Either way, raising Interest serves just one purpose, to Remove that one Currency, so maybe they're trying to get people OFF of the central Banks Currency and moved over to the NEw stuff.....
I am not sure what the difference is neither. If Russia is backing its currency with gold, announced earlier in the year, by implication they have returned to a gold standard, it should be the same across the board. A gold backed currency cannot be manipulated by speculators which is more or less all that exists of so-called investors in Wall Street these days.
Maybe you are right. When Putin announced it in late winter, I assumed it was a done deal. Later on we heard about BRICS launching their own version of an international gold backed currency to compete with the dollar.
Not sure how the ruble can crash if its pegged to gold.
I saw someone mention, this is the central banking backed ruble, not the BRICS backed ruble. I'm not sure the difference
Either way, raising Interest serves just one purpose, to Remove that one Currency, so maybe they're trying to get people OFF of the central Banks Currency and moved over to the NEw stuff.....
Raising interest rates are intended to get investors to support the ruble, is it not?
12% interest is a way of mitigating the risk. If the ruble is shaky you may not put your money there at 3%. At 12% it's a different calculation.
What is a "BRICS backed ruble"? I can't seem to find any information on such a thing.
Just did a quick search on GAW, might not be the best info
https://greatawakening.win/p/16c1uh3rhV/gold-backed-brics/c/
I am not sure what the difference is neither. If Russia is backing its currency with gold, announced earlier in the year, by implication they have returned to a gold standard, it should be the same across the board. A gold backed currency cannot be manipulated by speculators which is more or less all that exists of so-called investors in Wall Street these days.
I don’t think it is pegged to gold yet. There’s talk of them setting up a gold backed currency, but I expect that has a way to go still.
Maybe you are right. When Putin announced it in late winter, I assumed it was a done deal. Later on we heard about BRICS launching their own version of an international gold backed currency to compete with the dollar.