1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

In Gold We Trust: How the 'Entire Western Monetary System is a Fraud'

Discussion in 'Topical Discussions (In Depth)' started by Goldhedge, Sep 7, 2017.



  1. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    28,392
    Likes Received:
    32,223
    Trophy Points:
    113
    Occupation:
    Retired
    Location:
    Planet Earth
    SoundCloud interview at link

    In Gold We Trust: How the 'Entire Western Monetary System is a Fraud'

    The largest Russian bank, Sberbank, is planning to increase the supply of gold to China up to 10-15 tons in 2018. Keeping in mind that both the Russian ruble and Chinese yuan are covered by gold, this step is a part of the “de-dollarization” of their economies, according to economist Peter Koenig.

    The former World Bank staff, current economist and geopolitical analyst Mr. Peter Koenig told Sputnik Radio that this decision by Sberbank is just a continuation of economic and trade agreements between Russia and China.

    “Both the ruble and yuan are 100 percent covered by gold, so this is just a part of a larger, fairly advanced scheme of the de-dollarization of their economies,” Koenig said.

    He further said, “The entire western monetary system is basically a fraud. It is privately made and privately owned. All international transfers have to transit through Wall Street banks and that is the only reason why the US can actually sanction as they say ‘countries that do not behave according to Washington’s dictate.’”



    [​IMG]
    CC0
    Moscow to Intensify Work on Cutting Dependence on Dollar as Payment Currency
    But according to him this may change rapidly because China and Russia are moving quickly towards complete independence from Western economies.


    He further stated that the Shanghai Cooperation Organization and the BRICS countries “truly do not need the West to survive because they make up half of the world’s population.”

    The economist added that China and Russia are the world’s largest gold producers and the only problem with gold today is that it is completely beholden to the West’s monetary system.

    “For the last five years China, Russia and other members of the Shanghai Cooperation are trading hydrocarbons no longer with US dollars, but in their local currencies or in gold,” Koenig said.

    He further spoke about how back in the 70s the US and Saudi Arabia, the head of OPEC, had an agreement that Saudi Arabia would ensure that all Mideast countries would trade their oil in dollars only, and those countries that were against such an unfair rule had to face heavy retribution.

    “Those who wanted to depart from this unlawful rule had to pay dearly, such as Saddam Hussein, when he announced that he will trade his oil in euros instead of dollars; we know what happened to him. We also know what happened to Gaddafi who had similar ideas, and Iran also was suddenly faced with accusations of having nuclear weapons,” the economist said.



    [​IMG]
    © AP PHOTO/ AMR NABIL
    Saudi Sanctions Against Qatar Aim to Stop Doha 'Pursuing Same Policy as Gaddafi'
    He further said that this fraud committed by the US must come to an end and right now China and Russia are offering an alternative.


    Earlier, Igor Bulantsev, the head of Sberbank CIB, the bank's investment department, told Sputnikthat in July a subsidiary bank in Switzerland started trading in gold on the Shanghai stock market.

    “Under the pilot deal, we delivered 200 kilograms [440 pounds] of bars of gold to Chinese financial institutions. This year we are planning to additionally deliver about 3-5 tons of gold to China. Next year we expect an increase in deliveries to China of up to 10-15 tons. Perhaps we will even exceed this figure," Igor Bulantsev said ahead of the third Eastern Economic Forum (EEF) in Vladivostok.

    Bulantsev added that in February 2017 Sberbank's subsidiary in Switzerland started delivering gold to India.

    The EEF took place on September 6-7 and was expected to gather over 3,500 participants from more than 50 countries.
     
    abeland1 likes this.
  2. chomper

    chomper Purveyor of Filth Silver Miner

    Joined:
    Feb 10, 2011
    Messages:
    307
    Likes Received:
    139
    Trophy Points:
    43
    Since when are the ruble and yuan gold backed???
     
    Aurumag likes this.
  3. Aurumag

    Aurumag Dimly lit. Highly reflective Midas Member Site Supporter

    Joined:
    Mar 31, 2010
    Messages:
    7,187
    Likes Received:
    7,038
    Trophy Points:
    113
    Occupation:
    Lightwave Jockey
    Location:
    State of Jefferson
    100% gold backed apparently.
     
  4. Goldhedge

    Goldhedge Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    28,392
    Likes Received:
    32,223
    Trophy Points:
    113
    Occupation:
    Retired
    Location:
    Planet Earth
    For quite some time. 10 years?? <<< LINK
     
    Last edited: Sep 8, 2017
  5. Bottom Feeder

    Bottom Feeder Hypophthalmichthys molitrix Gold Chaser Site Supporter

    Joined:
    Mar 31, 2010
    Messages:
    1,714
    Likes Received:
    2,144
    Trophy Points:
    113
    Location:
    Seattle
    Yeah, that was my thought also.
    I know you didn't pen this GH, but do you know if this is correct?

    BF

    Oh, I see you concur
     
  6. chomper

    chomper Purveyor of Filth Silver Miner

    Joined:
    Feb 10, 2011
    Messages:
    307
    Likes Received:
    139
    Trophy Points:
    43
    There is no actual statement in that "article" to say that it is backed by gold. It reads like a propaganda piece.

    If there was an actual move to even partially back the currency with a metal, Putin would be pushing up daisies in short order.
     
  7. Buck

    Buck Fabian Society Gold Chaser

    Joined:
    Apr 13, 2011
    Messages:
    2,422
    Likes Received:
    1,870
    Trophy Points:
    113
    Gender:
    Male
    So, Russia is sending gold to China
    that means Russia needs credit and China is going to provide it for them
    Russia is going to buy lots of stuff through China

    Doesn't sound very independent to me

    Sounds great for China, they have a new customer and lots of new gold
    and it'll work well until the gold all belongs to China

    Where have I seen that before?
     
  8. Howdy

    Howdy Silver Member Silver Miner

    Joined:
    Nov 26, 2015
    Messages:
    1,005
    Likes Received:
    1,147
    Trophy Points:
    113
    Why is he calling it a "Western" monetary system?
     

Share This Page