Putin Returns To The Gold Standard For Its Currency

submitted by Orangutan from (magspunch.com)

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[–][deleted] 8 insightful - 3 fun8 insightful - 2 fun9 insightful - 3 fun -  (3 children)

Did some digging into this, the Ruble has been backed by gold since at least 2016.

The abolition of VAT on bullion on gold is huge, that VAT tax discourages investing physical bullion since you're doing it at a +20% premium.

The US doesn't have a VAT tax.

This articles claims are nonsense, what this is going to do is allow wealthy Russians to hoard away their wealth in gold that nobody can touch with economic sanctions.

The price of gold does not outpace the US economy, dollar reserves still make more sense, even backed by nothing.

[–]raven9 10 insightful - 2 fun10 insightful - 1 fun11 insightful - 2 fun -  (2 children)

The USD is backed by an extortion racket. For real. That is no exaggeration. Artificial demand for USD is created by forcing oil producing nations to make their oil sales in USD. This has been the case for the last 50 years and is the reason for the constant U.S. interference in the middle east. It began in the 1970's. In classic mafia style the Nixon administration offered the oil producing nations "protection" from their enemies. In return for that protection they must promise to make their oil sales in USD. If they refuse that protection and decide to make oil sales in other currency they will be overthrown/invaded/destroyed.

[–][deleted] 4 insightful - 3 fun4 insightful - 2 fun5 insightful - 3 fun -  (0 children)

Underrated comment. This is "modern economics" for you.

[–][deleted] 4 insightful - 3 fun4 insightful - 2 fun5 insightful - 3 fun -  (0 children)

Have an upvote. This is a beautiful synopsis of the brutality of the Western way to world domination.