Checkmate: The Game Is Over” As Russia Begins Selling Oil For Gold

[ajl]

Russia, India, and China take over. what a loon. All these countries have huge problems you just are not there to see them. India likely has the best prospects out of these because of a more diverse economy and a younger population. Certainly hope Russia doesn't do anything stupid but Europe does have other sources of Gas such as Nigeria. Granted that is not that much better but Russia needs $US dollar so I don't think they will be cutting off the gas anytime soon. This also keeps Russia exporting grain too.

[agstar77]

Second Russian revolution off with his head.

[SASKFARMER3]

Putin is Smart Enough to get through this.

[sumdumguy]

To cut off sales of energy would be shooting himself in zee foot, but if he asked for payment for oil in food, that might keep Russians from starving. Maybe some of you know how average Russian or Ukrainian is affected by the recent political maneuvers?

[cottonpicken]

This thing could blow up right in our face. What if we end up getting locked out of south east Asia's markets that would certainly suck for all of us.

[rkaiser]

Russian starving.... LOL How about asking for payment for Russian oil and gas in Gold. Check it out. Already starting.

[Klause]

Why would Russia ask for food? They are an exporter like us.


If the world cut off all food imports to Canada would we starve? No. In fact probably wouldn't even notice LOL.


Russia has Energy food and the industry to fuel itself... don't forget that...

If the paper money eyes economy crashes the world power will be whoever has the largest hard currency reserves.

[macdon02]

Why would Putin want gold?

1.Obama’s former Economic Adviser has stated now the US should give up the reserve dollar status
2.The IMF is holding discussions on expanding SDRs
3.World Bank is also now suggesting a new currency for reserve purposes needs to be established
I have a feeling that the story is a plant and they are just trying to sucker someone into buying metal, tough sell with a rising US$. I have never held a gold bar so cant relate to ownership of it. Was a story not long ago on zerohedge about Citibank fund manager buying oil because it couldnt go down, that was around $92 roughly. He got canned right after Opec said no cuts and crude hit 60s. I m getting more and more cynical of what I read. Google, Spoiled Chinese cornstocks, is it true? who knows but would explain approval of Mir. Kinda scatter brained response here. What form of payment would a "smart" person take? A Ruble that has tanked? A non debt backed Euro? A fluctuating hard asset or the current reserve currency? The Real dropped to a 10 year low this week, Indonesia has trouble, have to mention the loonie as well. Fed is saying rates to go up with patience and QE is over. As that US$ goes up, and commods crash we are deflating making debt tougher to pay back, for govt and the consumer. Owning debt is essentially a short position on currency. Margin call anyone?

[macdon02]

My bad, should read "taking on debt" not owning it, is a short

[cottonpicken]

Oh for the love of ****ing god gold has been and always will be a currency five god damn thousand years anything could have been chosen it isn't special or biblical it just fit the bill and is the ultimate form of payment for any bill. Look at what it takes to get it out of the ground I'll never get over how our society is brainwashed on the subject unnerving

[sumdumguy]

Cotton, you talk as though you pay for everything with physical gold. Just tell me, have you paid for ANYTHING with gold? This time answer this question.

[cottonpicken]

Yes and double yes the catch is the conversion process which takes a few minutes. You know like selling wheat converting it to cash and make payment.

But you seem to think wheat is not cash?

Money is the medium of exchange between a man with wheat a guy with apples and a man with plumbing skills.

And you and your kind went and ****ed it all up now you can reap the whirl wind.

[macdon02]

Actually you raise a good point Cotton, on grain being used as a currency. Look at Argy and ow the farmers are holding beans as hedge. Govt steps in and has declined any financing if grain in the bins, the farmers are crippling the govt source of income. Would be surprised to see a bump in grains as a hedge with crude taking the thumping, grains are "cheap" currently

[rkaiser]

http://goldswitzerland.com/pepe-escobar-blowback-after-blowback-for-the-empire-of-chaos/

Awesome mainstream interview.

[cottonpicken]

It's almost to obvious to state that currencies need to be tied down. The currency is the debt and the debt is the currency. Paper can work "as long as the men have the minds of gods"-Plato or Aristotle or one of them guys,this is how long the debate has been going on. But the hundreds and hundreds of times it's been tried the result has been the same and it ryhmes with hero. Right now we are something like 96 percent gone. Hopefully there is some unseen magical angle that alludes the people who know this stuff. Gold is only one path and probably not the best.