A PetroRuble Now Competes with a PetroDollar Tuesday, April 19, 2022

Ellen Brown and Quinton Hennigh are this week’s guests. By design Americans are kept in the dark about money. We are taught nothing in our classrooms about what it is or how it is created. That is by design because as Henry Ford once said, “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” In fact, the mystery of money has become greater since 1971 because the dollar used for international trade was debased by Nixon when he no longer allowed the convertibility of the dollar into gold at $35 per ounce. That made the dollar the world’s reserve currency but only because the U.S. has used its military might to enforce an initial agreement with Saudi Arabia that the world would pay for imported oil only with U.S. dollars. In 1999 the euro began to erode the dollar’s dominance. But now the U.S. got a new and much larger threat to its global currency dominance when Russia responded to sanctions launched against it after the Ukrainian war. In March 2022 Putin did what Nixon did in 1971. He demanded payment in rubles or gold from “unfriendly” countries that wish to buy natural gas from Russia. Unless large parts of Europe don’t care if they freeze to death or don’t mind heading into an economic depression, Russia has given many European countries a deal they simply can’t refuse. Ellen Brown will walk us through the history of the 1970s creation of the Petrodollar and the events leading up to the March 2022 creation of the PetroRuble and what the demise of the U.S. dollar’s dominance is likely to mean for the financial status of Americans. Quinton will update us on Lion One Metals as that company is moving toward start-up production even as it continues to expand its very high grade alkaline gold deposit in Fiji.