Moscow will symbolize the rouble’s stability and its backing by the country’s gold re

[Serpo]

An action in support of bank Rossiya to take place in Moscow Economy (http://en.itar-tass.com/economy)
March 30, 6:15 UTC+4
The action is designed to voice support for the bank, which is creating a precedent in world economy

http://videocdn.itar-tass.com/tass/m2/en/uploads/i/20140330/991610.jpg
ITAR-TASS/Ruslan Shamukov

MOSCOW, March 30. /ITAR-TASS/. An action in support of bank Rossiya which has decided to work exclusively with the national currency will take place in Moscow on Sunday.
The Golden Symbol of Russian Rouble installation in front of the bank’s office in Perevedensky pereulok in Moscow will symbolize the rouble’s stability and its backing by the country’s gold reserves, the action’s organizers explained to Itar-Tass.

http://videocdn.itar-tass.com/tass/m2/en/uploads/i/20140330/991624.jpg (http://en.itar-tass.com/russia/725754) Bank Rossiya plans to work only with Russia’s national currency (http://en.itar-tass.com/russia/725754)


The action is designed to voice support for the Rossiya bank, which is creating a precedent and can make those who have initiated penalties against Russia to feel sorry about their decision.
The bank’s transition to using exclusively the rouble may prove the Russian currency’s viability and independence in world economy.
“Russia, at its present stage of development, should not be dependent on foreign currencies; its internal resources will make its own economy invulnerable to political wheeler dealers,” the action’s organizers said.
The Russian joint-stock bank, AB Rossiya, decided on Friday that it would work only with the national currency to protect its customers from dishonest actions by foreign financial institutions.
“In order to protect the bank’s customers from dishonest actions by foreign financial institutions AB Rossiya has decided to operate only in the domestic market and exclusively with the national currency of the Russian Federation - the rouble,” AB Rossiya said in a statement released on Friday.
“The bank has already notified some U.S. banks that it is closing its correspondence accounts. Similar notifications have been sent to other foreign financial institutions,” the bank said in its statement.
Despite changes in its work, AB Rossiya will continue meeting its commitments to clients and partners.
“The bank will fulfill its commitments on time and in full volume. The bank does not need financial support for its current operations, including from the state regulator,” AB Rossiya said. The Visa and MasterCard international payment systems stopped servicing the plastic cards of four Russian banks, including AB Rossiya, on March 21 because of their links to sanctioned Russian businessmen included in the United States black list.
The bank Rossiya’s decision to give up foreign currency and start working exclusively with the Russian rouble is a step forward towards converting the Russian economy and banking sector to national currency, Andrei Kostin, the VTB bank president, said in an interview with the Russia 24 TV news channel commenting the decision of bank Rossiya to operate only in the domestic market and exclusively with the Russian rouble.
“We have been moving towards wider use of the Russian rouble as the currency of settlement for a long time. The rouble became fully convertible quite a long time ago. Unfortunately, we have seen predominantly negative consequences of this step so far revealed in the outpour of capital from this country. The influx of foreign investments into Russia has been speculative and considerably destabilizing to our stock markets,” Kostin went on to say.
The VTB chief said that Russia should sell domestic products - from weapons to gas and oil - abroad for roubles and buy foreign goods also for roubles.
“Only then are we going to use the advantages of the rouble being a foreign currency in full measure,” Kostin said, adding that AB Rossiya would form a vital part of the Russian banking system and would closely cooperate with other Russian banks, which would also expand the rouble’s use in settlements.
“A new imperative motive has appeared for that now,” the VTB chief stressed.
“I believe that other credit institutions, enterprises and citizens will be interested in working with bank Rossiya,” Kostin said in conclusion.

http://en.itar-tass.com/economy/725832

[Serpo]

http://www.youtube.com/watch?v=PJfm0sMLk_M#t=22

[midnight rambler]

Here we go.

[Serpo]

Is this the only country in the world to do this?

[chad]

as long as russia sells gas to europe, there is no possible way that this story is true. they may be concentrating on preferring the rouble going forward, but there's no way they are only working with exclusively. no possible way.

[madfranks]

symbolize the rouble’s stability and its backing by the country’s gold reserves

Is this a symbolic "backing" too, or will people be able to actually turn their paper notes into actual gold at a fixed, defined rate?

[Serpo]

Is this a symbolic "backing" too, or will people be able to actually turn their paper notes into actual gold at a fixed, defined rate?

Would imagine its backing the bank so there is no bank run




or,,,,,,,,,,,,,


- If our fiat monetary system is doomed, should we return to sound money by using gold and silver coins once more? How could we have a practical and “renewed” gold standard?
- The transition is simpler than most people think. There is no need to challenge the authority of the Fed that would be futile anyhow, nor is there need to wave the red cloth of a gold standard in front of the paper bull. It would suffice if one jurisdiction, e.g., the UK with its gold sovereign, or Switzerland with its gold Vrenely (20 Chf. coin), or France with its gold Napoleon, or Hong Kong with its gold Panda opened its Mint to gold (and silver).
In more detail, if one jurisdiction guaranteed that the Mint would stay open for the unlimited coinage of gold and silver through thick and thin, in particular, if it would mint all the gold brought to it regardless of quantity, then the problem were largely solved. Gold mines from all over the world would flock to the Mint and deliver their output in exchange for gold bills payable in the standard coin in 91 days (the time it takes to refine the metal and strike the coins). The gold mines in turn would auction off their gold bills to the highest bidder (to the party offering the lowest discount from face value). In this way a credible gold discount rate would be established, that is not rigged by central banks and the banking establishment.
There is a huge latent demand for these gold bills since for the past four score of years the world has been forcibly deprived of the possibility of exchanging cash gold for gold income. The great insurance companies and pension funds would scramble to get these gold bills as they presently have no good assets to cover their mounting liabilities. But so would also the great trading houses financing world trade in food, fuel and fodder, because the petrodollar is showing fatigue at a highly dangerous level and could collapse under stress any time. The jockeying of other currencies to step into the shoes of the petrodollar is in vain. They cannot compete with the gold bill. They can only engage in petty currency wars.
Likewise, silver producers would draw silver bills on the Mint and auction them off at the silver discount rate, thus providing alternative financing for trade in other staple products. This would be tantamount to the remonetization of silver, that would recapitalize the world economy with its capital in a shambles. It would be an incredible reversal of history.
The beauty of the plan is that there is no need to storm and invade the Fed headquarters on Constitution Avenue to throw the rascals out. The Fed can go on with its mindless inundation of the world with paper dollars. Once its monopoly is broken, the decision to choose the currency lies with the people. Let the people decide whether they want paper money, or whether they want gold coins in exchange for their goods and services! If Congress is unwilling or unable to restore the monetary clauses of the Constitution, and if the Executive and Judiciary Branches fail to do their duty in protecting the country from the ravages of currency debasement by the Fed usurping unlimited power, then the people should take the law into their hands. They can do it by coining their gold and silver at whichever Mint they can.

http://www.silverdoctors.com/antal-fekete-the-us-is-the-new-falling-roman-empire/

[Carl]

That's kind of a neat trick, how many printed roubles are in circulation?