Financial Times/Rana Foroohar/2-27-2022
“Markets often react strongly to geopolitical events, but then later shrug them off. Not this time. Russia’s invasion of Ukraine is a key economic turning point that will have many lasting consequences. Among them will be a quickening of the shift to a bipolar global financial system — one based on the dollar, the other on the renminbi.”
USAGOLD note: Gold gets a mention in Foroohar’s editorial. She points to China’s slow diversification of its foreign exchange reserves by “buying up a lot of gold … as a kind of hedge on a post-dollar world (the assumption being that gold will rise as the dollar falls).”
