The Post-Partisan Emporium

It will FAIL, like everything else! Biden, G-7 Will Ban Russian Gold Imports Having sparked hyperinflation in European gas prices and record energy costs around the globe with their poorly conceived and implemented Russian energy sanctions which have backfired spectacularly, allowing Moscow to reap  record energy export profits  and China and India to buy oil far below spot prices while leaving US motorists paying record prices at the pump, on Sunday the Biden admin alongside the G-7 announced that  they will ban Russian gold imports to "further impose financial costs on Moscow for its invasion of Ukraine." The import ban will apply to gold leaving Russia for G-7 countries for the first time, and will be codified by the US Treasury Department on Tuesday. A worker removes gold ingots from molds at a metals plant in Kasimov, Russia.Photographer: Andrey Rudakov/Bloomberg “The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war

#GotGoldorRubles? Russia Just Broke the Back of the West Tom Luongo I don’t think everyone has yet caught the significance of Russia announcing they are putting a floor under the price of gold.  But, to be clear, Russia just broke the paper gold suppression scheme. On Friday the Bank of Russia announced: RUB5000 to the ounce at an exchange rate of 100 RUB/USD implies a $1550 per ounce gold price. For a few days previous to this announcement, which they knew was coming, The West was running around with multiple bits of legislation to try and keep the Russians from selling their gold. The G7 think the sanctions are hitting so hard  that Putin will be forced to sell his gold to evade sanctions to pay for things.  They are literally running a script in their heads that is not actually playing out in the real world. But, whatever, Neocons never met an ugly stick that they didn’t want to use to beat someone over the head with.  Too bad all they’re doing is hitting a rubber tire. Boing! Becau