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Alasdair Macleod: Currency wars vs. gold standards
By Alasdair Macleod
Head of Research, GoldMoney, Toronto
via Schiff Gold, White Plains, New York
Thursday, September 14, 1012
Russia and the Saudis are driving up oil and diesel prices. But these moves are likely to undermine the rouble more than they undermine the dollar, euro, and other major currencies.
Therefore, higher energy prices will rebound on the Russians this winter: If they shiver in Germany, they will freeze in Russia. If the dollar is king of the fiats, the rouble is just a lowly serf.
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There is little doubt that Russian President Vladimir Putin and his advisers are aware of this problem. Plan A was to introduce a new gold-backed BRICS currency, which might be expected to weaken the dollar and euro relative to the rouble.
Plan B was more drastic: to back the rouble itself with gold. This is the financial equivalent of dropping a hydrogen bomb on the dollar and the global fiat currency system upon which it is based.
As well as demonstrating why there is no option for Russia but to back her currency with gold, this article shows why it is perfectly possible for Russia to do so during wartime and explains how it can be done.
It is, as a matter of fact, very easy for Russia to reintroduce a gold standard for the rouble, but the consequences for the global fiat currency system are nothing short of lethal. ...
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