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[–]SoCo 4 insightful - 3 fun4 insightful - 2 fun5 insightful - 3 fun -  (2 children)

Everyone had been watching Russia and China stockpile gold for decades, as the article mentions. Recklessly piling on sanctions was well known to be stupid and only of minor influence. This is a situation where over-doing sanctions is a huge and moronic blunder.

Catastrophe is right around the corner, where Russia, China, and whomever follows, breaks off into a separate world monetary economy, trade system, and military group. In the long term, this would be a massive shift in power, where this Russia/China half of the world risk becoming the dominating world superpower. Climate chance is also poised to thaw vast reserves of valuable resources, as well as fertile land, for Russia, a huge benefit, while ravaging most other countries in various ways.

This overt long term risk was clear to everyone with half a clue. We had been trying for decades, some times painfully overlooking serious grievances, to use a softer, more diplomatic touch, to coax China and Russia into participating in our trade and economic systems, to discourage this. I though we had made pretty great progress, even while being terrible terrorizes of the world, worthy of their distrust.

It just takes one dictator-wannabe hot-head Western leader, who thinks he can bully everyone into submission, fixing all problems with media propaganda. Ignoring all diplomacy and instead making strict ultimatums with unconscionable demands and abusive attacks, leaves no real option.

Hopefully someone steps in and breaks off this growing world-wide wave of fascism, before it splits the wold economy and throws us into generations of conflict. You can't just react to every grievance with a regime, even terrible problems, by gathering up your posse of your super power buddies and demanding the world go full fascist against them.

[–]Tiwaking 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

China stockpile gold

One of the reasons that China is stockpiling gold (other than for the value of it) is to match America's supposed amount. America has 8133 Tonnes of gold
China has 1948 Tonnes of gold. China mines 368 tonnes of gold every year. It will take roughly 20 years for China's gold reserves to equal Americas.

[–]SoCo 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

The US does have a much larger reported gold stockpile. Yet, China has been increasing their stockpile steadily.

Buying your country's own mined gold may have many benefits, but isn't required. China imports a lot of gold, such as an estimated 1,158 tons in 2013, yet with a 1,066 ton yearly demand around the same time.(A detail included in {4}) While that provides additional opportunity, that's is just yearly liquidity use flow that is not going into stockpile coffers.

Yet, their stockpiles are growing. China reportedly doubled their stock pile by the year following the 2008 recession {1} and also has had a steady flow of reporting on notable stockpile increases regularly, since then. This has been widely reported as an indication of a long term strategic increase, many times referred to as hoarding gold, and frequently speculated as a long-term intention to challenge the US Dollar.{2}

China comes off a bit secretive of it's gold stockpile, only reporting its amounts publicly every few years. Many also suspect China has a much larger stockpile than it discloses, sometimes even questioned if it might secretly surpass that of the US.{3} This speculation of under-reporting their stockpile's size isn't new and has been speculated repeatedly in the last decade.{4}

Ultimately, I don't think they need to beat, or even match the US stockpile, especially with the cooperation of other countries, to break off into a concerning independent second world economy, leveraging gold.

[–][deleted] 3 insightful - 4 fun3 insightful - 3 fun4 insightful - 4 fun -  (1 child)

The ruble has been backed by gold for years, has to be, traditionally there is not much faith in Russian soft currency for a reason.

Still wanna buy rubles.

[–]Questionable[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Personally, I would prefer an end to most trans oceanic trade, and for there to be little reason to deal in the currency beyond vacationing.

[–]Airbus320 1 insightful - 3 fun1 insightful - 2 fun2 insightful - 3 fun -  (0 children)

Where is the nuke