There is consideration being given to backing the ruble with gold and this seems inevitable…
London Paul on Palisades Gold Radio
Tom welcomes Paul of The Sirius Report to discuss the short-sighted policies that are driving up the costs of most commodities. The Europeans are discovering they have few alternatives to Russian oil and gas. Nordstream 2 would have doubled the amount of energy available to Germany, but they instead decided to create their problems. The green revolution brought its own problems; including reducing the best green energy, nuclear. Wind and solar come with their own problems including most panels come from China. Logically, Europe can’t divest from Russian energy very quickly or perhaps at all.
In a sense, we now have a petro-ruble, and Russia may begin selling its other commodities for Rubles. There is consideration being given to backing the ruble with gold and this seems inevitable. Increasingly, global trade is being conducted in non-dollar terms.
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