Russia Moving Closer to a Gold Standard—Official

The comments below are an edited and abridged synopsis of an article by RT

Russian experts are working on a project to create a two-loop monetary and financial system in the country, Secretary of the Security Council Nikolay Patrushev said recently.

Russia Moving Closer to a Gold Standard—Official - BullionBuzz - Nick's Top Six
Gold bars and Financial concept,3d rendering,conceptual image.

He explained that the project involves providing the ruble with both gold and a range of goods representing a currency value. As a result, the ruble exchange rate would correspond to its real purchasing power parity, he said.

To ensure the sovereignty of any national financial system, its means of payment must have intrinsic value and price stability, and must not be tied to the dollar, Patrushev said.

Another important condition for Russian economic security is the restructuring of its economy based on modern technologies, Patrushev added.

“We are not against a market economy… but… the West allows other countries to be its partner only when it is beneficial for it,” Patrushev said, noting that Russia’s development should be based on its internal potential.

On March 25, the Bank of Russia announced a fixed price for gold of 5,000 rubles ($59 at the time) per gram.

Patrushev said that Washington was trying to solve its problems at the expense of the rest of the world, thereby creating a “human-induced global crisis.” Its European allies would be the first to suffer from those actions, Patrushev said.

While the White House is discussing a possible default by Russia, the situation is such that “it’s time for them to declare their own default,” according to Patrushev, who pointed out that the US’s external debt has exceeded $30 trillion.

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