Leeb: “Clearly the world is a mess right now. We have the chaos in Ukraine and the Middle East. As far as the situation in Ukraine goes, Russia won. They got exactly what they wanted. They have stopped fighting and they are now in a position where eastern Ukraine is not going to be part of Russia but they are going to be more or less independent….
“It’s a very big deal that Putin won in Ukraine. You also see Russia moving closer to China, forging a strong alliance. Now we see that China is moving to have closer ties with India. Chinese President Xi is skipping a trip to Pakistan and heading to India instead.
So we are seeing this move to consolidate an alliance in the East. China is going to want to have a lot more control over how much energy it buys and at what price, which also means some sort of gold standard will emerge in the East.
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