Hearted Youtube comments on Econ Lessons (@EconLessons) channel.
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In February 2022, Russia did have some reserves in gold. I do believe that gold is an asset that possibly could be used. However, the first question is how much gold does Russia have possession of today. Gold sitting in New York, London or even Switzerland might not be usable during the war in Ukraine. Second, we are 2 years removed from the start of the war, so how much gold does Russia have today? We don't know, and we can't trust Russia to tell us. We do know that the Russian Central Bank has admitted selling their reserves, probably to support the value of the ruble, which I suspect has far less value on the street than it does at the government exchange rate for the dollar. And who buys anything from Russia, paying in rubles? Perhaps North Korea. Does Iran even buy Russian stuff? My guess is that they would almost be on a barter system, selling drones for fighters, or air defense systems.
If Biden would just allow Ukraine to take the gloves off and hit Moscow, this war could end quickly, which should be our goal.
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