Russia possibly planning a move to the Gold Standard

[4est_4est_Gump]

China could follow:

http://mises.org/library/russia-planning-gold-based-currency

 

[RobDownSouth]

*chuckle*

Another chapter in AJ's never ending fantasy "Return to teh Gold Standard is just around teh corner! This time for SURE!"


Not gonna happen, Chief.

 

[Ishmael]

China could follow:

http://mises.org/library/russia-planning-gold-based-currency

The rise of the BRIC's.

Ishmael

 

[Adre]

Wingnut Nation possibly moving to Moscow suburbs for improved economic security?

 

[4est_4est_Gump]

They could cause us some damage.


Certainly Iran would be happy to join in. World Tribune is reporting that our Gulf "allies" a beginning to view Obama's efforts in the Middle East as joining with Iran to advance their interests while Merkle is warning McCain to back off as he is more likely to incite a war than save Ukraine...

 

[Adre]

The rise of the BRIC's.

Ishmael

Yeah, sure, real bastions of freedom and economic stability.

 

[4est_4est_Gump]

Wingnut Nation possibly moving to Moscow suburbs for improved economic security?

[personal info prohibited per our forum guidelines]

 

[PoppingTom]

I'm planning a move to teh Gold standard, too.....

 

[Adre]

SSSSSSSshhhhh... be vewy vewy qwiet. Ahm huntin' self-loathing non white non Republicans...lookee, I found me one!

fyp,yw

 

[4est_4est_Gump]

I'm planning a move to teh Gold standard, too.....

Don't touch anyone living.

PLEASE!!!

(well, okay, if the pose is really artful...)

 

[Ishmael]

They could cause us some damage.


Certainly Iran would be happy to join in. World Tribune is reporting that our Gulf "allies" a beginning to view Obama's efforts in the Middle East as joining with Iran to advance their interests while Merkle is warning McCain to back off as he is more likely to incite a war than save Ukraine...

Getting back to the economics, China and Russia in particular have been trying to unseat the dollar as the world reserve currency for years now and so far unsuccessfully. One of the reasons is that oil is traded in dollars and so far the Arabs have stuck by the arrangement. the recent plummet in oil prices could threaten to unhinge that deal but the strong dollar has offset that to an extent.

The Arabs are gold lovers. I do believe that Dubai is still the largest physical gold exchange in the world. Only the Indians may covet gold more. If Russia and China both decide to go to a gold standard the Arabs are going to be faced with a very sticky decision to make. And if they decide to go with gold our economy goes into the shitter overnight. It is only our position as the worlds monetary reserve that keeps our incredible unfunded debt afloat.

And as a sidebar, have you noticed that the Germans are repatriating their gold as well?

Ishmael

 

[4est_4est_Gump]

Yes. That's how they discovered "their" gold was no longer actually being held in American banks, they had to scramble to produce some.

I have seen a factoid in the past that India has 1/7th of the world's gold reserves. Considering how often they have been plundered, that's some aggressive buying, most of which I think is for dowries...

If you are the last person of significance holding on to paper when everyone else decides to go back to the standard, then truly you will be hurt.

 

[PoppingTom]

And as a sidebar, have you noticed that the Germans are repatriating their gold as well?

Off course we do. It was stored long enough outside of Germany. We're not in danger of a Russian intrusion so far, so we can store it ourselves.

 

[rosco rathbone]

Elon Musk is going to put offworld mining capital in orbit for pennies per kilogram. Physical gold will literally become worthless.

 

[4est_4est_Gump]

Off course we do. It was stored long enough outside of Germany. We're not in danger of a Russian intrusion so far, so we can store it ourselves.

I just remembered another facet to the story.

We forced the Germans to take only a percentage. We didn't have the gold...

 

[4est_4est_Gump]

Elon Musk is going to put offworld mining capital in orbit for pennies per kilogram. Physical gold will literally become worthless.

Uhhh...

The Capitalization costs would be too enormous to justify the mining. Meanwhile, here on earth, a teenager just got rich mining gold on reality TV.

 

[islandman]

Gold handcuffs around Putin's military machine would be a welcome sight indeed.

 

[Cancerballs]

SSSSSSSshhhhh... be vewy vewy qwiet. Ahm huntin' wascaws...

#reported

 

[PoppingTom]

I just remembered another facet to the story.

We forced the Germans to take only a percentage. We didn't have the gold...

We stored our gold at our allies, to protect it from a possible Russian invasion.

You can read somthing about it here: http://www.bloomberg.com/news/artic...-stays-in-new-york-in-rebuff-to-euro-doubters

"German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.

After World War II and the export revival of West Germany’s “economic miracle” in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War. "

 

[someoneyouknow]

We stored our gold at our allies, to protect it from a possible Russian invasion.

You can read somthing about it here: http://www.bloomberg.com/news/artic...-stays-in-new-york-in-rebuff-to-euro-doubters

"German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.

After World War II and the export revival of West Germany’s “economic miracle” in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War. "

As an obscure side note to the storage of gold, if for some reason every person on the planet were to die off and this rock was visited tens of thousands of years from now, about the only way to know there had been some form of civilization would be the stacks of gold bars we have stored around the planet or our gold jewelry as just about everything else would have been reabsorbed/broken down/whatever by the forces of nature and the planet.

 

[Shagly]

Good for the gold standard to return, great for a pre W.W. III transition.

 

[4est_4est_Gump]

We stored our gold at our allies, to protect it from a possible Russian invasion.

You can read somthing about it here: http://www.bloomberg.com/news/artic...-stays-in-new-york-in-rebuff-to-euro-doubters

"German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.

After World War II and the export revival of West Germany’s “economic miracle” in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War. "

http://rt.com/op-edge/170948-germany-gold-us-sovereignty/
http://www.washingtonpost.com/blogs.../why-germany-wants-its-674-tons-of-gold-back/
http://www.spiegel.de/international...-see-gold-in-us-federal-reserve-a-864068.html

 

[Libsam]

I hope they do, and I will wish them all good luck getting away from the global banking elites. Then maybe it will start a domino effect that will knock the hegemony down on their faces.

 

[Libsam]

Good for the gold standard to return, great for a pre W.W. III transition.

I've been wondering what all this Russian tension in the news was all about.
If they make this move, will our banking overlords start pulling the strings of war?

 

[RobDownSouth]

I hope they do, and I will wish them all good luck getting away from the global banking elites. Then maybe it will start a domino effect that will knock the hegemony down on their faces.

A first world country returning to the archaic gold standard would be committing economic suicide in today's global markets.

Russia: Here ya go, we got all this oil we want to sell you, world! But we're only takin' payment in gold....
World: Um yeah, thanks but no thanks. See ya!