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Alasdair Macleod: West again plays into Putin's hands
By Alasdair Macleod
Head of Research, GoldMoney, Toronto
via Schiff Gold, White Plains, New York
Friday, November 10, 2023
The Great Game of geopolitics faces a new challenge. The new hotspot is Israel and the Muslim Middle East. Ukraine is all but over, and the US is likely to abandon her to her fate -- like Afghanistan.
We shall have to see how both will play out. Meanwhile, energy prices are set to keep inflation and interest rates high, undermining governments, banking systems, and businesses dependent on cheap credit.
... Dispatch continues below ...
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This article concentrates on the consequences for currencies, which are simply unbacked credit valued by the public’s faith in them. To assist a proper understanding of money, the relationship between gold, which is universally accepted as legal money, and detached fiat currencies is explained as an objective/subjective relationship.
There are a number of moving pieces behind a gathering fiat currency crisis. Putting this jigsaw together reveals an increasingly certain crisis for G7 currencies. There is little doubt that both China and Russia are fully aware of this danger and are ready to defend their own currencies and economies by reverting to gold standards. And once the crisis for the fiat dollar and other G7 currencies starts, it could develop remarkably quickly and be unstoppable. ...
... For the remainder of the analysis:
https://schiffgold.com/commentaries/playing-into-putins-hands-again/
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