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Tag Archives: Russia

Should we have free trade in a dangerous world?

Yes, with a very few exceptions. Every time there is a war, we see a predictable chorus of pundits calling for the end of globalization. Let’s hope they don’t get their way, because if globalization ends then wars will become much more frequent.My view is that sanctions are usually counterproductive. One exception is when one country invades its peaceful neighbor, as in the current Russia/Ukraine war or in the case of Iraq’s invasion of Kuwait. In that case, the...

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The commodity currency revolution

Goldmoney Insights . April 7, 2022 We will look back at current events and realise that they marked the change from a dollar-based global economy underwritten by financial assets to commodity-backed currencies. We face a change from collateral being purely financial in nature to becoming commodity based. It is collateral that underwrites the whole financial system. The ending of the financially based system is being hastened by geopolitical developments. The West is desperately trying to...

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As Sanctions Bite Average Russians Turn to Gold

As the ruble collapsed under the strain of economic sanctions after Russia invaded Ukraine, the Russian people turned to gold to protect their wealth.Russians went on a gold-buying spree in the first couple of weeks after the invasion. Sberbank ranks as Russia’s largest financial institution. It reported the demand for gold quadrupled during the first two weeks of March. Demand from the Russian citizenry was so strong, the  Central Bank of Russia suspended its gold purchases from local...

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Bad News and Really Bad News: SchiffGold Friday Gold Wrap March 11, 2022

We got the February CPI data yesterday. There is some bad news in the report and then there is some really bad news. In this episode, SchiffGold Friday Gold Wrap Host Mike Maharrey breaks it all down. He also talks about gold’s rollercoaster ride this week in the context of inflation and the Russia-Ukraine situation.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on...

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Shotgun Sanctions and Extraordinary Power

It is one thing to impose economic sanctions on Russian rulers and plutocrats, that is, to impose targeted sanctions on Americans and companies that do business with them; as I suggested before, this is preferable to war for virtually everybody. It is another thing, if only a matter of degree, to forbid Americans and their companies from importing energy products or some other broad category of goods or services from any Russian exporter: this is what the Biden...

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When normality is exposed as a Ponzi

Goldmoney Insights . March 3, 2022 Putin’s hubris, yes-men for generals, lack of fighting conviction among the men, poor logistics and strong Ukrainian leadership and determination have combined to turn the Russian invasion of Ukraine into a military quagmire. Meanwhile, the West has upped the stakes in a financial war. The underlying assumption is that the Russian economy is weak and those of the Western allies are stronger. A few key metrics shows this is incorrect. The underlying...

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Bank Run in Russia as People Try to Access Cash

As economic sanctions began to put a stranglehold on the Russian economy, long lines formed at banks and ATMs as everyday people tried to pull cash from their bank accounts. A Russian economy expert from the Foreign Policy Research Institute called it “a full-fledged bank run.”CNBC described the scene.Lines at ATMs snaked down sidewalks and around buildings in Moscow and at Russian banks in Europe as depositors rushed to withdraw cash. Sberbank Europe, which is owned by Russia’s state-run...

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Peter Schiff: Russia Is the New “Excuse Variant” for the Fed

The Russian invasion of Ukraine has completely changed the market dynamics. In his podcast, Peter talked about the impact the situation is having on the markets and the global economy. He also looked ahead, saying Russia can now serve as a convenient excuse for the Fed to back off its planned monetary tightening. Of course, that will have consequences of its own.Last week, there was optimism in the markets that the economic fallout from Russia’s invasion of Ukraine...

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Oil Rebounds Again, Will It Last This Time?

A Pfennig For Your Thoughts March 1, 2022 * Currencies & metals rally on Monday VS the dollar * Could the Fed/ Cabal/ Cartel be behind the bond rally?  Good day… And a Tom Terrific Tuesday to you! And Welcome to March! One of my favorite months! But probably not this year, as there is no spring training games going on. UGH! The Baseball babies were in negotiations into last night… I really thought that these two organizations would have come to an agreement by today, but then I’m an...

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