Comments by "AQuietNight" (@AQuietNight) on "Have Western Sanctions Destroyed Russia’s Economy? Not So Fast!" video.

China is helping to keep the lights on in Moscow. But... China announced it hit a oil jackpot which will make them less dependent on Russia. Maybe this is why Russia gave a nice discount on oil sales to China? Russia's biggest problem is all they have is oil (and missiles) to sell. Trade has gone up between the two nations but no doubt China just buys oil and sells back to Russia everything else. What else does Russia have to sell that the Chinese do not make? I haven't seen any stories like the Chinese creating long lines to buy up Ladas from Russia. In this type of situation the Chinese are just getting back the money they pay Russia for oil.
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For a few years I have been hearing the Chinese want to gold back the Yuan. Unless you allow for redemption of Yuan into gold bullion, gold backing anything is pointless. You would also have to have a set price for gold. If you gold back a currency not only should you be able to bring your paper Yuan in to exchange for gold bullion, you should have companion gold coinage. You can only do this if gold has a set and reliable price. The price of gold can't bounce around otherwise there would be runs on the Yuan to covert them to gold or people would take gold coin and melt them down every time the price of gold exceeds the value of the coinage.
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Personally I think having the reserve currency is not such a great thing, it makes your exports expensive and allows for sloppy spending instead of controlled finances. If the U.S. wanted to stick it to China, let the Yuan be the reserve currency as this will push up the price of their exports which will force a rearrangement of their economy as Chinese industry will be forced into dramatic cost reductions. While many disagree on this, I like to point the Swiss Franc which is not a reserve currency yet the Swiss economy does very well and the Swiss eat very well.
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@mike4evolution "Because losing the super dollar status will make you lose EVERYTHING." I grant, there will be changes and some will be quite rough. Look at this way... Japan had the second largest economy in the world. China has the second largest now. Neither has had currency that has had reserve status. I think you are ignoring everyday realities for countries that get by quite well on the currency they have. Keep in mind China has yet to build a welfare state. Reserve status will force that issue because now the country has no reason not to print the money to get a first class welfare state going. And next thing you know, China has it's economic nuts trapped in an economic vise :)
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@mike4evolution I'm realistic, I'll never have enough of that kind of luck. :)
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