{"id":65068,"date":"2023-02-18T12:53:46","date_gmt":"2023-02-18T17:53:46","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65068"},"modified":"2023-02-18T12:53:46","modified_gmt":"2023-02-18T17:53:46","slug":"golds-return-as-money","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65068","title":{"rendered":"Gold\u2019s return as money"},"content":{"rendered":"<h3 class=\"text-2xl md:text-3xl heading\"><a href=\"https:\/\/www.goldmoney.com\/research\/gold-s-return-as-money\">Gold\u2019s return as money<\/a><\/h3>\n<div class=\"mt-8 leading-6 prose max-w-none md:mt-12 prose-p:text-gmy-dark prose-strong:text-gmy-dark prose-headings:leading-snug prose-headings:tracking-tight prose-headings:antialiased prose-headings:text-gmy-dark prose-a:text-gmy-dark prose-a:underline prose-a:hover:text-gmy-dark-gold \">\n<p><i><span dir=\"ltr\" lang=\"EN-GB\">The consequences of Russia and her Asian allies embracing gold backing for their currencies are poorly understood in western capital markets. This move could lead to the destruction of the global fiat currency system.<\/span><\/i><\/p>\n<p><i><span dir=\"ltr\" lang=\"EN-GB\">According to evidence which is widely ignored in western capital markets, a move by Russia to put a new trade settlement currency and possibly the rouble as well onto a new gold standard is becoming a certainty. As a weapon of mass fiat currency destruction, the timing is probably bound up in on-the-ground military considerations, which are already showing signs of escalating in Eastern Ukraine.<\/span><\/i><\/p>\n<p><i><span dir=\"ltr\" lang=\"EN-GB\">As well as using gold to undermine the western currency system, a return to a credible gold standard has significant advantages for Russia and for her allies in the Shanghai Cooperation Organisation, the Eurasian Economic Union, BRICS+, and all their commodity suppliers beyond Asia. At the same time, it would destroy the west\u2019s fiat currencies and financial system.<\/span><\/i><\/p>\n<p><i><span dir=\"ltr\" lang=\"EN-GB\">This article explains how one part of the global economy can thrive while the other collapses.<\/span><\/i><\/p>\n<p><strong><span dir=\"ltr\" lang=\"EN-GB\">Introduction<\/span><\/strong><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">Recently, I have written about the signals emanating from Russia that President Putin is minded to re-adopt sound money by returning to some sort of gold standard. We do not yet know the details, but consider what he said at the St Petersburg International Economic Forum in June last year:<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">\u201cCaught in the inflationary storm, many nations are asking, why bother exchanging goods for dollars and euros when they are losing value right before our eyes? Indeed, the economy of imaginary wealth is being inevitably replaced by the economy of real valuables and hard assets.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">\u201cAccording to the IMF, today\u2019s global foreign currency reserves contain 7.1 trillion dollars and 2.5 trillion euros. And this money is depreciating at an annual rate of about 8%&#8230;<\/span><\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold\u2019s return as money The consequences of Russia and her Asian allies embracing gold backing for their currencies are poorly understood in western capital markets. This move could lead to the destruction of the global fiat currency system. According to evidence which is widely ignored in western capital markets, a move by Russia to put [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[7772,936,1099,280,374,19559,536,694,839],"class_list":["post-65068","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-alasdair-macleod","tag-bretton-woods","tag-currency-devaluation","tag-euro","tag-gold","tag-gold-money","tag-money","tag-russia","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65068"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65068\/revisions"}],"predecessor-version":[{"id":65069,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65068\/revisions\/65069"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}