The Miles Franklin newsletter does not attempt to be all things for all people. Our focus in on gold, silver, the dollar and the economy. We pretty much stay away from the stock market (including the mining shares) and politics.
In the Featured Articles section, I look for the most interesting articles that I find that fit into what our main focus is all about. There will usually be articles from the likes of Jim Sinclair, Richard Russell, John Williams, Bill Murphy, Jim Willie, Gerald Celente, The Sovereign Investor, King World News, Zero Hedge, Ed Steer and a handful of other varied sources. We don’t expect you to have the time to read all of these sources, so we do it for you and cherry pick information.
We do not claim to be perfectly “objective” or “balanced” in our reporting. We do claim that what we report we believe to be true, accurate and represent the way all of us – David and Andy Schectman, Bill Holter and Andy Hoffman – feel about the direction of precious metals, the dollar, inflation and the economy. We don’t waste time presenting the other side of these arguments. We have discounted them long ago.
Yesterday I featured an interview with Jim Sinclair. It highlighted the significance of Russia abandoning the Petro-Dollar and what would happen if they started to accept other currencies and precious metals for their gas and oil. This is the game changer and it is an event I have discussed in the past. What has been only guesswork is now about to become reality. If you missed the interview or don’t understand the immense significance of what this means, please watch this interview and then read the Russia vows to switch to other currencies over US sanctions threat – Glazyev article that follows below…
Jim Sinclair: Russia Can Collapse US Economy, Gold Update, Silver is Gold on Steroids & More
Here is the article from Jim Sinclair:
Russia Vows To Switch To Other Currencies Over US Sanctions Threat – Glazyev – www.jsmineset.com
Posted March 17th, 2014 at 11:07 AM (CST) by Jim Sinclair
Here is the Voice of Russia’s commentary on the petro Dollar.
Russia vows to switch to other currencies over US sanctions threat – Glazyev
Russia can dodge any proposed US sanctions by switching to other currencies and creating its own payment system, Putin’s economic advisor Sergei Glazyev said Tuesday. A senior Kremlin official has denounced Glazyev’s remark on US-Russia economic ties, calling them “a personal opinion” inconsistent with the Kremlin stance.
This comes amid US threats to pile sanctions on Russia over its stand on the Ukrainian coup. US Senate is currently debating possible measures against Moscow.
Senator Christ Murphy, the chairman of the Senate’s Europe subcommittee, said lawmakers were considering such options as imposing sanctions on Russia’s banks and freezing assets of Russian public institutions and private investors.
Sergei Glazyev told reporters today Russia would have to switch to other currencies to curb its dependence on the United States.
“We have wonderful economic and trade relations with our Southern and Eastern partners,” he emphasized. “We will find a way not just to eliminate our dependence on the US but also profit from these sanctions.”
Sanctions imposed by the US against the Russian government institutions will force Russia to recognize the impossibility of loans repayment to the US banks, Presidential Aide Sergei Glazyev said.
“If sanctions are applied against state structures, we will be forced to recognize the impossibility of repayment of the loans that the US banks gave to the Russian structures. Indeed, sanctions are a double-edged weapon, and if the US chooses to freeze our assets, then our equities and liabilities in dollars will also be frozen. This means that our banks and businesses will not return the loans to American partners,” he said.
If a dump of treasuries by Russia, what’s to keep the Federal Reserve from simply recording an equivalent sale to the 3rd most largest owner of such treasuries, namely Belgium (IMF)?
It seems there’s still legs in this game. Russia can force payments in anything other than dollars and cause a squeeze, but it seems dumping treasuries may not get them much mileage. Am I wrong?