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About Gold-Backed Russian Roubles and Eurobonds…
We picked up some interesting quotes from the Russian Finance Minister Alexei Kudrin.
He told reporters that the national forex and gold reserve exploded
by 44 percent over the last five months, reaching $516 billion.
More specifically on gold, the reserves grew from $35.778 billion to $40.95 billion in 2011, an increase of 14.45%!
Per ITAR-TASS:
Speaking at a press conference on Saturday after a
meeting of the CIS finance ministers, Kudrin said, “This proves that
the Russian rouble is strong.”
According to the minister, “Today the Russian rouble can be used
in international settlements on the wish of economic entities.”
“Today there are no restrictions for the rouble. The rouble is
convertible currency,” he said.
The Russian government is clearly stacking up on gold to make its
national currency much stronger against the current international fiat
money standard, like the US dollar or the euro.
Seems like the Russian are working towards some sort of gold-backed rouble.
Furthermore, Kudrin told reporters that already this year, Russia will be placing the much talked about Eurobonds in roubles.
In his words, this became the largest emission of the
local currency, which is not reserve. “This proves that an important
step has been taken on the way to settlements in roubles,” Kudrin said.
“The rouble will become the more stable currency if Russia curbs
inflation within 3-4 percent within 5-6 years,” Kudrin said. “This will
be a new quality of the Russian currency,” he added.
“Then the Russian rouble will be trusted and settlements in roubles
will be expanded,” he said. The minister recognised that till now the
rouble has not corresponded to the standards to be met by reserve
currencies.
Now we know why Russians are throwing parties again…
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You are kidding me man!? Don't you know what usually happens to USA friends/strategic partners (Irak, Lybia, Pakistan, Georgia)? No thanks, who needs an enemy if you have such a friends.
What about silver reserves? Wonder which countries are big into silver besides China and India? Anyone into silver trading?
http://www.guidetosilver.com/silver-trading.html
Advice worth following?
The whole article actually represents a bearish signal for ruble and other EM currencies
When the USSR collapsed, many in the USA gloated at seeing Mother Russia on her knees. The USA missed an excellent opportunity to build a close alliance with Russia.
Now, as the USA is reeling from multiple head and body blows, it's knees visibly buckling, will Russia have better foresight than the USA and forge an alliance of the two former Super Powers.
I sure hope the Russian central bank is more believable than the one run by that Princeton hack, Bennie S. Bernanke.
Gee and didn't Russia default in the '98-'99 timeframe. Seemed to work out for them.
Maybe the US should take a stab at defaulting instead of listening to the MSM Bildegerger sycophants that fractional reserve debt is sacrosanct (ie their money). It's the only way to restructure at this point.
Or issue a 90% silver $150 (say half dollar size) circulating coin, US MINT made and slowly usher in your own US Note bill printing at cost(6-12 cents per note), redeemable for said coins in $1500 increments, or the likes.
No thank you, sir. I prefer to simply be paid in ounces of metal. No need to substitute fiats labeled with some made-up word like "Dollar" so that I forget that what I really want.
On Dec. 30, 2010 gold was 1405.5$ at the London PM fix.
Yesterday the PM fix was 1537.75.
So, gold is up 9.5% in US$ terms since end of last year.
Some 5% of the increase is added gold.
To get an accurate picture of gold, please report by weight.
"Brazilian government is probably the most corrupt that exists on Earth but at least we don't have anything like the Department of Homeland Security"
And which fighter jets Dilma's going to buy? Any infos Broomer?
In January 20, 2011 the buying was postponed to at least 2012. Our Department of Defense got a cut of 4.1 billion reais (about 2.6 billion dollars)
because of the stimulus provided by government due to the 2008 crisis (the bill is arriving now - heavy budget cuts, including this).
The ongoing projects won't be cut. These include the nuclear submarine being built together with France (France will build the hull and we will build the reactor) along with four conventional ones, and the development of the Embraer KC-390
Sorry for the late reply. There is no prefered jet at this point.
"American boy"..WTF? LOL, they must be singing praise to the black flash mobs of Detroit. Wake me up when they are singing "Russian girl".
There's alot truly sad and disturbing about our government here in the USA for sure but i will take ours over anyone else's (except maybe Brazil's) any day. You want to live in China, Russia, Europe, Japan, Where? No. Its the USA inspite of our pathetic little thieves in Washington and Wall Street.
Well it won't be the USA long unless we stop immigration. There is no country big enough to continue to absorb almost four million "legal" immigrants a year. The biggest lie told to the American people has been that they must self-genocide their country, their way of life, their language, their heritage of European, white, Christianity in order to prove they are the ones "not racist." However the US Census Bureau in its most racist form has delineated the "white" category and now whites are only a "not" as in "white not Hispanic". If that was done to any other group the hue and cry would not end until the gates of the White House were torn down. Add "family reunification" to the 1.5 million legal and you will have almost Four Million immigrants every year (hidden in the govt jobs you and yours can't get; oh how smart the communists are: destroying America via your own govt jobs given to the foreigners where when you call they hang up on you and refuse to provide accurate information). And let's not forget illegal immigration as there are another forty million illegals here: taking your medical care, your schools, your college places for your children, and screaming racism anytime they don't get what they want.
Where will you and yours live when this country falls? Russia has to believe that we are there only hope. Remove the Untied States, and All is China, China is all. The asians, without that nice "share" and "give" heritage of Christianity, are a brutal people when given the reigns of power: all for China nothing for anyone else.
you are a fucking idiot. Adding about one percent to the population (4 million) will not be our downfall. Lazy white americans with a huge sense of entitlement is a problem. Not forming stable family units and reproducing more than one child pet adult is a problem. Allowing corruption and destroying morality is a problem. Telling people we educated to get the hell out is a problem. Forgetting our country was founded and made great by immigrants is a problem. Telling employers their business will be shut down because of who they hired is a problem.
Allowing people who want to work hard to enter/stay in the us and pay taxes is not the problem.
Close but no cigar. Immigrants are not the problem. The problem is all the free shit that gets given out to people, whether they're immigrants or not.
As someone here on ZH coined the term: The "D&R Free Shit Empire"
Brazilian government is probably the most corrupt that exists on Earth but at least we don't have anything like the Department of Homeland Security.
sw what do u mean ...trying,...those guys are ..winnnnnning!!
double winning!
Nothing funnier than a bunch of tight-assed middle aged white guys trying to be funky.
When do those guys starting kissing each other??? After a little more Wodka.
Ooh! I'm funky but no one ever called me a tight-ass. In fact it's kinda large and loose.
I would suggest that they keep their day jobs.
Central banks wants gold to bring credibility to their currency so the credibility leverage allows them to debase, i.e. fatten up the pig before the slaughter.
People can be their own central bank and own their own gold. Instant credibility. Why is that hard to understand?
Be your own central bank! Buy gold!
Temporalist, you sound like a FOFOA fan. I am.
+ $1540
###
He told reporters that the national forex and gold reserve exploded by 44 percent over the last five months, reaching $516 billion.
###
Itar-tass got it wrong, you are an idiot republished junk w/out facts checking..
here's official data from central bank
http://cbr.ru/eng/hd_base/mrrf/main.asp?C_mes=01&C_year=2011&To_mes=06&T...
gold/curr reserves grew only 10% since start of year..
01.01.2011 479,379
01.02.2011 484,158
01.03.2011 493,835
01.04.2011 502,460
01.05.2011 523,950
01.06.2011 521,092
## Now we know why Russians are throwing parties again…
as far as happy Russians..
you wont find many.. (exlc multi billioners)
INFLATION IN RUSSIA IS 9 % (official), real life inflation is closer to 20%,prices are HIGHER THAN IN USA CAUSE MOST STUFF is imported, avg salary 500-600$ per month , deposit %rate is 5-7%.. not much happiness there..
alx
Russia is a pure Oligarchy; 1% own 90%. Its NOT going to change. In fact its the way the West is going and very fast!
Yea...Russia bad...top 1% own 90...not like anything here in the U.S. ?
At least Medevdev can dance cool.
(sigh)
In america they arrest people for dancing in public
Let's get that footage of Barry dancing to the coppers. If people will not recognize him for war crimes maybe they can recognize he has bad dance moves.
Thanks for your facts-checking. At least they increased their gold holdings too.
It could be uglier, like Brazil, with fixed gold reserves for years excpet for a little selloff. Or even worse, like Canada, Spain or the United Kingdom.
Russia has also the power to Crash UK empire...selling all diamonds
UK empire? its got nothing apart from a balkans-like future.
http://ftalphaville.ft.com/blog/2011/05/26/578626/why-the-british-econom...
Ukraine is doing the same,