The Phaserl


Does the Russian Bear Smell Gold?

from The Daily Bell:

Is Russia Planning a Gold-Based Currency? … The “perfect-storm” of geopolitical instability, diplomatic isolation, severe currency depreciation, and economic decline now confronting Russia has profoundly damaged Moscow’s international standing, and possibly for the long-term. Yet, it is precisely such conditions that may push the country’s leadership into taking the radical step that will secure its world-player status once and for all: the adoption of a gold-exchange standard. – Mises Institute

Dominant Social Theme: Gold is a barbaric relic. Let’s leave it that way.

Free-Market Analysis: This Mises article about Russia potentially returning to a “gold standard” was written earlier this month. We’ve also speculated on this idea, and the article pulls together a number of current events from a Russian standpoint. The article talks about a remonetization of gold and also about a gold-based currency, but it is not entirely clear what it would entail.

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