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from Russian media, plenty to think about for resident Russophobes.
Accusations of the West towards Putin traditionally are based on the fact that he worked in the KGB. And therefore he is a cruel and immoral person. Putin is blamed for everything. But nobody ever accused Putin of lack of intelligence....
Last time under president Reagan, such actions of the West's lowering of oil prices led to 'success' and the collapse of USSR. But history does not repeat itself all the time. This time things are different for the West. Putin's response to the West resembles both chess and judo, when the strength used by the enemy is used against him, but with minimal costs to the strength and resources of the defender. Putin's real policies are not public. Therefore, Putin's policy largely has always focused not so much on effect, but on efficiency.
The article goes on to note how the Putin government is selling Russian oil and gas for ... physical gold. And the West is running out of gold. Worth a read if you're into this sort of thing.
I just like the chess metaphors. And the shiny pictures. lol.
The article goes on to note how the Putin government is selling Russian oil and gas for ... physical gold. And the West is running out of gold. Worth a read if you're into this sort of thing.
Interesting to know Putin is capable of this kind of utter stupidity.
Your failure to allow reality to come into the equation is part of your considerable charm.
We will differ on which of us is unable to perceive reality. But it is a provable fact that the vast majority of the money used in Canada is not in the form of either banknotes or coins. So even if there were limits on the amount of money the mint could print (and I suppose there is a finite number of available trees) this has nothing to do with how much Canadian currency might be in circulation at any time.
But it is a provable fact that the vast majority of the money used in Canada is not in the form of either banknotes or coins.
This has nothing to do with Canada. The opening post has to do with Putin selling his oil and gas for physical gold. A currency the Nazis used to purchase military supplies and whatever else they wanted. You can find it in the history books.
Paper currency is no longer trees. It's numbers in computers.
You might not know the Royal Canadian Mint sells gold and silver in the form of Exchange Traded Receipts which are registered on the stock exchange. They don't just print bills and mint coins.
This has nothing to do with Canada. The opening post has to do with Putin selling his oil and gas for physical gold. A currency the Nazis used to purchase military supplies and whatever else they wanted. You can find it in the history books.
Paper currency is no longer trees. It's numbers in computers.
You might not know the Royal Canadian Mint sells gold and silver in the form of Exchange Traded Receipts which are registered on the stock exchange. They don't just print bills and mint coins.
Yeah, I'm aware of that, but I noticed you used the word "print". Of course money is numbers, but computers aren't really needed though they make things easier. Money is probably better thought of as entries in double entry accounting spreadsheets. Spreadsheets existed before computers and were generally called "ledgers".
So tell me what restrains a government issuing it's own currency in the form largely of accounting entries from issuing as much currency as it wishes to? Such a government can easily create and spend all the money it wants without having to tax prior to that spending. At some point that will of course be a bad idea, but that doesn't change the fact that it can if it wants to.
The reference to Canadian currency was simply an example to make the point. Putin can indeed "print" and spend all the money he wants to with no physical limit contrary to your claim. That doesn't mean that this would be a good idea, but do it he can. This being so trying to control the world gold supply is just a waste of effort that could be used more usefully.
I had thought that Putin was a bit smarter than that.
And by the way the Nazis did not fund their war machine with gold to any extent. The allies took most of Germany's gold after WW1. Hitler used fiat money to build his war machine.
And a bad tradition it is. Maybe we should change it to reflect current reality? The mint doesn't print "money" anyway, it prints banknotes, which are simply a record testifying that the bearer has access to real money in the denomination shown on the note.
Similarly coins are not 'money" but simply transaction records.
Actually the "Exchange Traded Receipts " aren't 100% backed by actual gold. If everyone actually tried to exchange all the open receipts for physical gold, they would run out of gold first.
Actually the "Exchange Traded Receipts " aren't 100% backed by actual gold. If everyone actually tried to exchange all the open receipts for physical gold, they would run out of gold first.
Most modern money systems are not backed up by gold at all. The USA, Canada, Brittan, the Euro and most other countries run pure fiat money systems. And since gold has no more inherent monetary value than paper this is a good thing, not a bad one.
Actually the "Exchange Traded Receipts " aren't 100% backed by actual gold. If everyone actually tried to exchange all the open receipts for physical gold, they would run out of gold first.
Of course you can give a source for this claim. It is not accordance with their statements of commitment. I understand not everyone would try to make the exchange because of the logistics but still, I'd like to see what backs up your claim. Here's theirs.
"The gold bullion will be beneficially owned by the ETR Holders and not by the Mint. The net proceeds of the Offering will be applied to the purchase of gold bullion from third party suppliers on behalf of the initial purchasers of ETRs. Such gold bullion will to be delivered to the Mint's facilities on or before the closing date of the Offering. The Mint will act as custodian of the gold bullion on behalf of the ETR Holders and will hold the gold bullion in its facilities in Ottawa, Ontario. Beneficial ownership of the gold bullion will at all times remain with the ETR Holders. In the ordinary course of its business of gold refining and coin manufacturing, the Mint uses gold bullion held on an unallocated basis for third parties and expects to do the same with some or all of the gold bullion underlying the ETRs. The Mint will, at all times, maintain in its facilities gold bullion in an amount that is equal to or exceeds the amount owned in aggregate by ETR Holders."
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