In Gold We Trust: How the ‘Entire Western Monetary System is a Fraud’

Thursday, September 7, 2017
By Paul Martin

SputnikNews.com
07.09.2017

The largest Russian bank, Sberbank, is planning to increase the supply of gold to China up to 10-15 tons in 2018. Keeping in mind that both the Russian ruble and Chinese yuan are covered by gold, this step is a part of the “de-dollarization” of their economies, according to economist Peter Koenig.

The former World Bank staff, current economist and geopolitical analyst Mr. Peter Koenig told Sputnik Radio that this decision by Sberbank is just a continuation of economic and trade agreements between Russia and China.

“Both the ruble and yuan are 100 percent covered by gold, so this is just a part of a larger, fairly advanced scheme of the de-dollarization of their economies,” Koenig said.

He further said, “The entire western monetary system is basically a fraud. It is privately made and privately owned. All international transfers have to transit through Wall Street banks and that is the only reason why the US can actually sanction as they say ‘countries that do not behave according to Washington’s dictate.’”

But according to him this may change rapidly because China and Russia are moving quickly towards complete independence from Western economies.
He further stated that the Shanghai Cooperation Organization and the BRICS countries “truly do not need the West to survive because they make up half of the world’s population.”

The economist added that China and Russia are the world’s largest gold producers and the only problem with gold today is that it is completely beholden to the West’s monetary system.

“For the last five years China, Russia and other members of the Shanghai Cooperation are trading hydrocarbons no longer with US dollars, but in their local currencies or in gold,” Koenig said.

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