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Alasdair Macleod: Financial war may crash euro system, end fiat Ponzi, exalt gold
When Normality Is Exposed as a Ponzi
By Alasdair Macleod
GoldMoney, Toronto
Thursday, March 3, 2022
Russian President Vladimir Putin's hubris, yes-men for generals, lack of fighting conviction among the men, poor logistics, and strong Ukrainian leadership and determination have combined to turn the Russian invasion of Ukraine into a military quagmire.
Meanwhile, the West has upped the stakes in a financial war. The underlying assumption is that the Russian economy is weak and those of the Western allies are stronger. A few key metrics show this is incorrect. The underlying resilience of the Russian economy and its financial system is not generally understood, and instead European Union sanctions could end up undermining the whole euro system and the euro itself.
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This article looks at how errors on the battlefield are likely to bring the financial and economic war between the West and Russia out into the open.
By suspending access to them, the West has made the mistake of proving to Russia -- and all other national central banks -- the ultimate uselessness of currency reserves and the benefits of gold.
As well as leading to the likely collapse of the entire euro system, this article explains how this financial war could end up with a de-facto gold standard for the rouble and the end of the entire fiat currency Ponzi scheme. ...
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