Socio-Economics History Blog

Socio-Economics & History Commentary

Dollar Disaster Looms? China and Russian Currencies Break Away

Well, what do you know? No lack of toilet paper!

Well, what do you know? No lack of toilet paper!

  • Dollar Disaster Looms? China and Russian Currencies Break Away
    by http://www.thedailybell.com/  
    Russia leaves the Dollar based monetary system and adopts a system of Sovereign Currency. The implications are phenomenal! “In 1990 the first priority of Washington and the IMF was to pressure Yeltsin and the Duma to “privatize” the State Bank of Russia, under a Constitutional amendment that mandated the new Central Bank of Russia, like the Federal Reserve or European Central Bank, be a purely monetarist entity whose only mandate is to control inflation and stabilize the Ruble. In effect, money creation in Russia was removed from state sovereignty and tied to the US dollar.”

    2016: “The Stolypin club report advises to increase the investment, pumping up the economy with money from the state budget and by the issue of the Bank of Russia”. Putin decided to follow the Stolypin club advice as the new monetary policy of the country. -Before It’s News

    Money is changing fast and the US dollar is going to crash. Here’s an excerpt from yet another recently published article (translated from the Russian) describing how the ruble may now evolve (here).

    We must nationalize the ruble. What does it mean? It means that we must separate the internal markets from the external ones.

    … Thus, the first step for Russia is secession from the IMF and others similar institutions designed to keep the entire world in bondage. The dollar noose must be cut.

    Now the amount of printed rubles will not be determined by how many dollars we have but by the actual needs of our economy.

    … We have absolutely no need in the central bank in its current form, but we do need a financial regular. Under any regime, it was the Treasury that performed this function. Let it remain the same now regardless of the official name. It may continue to be called the Central Bank. If the essence is changed, there is no need in changing plaques.

    You can also see an article (here) that goes into this issue more deeply and claims that Putin has in mind backing a portion of the ruble with gold as well. (We should note there are claims the  ruble is backed by gold already.)

    The dramatic – historical – Russian currency changes (if these articles are accurate) seem a little difficult to discern in full at this moment, but obviously things are changing fast. And they are changing for China’s “money” as well. In fact, some have speculated China and Russia could launch a joint, gold-backed currency (here, see bottom of article).

    read more.
Remember the Golden Rule: "He who has the gold Rules!"

Remember the Golden Rule: “He who has the gold Rules!”

end

August 22, 2016 - Posted by | Economics | , , , , , , , , , , , , , , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: