The Threatened Putin Gold Peg

What It Means For the U.S. Dollar, Bitcoin, and the World Economy

Last month I outlined What The Russian Ruble Gold Peg Means To Bitcoin. The article was limited in scope because while I am somewhat credentialed in bitcoin and gold through experience, I consider myself a second-rate self-taught economist and thought it best to leave the implications to the U.S. dollar and world economy to those better trained.

But there has been a dearth of information on the subject. Apparently, the significance of the Russian gold peg has been completely missed by traditional gold bugs, bitcoin maximalists, along with legacy economists in the West.

Yet upon further thought, this should have been expected by an aging boomer who had the privilege of growing up with circulating, silver certificates, silver dollars, fifty-cent Franklins, silver quarters, silver dimes, nickel nickels, and copper pennies.

Quite the opposite of today’s Metaverse.

The 50-cent Franklin Half Dollar. I remember buying a rocketship for 49 cents plus 1 penny sales tax. Missouri sales tax was 2% until 1963. Likewise a Three Muskateers for a nickel.

The 1971 Nixon closing of the gold window seems to be the starting point for most contemporary sound money commentaries.