Behold, the power of being the world's reserve currency,

[Original_Intent]

Russian bank Tinkoff now offering to exchange rubles for dollars at a rate of 171 rubles per dollar. It was 83 before the European/US announcement about targeting the Russian central bank. Currency market formally opens tomorrow. This is brutal.

https://www.zerohedge.com/markets/trade ... t-collapse

[Original_Intent]

Another thought: Both Russia and China have been accumulating gold for years. Maybe they will introduce a gold backed currency to challenge the dollar.

[The Red Pill]

Another thought: Both Russia and China have been accumulating gold for years. Maybe they will introduce a gold backed currency to challenge the dollar.

If the BRIC nations (Brazil, Russia, India and China) decided to roll out a gold backed currency when the US dollar is down on it's luck...that would be a serious issue for the dollar. Without being the world's reserve currency, the US dollar is utter toast.

Behold the Hundred Million Mark note from Germany...

20220227_124952.jpg (1.64 MiB) Viewed 98 times

[Original_Intent]

Agreed. We have accumulated so much benefit from being the world reserve currency, that it will be catastrophic for us when that inevitably unwinds.