Money, gold and geopolitics
The permanent relationship between money and gold as a wealth metal has always been a very delicate one. The efforts to sever the link between money and gold were always very dubious. John Law (1671), Nixon (1971) and the most recent by Wim Duisenberg (2002 Aachen acceptance speech).
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Instead of bolivars, the central bank of Venezuela is increasingly distributing euro banknotes to its own banking sector. As a result, the euro is gaining market share in domestic payments, at the expense of the virtually worthless bolivar.
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For the first time since 2004, China issued a euro-denominated bond. The Chinese Ministry of Finance raised €4 billion this week by issuing new debt at less than half a percent interest rate.
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The euro is rapidly gaining popularity in trade between Russia and China. This is evident from new statistics released by the Russian central bank earlier this week.
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The European Commission will present a new proposal this week to settle energy contracts between European countries and with other countries in euro by default. In addition, a new price benchmark for oil is being considered.
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Russia is prepared to use the euro instead of the dollar for international trade if the European Union takes a
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The existing rescue mechanism for the euro is a completely inappropriate reaction to the weak fiscal policy of the countries
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