Joe Pac
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Wednesday January 18, 2023 · 1:09 PM PST
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This is fresh from the twilight zone.
www.ibtimes.com/…
SO Russia (and Iran at least) are trying to concoct a crypto currency — backed in gold mind you (that does not exist) — to “create a new economic order” ie to replace dollars. So I guess their philosophers stone somehow managed to make gold out of lead or something.
I am really not sure if to laugh or just puke. I think they are trying to call it “stable coin”
Don’t ever take stock advice from the guy that wrote this!!!!!!!! Boy is he out to lunch or worse.
DO you understand there is over 90 trillion dollars in the world at any one time circulating. Just how hysterically stupid this is. Unless they somehow managed to find more gold than in about the entire universe here. I am only slightly exaggerating. There is a reason there is no gold standard you know.
There is desperation and then there is this — like an incredible acid trip for Vlad. He must have some really good drugs.
Russia was dumping foreign currency for the past week (notably Yuan) just to try and stabilize their currency (that has a black market in it) — we are talking scraping the bottom of the barrel here. Educated guess — China was not cool with getting a bunch of their currency dumped. There is no fucking way to stabilize Rubles — I really do think they will end up “converting” some Russian savings into war bonds in the end. But it is so past the point it could ever matter.
That whole currency is a vanity project. It can’t survive a strong wind pushing on it. Hey Janet Yellin — lets give it a push. Our capital markets will be glad to help if they can make money out of it. There must be a play in this I don’t see. Kill the currency and you can kill the country. We are very creative capitalists in the US. There must be a way to destroy that currency.
I have no doubt at all that once the shit stops spinning all their foreign currency reserves will get seized you know. They will end up paying for Ukraine alright. Somebody is going to pay for it.
But don’t you know — they have this magic gold making machine — hahahahahaha
This is about the dumbest thing I have ever seen in finance. So completely disconnected with reality. I thought I must be missing something — but no, I am sure.
I really wonder if Vlad really believes his own bullshit. Even he must understand how stupid this is.
I hesitated to post this because it is that stupid. But it is so telling of how much shit Putin is really in here. Like he locked himself in a barn and then lit it on fire. Really. Honest to god. Maybe it just needs a little kerosine. And I mean not much.
Kill that currency and you can kill that country. IMHO.
It has been done before. This is not new.