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Meanwhile China breaches international treaties to rescind Hong Kong's autonomy on 15:10 - May 28 by StokieBlue
That's not a lot of money in the grand scheme of things though and their economy is totally based on oil which is not going to previous highs anytime soon.
As an overall economy it's smaller than the UK with a GDP only 59% that of the UK.
SB
There's no doubt the drop in oil is going to hurt them badly. And on a much smaller scale, it can't be doing much good for Scotland either. The wildcard is that gold prices could reach much higher in the future (especially if we reach the point that an economic reset becomes necessary) and then gold reserves would prove especially important. It's even possible a new future world currency could become backed by gold again. Should that happen it could put China and Russia firmly in the driving seat. https://www.financialsense.com/contributors/jim-rickards/world-playing-out-penta
Meanwhile China breaches international treaties to rescind Hong Kong's autonomy on 15:28 - May 28 by midastouch
There's no doubt the drop in oil is going to hurt them badly. And on a much smaller scale, it can't be doing much good for Scotland either. The wildcard is that gold prices could reach much higher in the future (especially if we reach the point that an economic reset becomes necessary) and then gold reserves would prove especially important. It's even possible a new future world currency could become backed by gold again. Should that happen it could put China and Russia firmly in the driving seat. https://www.financialsense.com/contributors/jim-rickards/world-playing-out-penta
There isn't enough gold to back any currency unless there is massive deflation of basically everything which would be horrendous.
Gold also is finite and hard to extract, it doesn't replace oil as a money maker, it's a store of wealth for a future point.
I guess I just don't see Russia as any form of economic power, in reality their power is still based on their military.
SB
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Meanwhile China breaches international treaties to rescind Hong Kong's autonomy on 15:50 - May 28 with 459 views
Meanwhile China breaches international treaties to rescind Hong Kong's autonomy on 15:33 - May 28 by StokieBlue
There isn't enough gold to back any currency unless there is massive deflation of basically everything which would be horrendous.
Gold also is finite and hard to extract, it doesn't replace oil as a money maker, it's a store of wealth for a future point.
I guess I just don't see Russia as any form of economic power, in reality their power is still based on their military.
SB
This is worth a watch if you have a few mins. It's a short summary (just over 7 minutes long) of Rickard's "The New Case for Gold":
He might be wrong (in fact I hope he is!) but he deserves some credence at least as he's made some good calls in the past. The Pentagon respected his views and work enough to invite him to help simulate economic war games.
Meanwhile China breaches international treaties to rescind Hong Kong's autonomy on 15:33 - May 28 by StokieBlue
There isn't enough gold to back any currency unless there is massive deflation of basically everything which would be horrendous.
Gold also is finite and hard to extract, it doesn't replace oil as a money maker, it's a store of wealth for a future point.
I guess I just don't see Russia as any form of economic power, in reality their power is still based on their military.
SB
Like Canada, Russia has vast reserves (not surprisingly given that they are the largest country in the World - so long as you count the oblasts as sort of counties and not nations in their own right). The supply of natural gas to the rest of Europe is just one facet (as anyone who has watched the opening credits of 'Have I Got News For You' knows), climate change will probably favour their agriculture whilst economies to the south falter. Shipping along the shorter routes that are opening up in the Arctic will be a bigger earner in the future than it has been. And then there is the 'Second World' economy that still goes on along the barter and back scratching lines that used to exist between the Soviet Union and its satellites and favoured states. Not easy to evaluate but it exists and has a significant impact.
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