The U.S. dollar can expect to take a pounding if Russian President Vladimir Putin carries out what appears to be a conversion of Russian currency to a gold-based standard.
Just this past September, Russia added another 1.1 million ounces of gold to it's reserves, increasing the total amount of gold it possesses to a whopping 43.5 million ounces.
This theory is given even more credence by the fact that the massive country has added a combined total of 2.51 million ounces of gold to it's holdings, marking the biggest gold reserve increase within a three-month timeframe in Russian history.
Check out the next page to see the increase in Russian gold reserves for yourself:
It only hurts the dollar if he backs the Ruble on the world market with the gold. If he internalizes it, it only is good at home in Russia. The US should seriously consider internalizing our economy as we are the only country that can stand alone. Dig up enough oil to settle with our debtors and send them all away. Dollars would be meaningless abroad and the leeches would have to leave…
Well if oil was at $55 A barrel 8 months ago, what is it at Now? But by my simple math, to replace a 20 trillion debt by $55 barrels we’d need to sell 363,636,363,636.36 of oil… that’s 363 billion with a B, barrels to sell… good luck