“A Paradigm Shift Western Media Hasn’t Grasped Yet” — Russian Ruble Relaunched, Linked to Gold & Commodities
The comments below are an edited and abridged synopsis of an article by Ronan Manly
Russia’s central bank has altered the international trade and monetary system by linking the ruble to both gold and commodities. Manly has written an article on what these developments mean, and the ramifications of these changes on the ruble, the US dollar, the gold price and the global system of currencies.
Manly addresses why setting a fixed price for gold in rubles is significant; what this means for oil, gold, the ruble, the US dollar and other currencies; and what the consequences of these developments are.
“The Bank of Russia’s move to link the ruble to gold and link commodity payments to the ruble is a paradigm shift that the western media has not yet grasped. As the dominos fall, these events could reverberate in different ways. Increased demand for physical gold. Blowups in the paper gold markets. A revalued gold price. A shift away from the US dollar. Increased bilateral trade in commodities among non-Western countries in currencies other than the US dollar.”