like they do with Gold now.
Gold and commodities my friend. Read the full description. Real things not paper and ink.
Its not just gold. Its gold and commodities. Its not just Russia it will be BRIC countries left out of the current printing presses in the West.
Because it is the best house in a bad neighborhood in the West. The US used to sell its military protection to countries to keep them on the petro dollar. We just sent a billion in weapons to Nigeria to keep them “safe.” Now that we are seizing assets and throwing countries out of the banking system some of the good faith and trust has been lost. Japanese Yen is in free fall because they have been printing for decades and cannot change. Compared to Japan the US is New England penny pincher. The US dollar will continue to be used until there is a viable alternative. BRIC countries seem to think they can provide a viable alternative now.
You just repeat gold bug fantasy stuff because you have no real world knowledge or experience. China, the C in BRICS, WILL NEVER GO TO A HARD PEGGED CUURENCY. They use “money printing” extensively and make our FED look like hard money adherents. Plus that would never work with their merchantilist export economy. They have to keep the peg to the dollar and the yuan weaker. But none of this real world stuff matters to someone like you. Its just blah, blah, blah repeat the kook noise.
Russia and the BRICs simply do not qualify. Even adding them all together does not do it, just as adding five sick men together does not make even one healthy man. And the problem with "other commodities" as physical backing for a currency is that no one wants to demand the conversion of a pile of currency into gold and get something else that lacks gold's enduring appeal, intrinsic value, and deep market.
Yet even a properly established currency scrupulously backed by gold and a trustworthy country and financial system has a deep flaw: its gold monetary base is subject to fluctuations and manipulations. During the 1920s and 30s, the US and France pursued ill-founded policies of gold accumulation that caused a contraction of the supply of gold as a monetary base. The result was the world-wide deflation that caused and defined the Great Depression.
Going off the gold standard was essential to economic recovery, to winning WW II and the Cold War, and to financing both the US welfare state and the global economic expansion of the last several decades. A "printing press" for a supply of currency is no so bad -- provided that it is used with discipline and to good purposes.
Very good analysis. Just a few thoughts, Bitcoin and other crypto currency aren’t backed by any country or “usual suspect” financial system. If I was playing the game of the BRIC countries I would have thought through that problem and how to ensure financial security to users. And the Western governments have undermined their own “secure” financial system by seizing assets of those they don’t deem worthy like truckers and sovereign countries. As to the printing press, the end of that book hasn’t been written yet. But it is looking like hyperinflation or deflation depending on what the FED does.
Very good analysis. Just a few thoughts, Bitcoin and other crypto currency aren’t backed by any country or “usual suspect” financial system. If I was playing the game of the BRIC countries I would have thought through that problem and how to ensure financial security to users. And the Western governments have undermined their own “secure” financial system by seizing assets of those they don’t deem worthy like truckers and sovereign countries. As to the printing press, the end of that book hasn’t been written yet. But it is looking like hyperinflation or deflation depending on what the FED does.
I thought the point of a discussion board was to discuss things of interest. You aren’t required to read and/or comment.
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