An article by Mises Institute contributor Marcia Christoff-Kurapovna believes that now is the ideal time for Russia to introduce a gold-backed ruble.
Mises Institute contributor Marcia Christoff-Kurapovna believes that Russia may be in the process of planning for the introduction of a gold-based currency, and would be better off for it.
"Though a far-fetched idea at first glance, many factors suggest that remonetization in gold may be a logical next step for Moscow," Christoff-Kurapovna notes in an analytical article published Friday on the libertarian think tank's website.
More ominously, for the established order, a gold-standard-based ruble would "above all…mean the first major schism in the world's monetary order." If China follows Russia's lead, which Christoff-Kurapovna believes is likely, "it could mean the threat of a severe inflation in the United States should rafts of unwanted dollars make their way back across the Atlantic — the [Federal Reserve's] ultimate nightmare."
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