The Phaserl


A Confiscatory Redenomination of Gold

from GoldSilverBitcoin:

The world has entered into a neo-soviet situation, where prices are fixed just as they were in the Soviet Union. The quicker you come to understand this, the quicker you’ll come to understanding why gold is where it is today.

If you want to better understand the evolution of the gold price in the 21st century, looking towards the Soviet example could help.

In the Soviet Union, the currency fixing got quite interesting with the introduction of the “third ruble”, which was introduced in 1924 as the “gold ruble.” Already by 1924, the Bolsheviks had revalued their currency three times, and they were far from done doing so.

After the II world War, the Soviet government implemented a “confiscatory redenomination of the currency” (decreed on December 14, 1947) so as to reduce the amount of money in circulation. As Wikipedia writes:

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