The Secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said in an interview with the newspaper Rossiyskaya Gazeta (RG) that the Russian experts are considering backing the ruble with gold and other commodities.
RG Question: And what do we need to do to ensure the ruble’s sovereignty?
Nikolai Patrushev: “For any national financial system to be sovereignized, its means of payment must have intrinsic value and price stability, without being pegged to the dollar.
Now experts are working on a project proposed by the scientific community to create a two-circuit monetary and financial system.
In particular, it is proposed to determine the value of the ruble, which should be backed by both gold and a group of goods that are currency values, and to put the ruble exchange rate in line with the real purchasing power parity.”
I know you are thinking…. why should we trust him?
He served as the Director of the Russian Federal Security Service (FSB) from 1999 to 2008. Since 2008, he is the Secretary of the Russian Security Council.
The Security Council is chaired by Putin and the secretary of the Security Council (Nikolai Patrushev) “answers directly to the President.”
So, when Nikolai says that Russia is considering backing the ruble with gold, he knows what he’s talking about.
RG Question: Similar ideas have been voiced before. However, a number of experts stated that they contradict the conclusions of economic theory…?
Nikolai Patrushev replied:
“They do not contradict the conclusions of economics, but rather the conclusions of Western economics textbooks.
The West has unilaterally appropriated an intellectual monopoly on the optimal structure of society and has been using it for decades…
We are not opposed to a market economy and participation in global production chains, but we are clearly aware that the West allows other countries to be its partner only when it is profitable for it.
Therefore, the most important condition for ensuring Russia’s economic security is to rely on the country’s internal potential, a structural adjustment of the national economy on a modern technological basis.”
I agree with him 100%.
A financial system in which one nation can bully other nations by collapsing their currencies and economies is anything but fair.
Every country should take its economic security seriously and rely as much as possible on its internal potential as Russia is doing now with its decision to sell its natural gas and oil in ruble and back its currency with gold. No single country, in any world, should have the power to cripple the economy of any country through sanctions.
Had Russia not taken these decisions, do you think the ruble’s rise in value against the dollar even under sanctions was a possibility?
Today’s ruble is stronger than the pre-sanctions ruble. Chew on that for a while.
If the ruble literally gets backed by gold, it will not only further increase in value but act as a catalyst for what Zoltan Poszar described as “Bretton Woods III”, a new worldwide monetary order in which currencies are backed by gold and other commodities.
THIS IS THE GLOBAL REALIGNMENT.
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