Anna, you are repeating an anti-Semitic trope so we have to conclude that you either are an anti-Semite or are too dim to realise you are repeating an anti-Semitic trope. From the evidence of your postings on this forum, it's the latter. Thank me later for giving you the benefit of the doubt.As for this nonsense about gold reserves it seems to stem from the Zerohedge account, a favourite of Anna and a leading Russian misinformation asset. It seems to be based on a mistaken reading of a letter sent by an Australian banking official in 2021.Most of the talking points of spread by the GRU are projection. That is to say, if they say Ukraine is developing bio-weapons, it is because Russia is developing bio-weapons, if they say Ukraine is trafficking children, it is because Russia is trafficking children. This allows them to claim when they are caught.So the fact that the GRU want to cast doubt on the Bank of England's reserves means that there must be serious doubt about Russia's reserves. We knew that because the rouble has been consistently weak and sanctions have closed off most foreign exchange earnings opportunities.Two things principally support the Russian domestic banking system, deposits by ordinary Russian citizens (the oligarch have their money in crypto and dollars) and revenues from selling oil. The former has remained relatively stable but the Ukrainians have been consistently degrading Russian oil storage and refining assets right across the invaders vast country.Bank runs and a collapse of a financial system can be difficult to predict and don't always occur at a logical time but there can be no doubt that the Kremlin has limited liquid financial reserves at this point.A banking crisis would have implications on the battlefield. The existence of what remains of the Russian army depends on confidence in the rouble and the state's ability to make its obligations. Every week thousands of men from the poorer provinces of the Russian Federation are signing up to be part of meat assaults for contracts which guarantee them huge salaries and security for their families. This works because the soldiers have confidence that the contracts will be honoured. If that confidence was to evaporate then the army will evaporate.One explanation for the extraordinary events of the last week is that the Russians, realising they were on the point of collapse, approached Trump's administration with offers that were too good to refuse. These would include very favourable deals relating to the opening up of the Arctic, distancing from China and guaranteed rare earth supply including from occupied Ukrainian territory. Obviously they would have no intention of sticking to these deals. This would explain the preposterous demands made of the Ukrainians - Trump was simply asking them to better Putin's opening bid.Trump's moves on Canada and Greenland seem mad, and they are, but that doesn't mean that there isn't an underlying logic to them. He sees the melting of the ice-caps not as an environmental catastrophe but as a business opportunity and he can maximise his returns by partnering with the Russians.By opening up the prospect of the removal of sanctions, the pressure has come off the rouble and the Russian banking system but this may only be a temporary reprieve. The question is will Trump's gambit work? At the moment it is hard to see how it will. Zelensky won't agree to a deal that the Ukrainian people don't support and they won't accept what is being floated at the moment. Europe won't accept the deal as it is either because they understand what Trump's game is (although they can't say that bit out loud).Europe is perfectly capable of supporting Ukraine to sustain existing front lines in the short term and reclaim territory in the longer term without American support. The current meetings are likely to announce plans for significant increased defence spending in Europe but it will have two characteristics - it will be geared to support of Ukraine and it will not source weapons from the US. Estonia recently announced it was cancelling an air defence order with Lockheed and buying from South Korea instead and this is likely to be the first of a wave of procurement change. Britain has no choice but to wean itself off dependence on a country that is threatening war on Denmark.Trump and Putin may be best buds now but when it dawns on the Russian people that the war isn't ending this will be a shock, it may be the catalyst for the financial collapse of the regime or it may take longer to happen and the process may be extended by the US undermining sanctions, but it will happen.
Francis Rowe ● 2d