“the Russian ruble is raising and backed by gold”
The ruble is only rising on the Russian government controlled domestic market. Starting on June 6th the Trade Association for the Emerging Markets will be using international pricing data as a primary settlement rate option for currency trades and contracts.
In short, the onshore and offshore trading rates for the ruble will resume their Soviet-era posture where the rate within Russia was held up by dictatorial fiat and the international rate was delineated by trading volumes.
Translation: You might want to ditch your ruble holdings while you can.
Please tell me how well the US dollar is doing currently
**Russian Economy:
Auto sales fell by 3 times since start of war. Auto production halted, with exception of Orc designed car no one wants. Car dealers have 2-5 month inventories. Will be huge shortage of cars in 2-5 months. Home appliance sales fell by 2 times.
**Russian State Finances
Fall of Orc GDP projected at 10%, but the indicators above point to a much lower GDP, possibly as high as 50% This is where Orc state gets its revenue; state finances will be hit pretty hard.
Right now State Finances are in perfect order. Hit surplus for first 4 months of the year: $US8-10 billion depending on exchange rate. On track for something like $US30-40 billion for year, in addition, Orc Trade Surplus will hit something like $US58 billion.
The real economy will kick in and hit State Finances hard in terms of tax revenue and so forth. So this gives them 2-5 months before things will get somewhat bad there.
Related is 4 governors quit today (5/11). Most important was the guy in one of the Orc’s biggest economic powerhouses. This tells us that something is going on under the surface of Orc politics and power system.
War in Ukraine
https://www.youtube.com/channel/UCP2QApi8G2TKc8NZmeDWSUg/videos
Starting on June 6th the Trade Association for the Emerging Markets will be using international pricing data as a primary settlement rate option
***Interesting news. I’m sure the currency traders knew this way beforehand.
Here’s what I wonder: Will the russkies retreat to a cryptocurrency in order to do the same thing their soviet counterparts did?