Russian experts are working on a project to create a two-loop monetary and financial system in the country, Secretary of the Security Council Nikolay Patrushev said on Tuesday, in an interview with Rossiyskaya Gazeta.
He explained that the project involves the provision of the Russian currency with both gold and a range of goods representing a currency value. As a result, the ruble exchange rate would correspond to its real purchasing power parity.
To ensure the sovereignty of any national financial system, it is necessary that its means of payment have intrinsic value and price stability, and is not tied to the dollar.
Another important condition for Russian economic security is the restructuring of its economy based on modern technologies.
We are not against a market economy, but if the West only allows other countries to be its partner when it is beneficial for it, Russia’s development should be based on its internal potential.
On March 25, the Bank of Russia announced a fixed price for buying gold with rubles. It set a price of 5,000 rubles ($59 at the time) for a gram of gold.
The security secretary also stressed that Washington was trying to solve its problems at the expense of the rest of the world, thereby creating a human-induced global crisis. And its European allies would be the first to suffer from those actions.
While the White House is discussing a possible default by Russia, the situation is such that it’s time for them to declare their own default, Patrushev said, pointing out that the USA’s external debt has exceeded a staggering $30 trillion.
RT. com / ABC Flash Point News 2022.
I’m all in on rubles, but then I’m a sucker for any guy with lots o’ money!!!
A currency backed by gold is a currency with a bright and shiny credibility. A currency some would say worth investing in.