informationliberation
The news you're not supposed to know...




Austrian Economics: Understand Economics, Understand the World
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
The Disappearing Male: From Virility to Sterility

The Obama Deception: The Mask Comes Off
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in EuropeThe New American Century: The Untold History of The Project for the New American Century
(more)
Article posted Feb 11 2013, 5:55 AM Category: Economy Source: Bloomberg Print

Putin Turns Black Gold to Bullion as Russia Outbuys World

By Scott Rose & Olga Tanas

When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.

Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.

“The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency,” Evgeny Fedorov, a lawmaker for Putin’s United Russia party in the lower house of parliament, said in a telephone interview in Moscow.

Gold, coveted by Russian rulers including Tsar Nicholas II and the Bolshevik leader whose forces assassinated him, Vladimir Lenin, has soared almost 400 percent in the period of Putin’s purchases. Central banks around the world have printed money to escape the global financial crisis, sapping investor appetite for dollars and euros and setting off a scramble for safety.

In 1998, the year Russia defaulted on $40 billion of domestic debt, it took as many as 28 barrels of crude to buy an ounce of gold, data compiled by Bloomberg show. That ratio tumbled to 11.5 by the time Putin first came to power a year later and in 2005, after it touched 6.5 -- less than half what it is now -- the president told the central bank to buy.

Read More





Latest Economy
- Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis
- Oregon Legalizes Pot this Week -- But Thanks to the Liquor Control Commission, You Can't Buy It
- Greece Illustrates 150 Years of Socialist Failure in Europe
- VIDEO: Americans Refuse to Purchase 10 oz Silver Bar Worth $160 for 10 Bucks
- The 'Recycling' Scam Falls Apart
- Which Countries Prefer Capitalism?
- DC's First Cat Cafe Opens Tomorrow (No Thanks to Regulators)
- The Miracle of Air-Conditioning









No Comments Posted Add Comment


Add Comment
Name
Comment

* No HTML


Verification *
Please Enter the Verification Code Seen Below
 


PLEASE NOTE
Please see our About Page, our Disclaimer, and our Comments Policy.


FAIR USE NOTICE
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the DMCA and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.

About Us - Disclaimer - Privacy Policy



Advanced Search
Username:

Password:

Remember Me
Forgot Password?
Register

Judge Orders Lying, Cheating Government To Return $167,000 To The Man They Stole It From - 07/01Video: Maniac Cop Straps Handcuffed Man To Chair And Tortures Him For "Resisting" - 07/01TSA Asks America To LOL At Traveler Who Had $75,000 Taken From Him By Federal Agents - 07/02City Claims It Will Take 9,000 Hours And $79,000 To Fulfill Gawker's Request Emails Related To Abusive Police Officer - 07/01War Veteran with PTSD Faces Life in Prison for Pot, His Wife Calls for Help - 07/02No Charges Against Cops That Killed 17-Yr-Old Kristiana Coignard - 07/02Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis - 07/01Video: Americans Have No Clue How Many Stars On American Flag - 07/02

Man Follows Speeding Cop, Finds Out He Was Speeding To Buy PeanutsMission Creeps: Homeland Security Agents Confiscate Women's Panties For 'Copyright Infringement'Cop Shoots Couple's Dog, Threatens Jail For Trying To Save Dog's LifeSWAT Team Shoots Teen Girl & Her Dog During Pot Raid On Wrong HomeDurham, NC Cop Testifies Faking 911 Calls To Enter Homes Is "Official Policy"Indiana Sheriff Says US A "War Zone" To Justify New MRAP Military VehicleTampa Cops Surveil Pot Dealer, Catch Him Selling Pot, Raid His Home & Kill Him"You Just Shot An Unarmed Man!": Witness Says Police Shot His Friend With His Hands Up
(more)

 
Top