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IMF-obedient Bank of Russia rejects gold-backed ruble

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IMF-obedient Bank of Russia rejects gold-backed ruble

Nabiullina says the idea is not even being discussed. After all, it's against IMF rules

Edward Slavsquat
Apr 30, 2022
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IMF-obedient Bank of Russia rejects gold-backed ruble

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Nabiullina’s House of Horrors

The long-awaited golden ruble has returned to the front page of Zerohedge and everyone is very excited. Except for the Bank of Russia, which announced yesterday that pegging the ruble to gold is not even being considered as a possibility.

Let’s rewind to April 26. In an interview with Rossiyskaya Gazeta, Security Council Secretary Nikolai Patrushev said the Russian government was toying with the idea of backing the ruble “both with gold and a group of goods.”

Very cool. Very based. High-five.

But then the most predictable thing in whole world happened: Russia’s central bank dominatrix, Elvira Nabiullina, ruined everything. Again.

“As for tying the ruble to gold, this is not discussed in any way,” Nabiullina said during a press briefing on Friday.

Just a reminder: Nabiullina was recently reappointed as head of the Bank of Russia after receiving Putin’s endorsement. (She allegedly tried to resign after Washington & Company vacuumed up half of Russia’s foreign exchange reserves. Anyway, she’s still with us and everyone is very glad about this, including Mike Whitney, who lovingly refers to her as a “financial terrorist.”)

Why is Elvira so allergic to the idea of tying Russia’s currency to gold? There are probably several reasons.

One reason is that pegging your currency to gold is strictly verboten if you are a member of the prestigious International Monetary Fund. It’s a massive no-no.

“IMF members have been free to choose any form of exchange arrangement they wish (except pegging their currency to gold)”
From the IMF’s Articles of Agreement (source)

Russia is a proud member of the IMF. If Moscow wants to create a system where you can exchange a golden ruble for a VIP tour of Petro Poroshenko’s demonic chocolate factory, it will first need to withdraw from this esteemed international organization. At least that’s how we understand things.

Maybe there is a work-around. Maybe Russia can create two rubles: a gold-backed ruble for domestic use, and a less-cool ruble for foreign transactions. And maybe the IMF would be okay with that? Maybe. But Nabiullina doesn’t want to talk about it. She has long-tabled our beloved golden ruble. Simply unacceptable.

Putin and Elvira discussing the golden ruble (source: TASS)

Don’t worry, friends: Nabiullina has a compromise. Instead of a gold-backed ruble, how about… a Central Bank Digital Currency that can be used to control and monitor all transactions, forever?

April 14:

The Bank of Russia does not intend to postpone the introduction of the digital ruble, despite the technical unpreparedness of some banks, said Olga Skorobogatova, First Deputy Chairman of the Central Bank, during a meeting of the State Duma working group.

"From January 2022, we began testing the digital ruble in a test mode with banks, there are twelve of them, which declared themselves in the pilot group. I must say that not all banks were technically ready to join this testing, and we we divided them into several groups so that they could make improvements on their side.But at the same time, we do not want to change the deadlines, we do not want to lengthen any stages, because we believe that the digital ruble is very necessary for the economy, citizens and businesses. We are going according to our plan,” Skorobogatova said.

April 21:

The digital ruble will be used in the implementation of government programs, this will allow more efficient tracking of the use of funds, said Central Bank Chairman Elvira Nabiullina in the State Duma.

“Indeed, the digital ruble will provide new opportunities. In addition to being convenient, it also provides opportunities for programming, tracking the targeted nature of the use of digital rubles. We are discussing with the government that such a ‘target ruble’ will be used for government state programs, and then the government will more effectively monitor the targeted use of the funds allocated to support certain sectors of the economy, for social support,” Nabiullina said.

This is the final nail in the Great Reset’s coffin. Schwab is sweating bullets.

A final thought before we end this blog post.

At the end of March, the central bank said it would purchase gold at a fixed price of 5,000 rubles a gram until June 30.

Everyone went bananas. All of the 5D Russia Pundits announced Moscow had masterfully and decisively pegged the ruble to gold. There was much rejoicing. Twitter imploded.

Twitter avatar for @Ben64319554
Dr Alyssa Frensor 🇺🇸 @Ben64319554
Holy hell, they did it. This is a really big deal, the financial equivalent of nuclear bombs. Most worlds economies are all based on debt. Now Russias money is based on money.
Image
6:14 AM ∙ Mar 29, 2022
39,357Likes10,855Retweets

But wait… if Russia tied its currency to gold back in late March, why did Nabiullina declare a month later that the Bank of Russia will not even consider pegging the ruble to any kind of shiny metal? ………………………………………………

……………..

……….

…..

Do you see the problem here?

A one-week “game-changer” that never actually existed. Very nice.

“Gold-backed ruble could be a game-changer,” RT proclaimed on April 2.

Less than a week later, the Bank of Russia dropped its policy of buying gold at a fixed price, choosing instead to negotiate rates with sellers.

Even during this 10-day period, the ruble was never “pegged” to gold. Sorry?

Maybe one day Russia really will adopt a gold-backed ruble. But probably not while Nabiullina is playing tonsil hockey with the IMF. That’s the official Edward Slavsquat Forecast.

In the meantime… do you like trackable digital tokens, or inflation? We’ve got lots of that. Here, have some inflation, very yummy:

Twitter avatar for @RileyWaggaman
Edward Slavsquat @RileyWaggaman
nakanune.ru/news/2022/04/2… Latest forecast from Bank of Russia: annual inflation will be 18-23% (currently it's at 17.6%). In 2022, GDP will contract by 8.0-10.0%.
nakanune.ruЦБ: Инфляция в 2022 году составит до 23%, ВВП потеряет до 10%Центральный банк России сегодня опубликовал скорректированный прогноз по макроэкономическим показателям на текущий год.
2:38 PM ∙ Apr 29, 2022
Edward Slavsquat
Russia's central bank chief: Incompetent or just misunderstood?
Year after year, Elvira Nabiullina patiently stacked gold bars and delicious foreign currency so that one day the Bank of Russia could do something really cool, like buy everyone an iPhone. Something like that. We’ll never know what the actual plan was because approximately half of the central bank’s foreign exchange reserv…
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a year ago · 39 likes · 25 comments · Edward Slavsquat
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IMF-obedient Bank of Russia rejects gold-backed ruble

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45 Comments
FLC
Apr 30, 2022Liked by Edward Slavsquat

Just a friendly reminder: Elvira Nabiullina took part in this 2017 WEF document on the challenges of cyber attacks, in which they wrote about the "systemic risks", considering cyber attacks "the single most important risk to the current financial services system" and, of course, advocated for a "public private cooperation to prevent cyber-attacks". She was part of the Steering Committee and a steward of "the System Initiative on Shaping the Future of Financial and Monetary Systems": https://www3.weforum.org/docs/WEF_Cyber_Risk_to_Customer_Data.pdf

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Sarah
Apr 30, 2022·edited Apr 30, 2022Liked by Edward Slavsquat

Excellent article, so much for 5D! I can't believe the mental contortions one has to do to think that you can oppose the globalists while being part of the IMF 😂 Are any of you guys building communities in real life to support each other? I wish I could but I'm isolated.

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