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Russia to continue Mir bankcard expansion

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News Date: September 17, 2022

Mir is a payment and money transfer system operated by the Russian National Payment Card System.
The Russian Mir payments system is expanding to other countries in 2022.
Russia's central bank on Friday pledged to keep expanding the number of countries that accept its Mir bank cards.
Source: reuters.com

Russia will abolish the VAT (tax) on bullion

The government will abolish the VAT (tax) on bullion.
This Bill will go to the State Duma on March 4.
Going forward - when purchasing gold bars or other precious metals from a bank, the 20% current tax on top of its value will not apply.
This is a way to ensure people can invest securely in something other than the dollar (usually people hold their cash in dollars as the ruble is volatile.)
PM advises foreign businesses that competitors will take their place.
This is a step toward treating gold and silver as money instead of as commodities.
Source: t.me

Zimbabwe introduces new digital currency backed by gold

Zimbabwe to create new digital currency backed by gold.
As part of efforts to stabilize the local currency, the Reserve Bank of Zimbabwe (RBZ) is preparing to launch a digital currency backed by gold that will be accepted as legal tender for transactions in the nation.
The RBZ will take the first steps toward using the nation's gold reserves to anchor the Zimbabwe dollar with the introduction of the digital gold tokens, a kind of electronic money backed by gold stored at the RBZ.

Gold operates as money without states or bankers

Gold does not need the state or its bankers to operate as money, because individuals choose it as money on the market century after century. The solidi bear the names & faces of the 5 different emperors who issued them, Honorius was the last Roman emperor to rule Britain.
Everything in life eventually goes to zero.
Gold is one of the only elements in the universe that never dies.
Gold is universally recognized and adorned.
Gold is legacy wealth. Nothing else even competes.
Sources:twitter.com/GoldTelegraph

What Is Fiat Money?

Fiat money is a currency that is backed by nothing except the faith and credit of the government issuing it.
Basically every usable currency around the world today is a fiat currency.
The U.S. dollar has been fiat since 1971.
Fiat money is a currency that is declared money by decree-not by the marketplace.
Though some fiat currencies were once backed by commodities, they are now only backed by the legislative power of the government issuing them.
Source: thebalance.com

US Sanctions Risking systemic collapse

Russia could ask for rubles or gold in exchange for energy. If that occurred Europe would have little choice. The real leverage in the Petrodollar system is on the 'petro' side.
It will be interesting to see how this develops. If energy payments begin moving outside of the SWIFT system, then the Petrodollar will be severely damaged.
Regardless, it's going to be disruptive and we're going to see additional problems. Very likely we will see further money printing and more stagflation.
The United States' attempts to simultaneously take on both Russia and China is a bad idea. We're forcing the two of them together while Europe is trying to play both sides. This situation will end with China and Russia gaining status.
Russian citizens have also been buying gold. This crisis will hurt their citizens, but this isn't Russia's first rodeo. The fact that Putin has done this either means he's lost his mind or he has a plan and found a window of opportunity.
We could see serious spillover effects on bonds and real yields.
The United States can't afford higher rates, and they can't remove Russia's oil without destroying their own markets.
We could see big changes should Russia use their gold as leverage. Possible scenarios that could occur should gold be revalued.
Source: youtube.com

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