Dmitry Kalinichenko recently wrote a brilliant article entitled “Grandmaster Putin’s Golden Trap”. That article was originally written in Russian and later translated into English by Kristina Rus.
The translation is generally easy to read, but there are some portions of that English translation that may not have clearly expressed Mr. Kalinichenko’s original ideas.
The article began with,
“Very few people understand what[Russia’s President Vladimir] Putin is doing at the moment. And almost no one understands what he will do in the future. No matter how strange it may seem, but right now, Putin is selling Russian oil and gas only for physical gold.”
Surely, Russia isnotselling its petroleum products only for physical gold. Surely, Russia is accepting other fiat currencies (such as euros, yuan and dollars) as “payment” for its crude oil. From his second line, Mr. Kalinichenko’s arguments seem…
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