Russian BitCoin Investment statements / Yellow Vests attack the banks

[Ryan]

Interesting article here:

Russia's billions could trigger Bitcoin bull run next month

A high-profile Russian economist has told Micky he believes the Russian Government could begin investing billions of dollars into Bitcoin as early as next month, potentially triggering a new Bitcoin bull market.
Vladislav Ginko, a lecturer at Moscow’s Russian Presidential Academy of National Economy and Public Administration, anticipates new US sanctions will force the Kremlin into diversifying its cash reserves into Bitcoin. [..]

“I as an expert economist at Russian Presidential Academy of National Economic and Public Administration put my public media figure’s weight behind the work to persuade various stakeholders of Russian society in the need for investing central bank’s reserves into Bitcoin.

“I believe that there is coming (in the future) when other countries will start doing that and Russia has a brilliant chance to invest into heavily oversold Bitcoin.”

Putin’s desire to find alternative reserve currency
At the ‘Russia Calling’ investment forum in Moscow in November 2018, Vladimir Putin made it clear he’s seeking alternative reserve currencies.

Mr. Putin’s comments give credibility to the statements made by Vladislav Ginko to Micky.

“We have no goal of moving away from the Dollar, it’s the dollar that’s moving away from us,” said Mr. Putin.

“Those making such decisions are not shooting themselves in the foot, but somewhere more delicate, further up the body

Putin is a total legend!

In an article on Steemit, one commentator makes the observation that such public statements may indicate that Russia has already started discreetly doing this.

And in related news, the Yellow Vests have apparently announced a run on the banks over this weekend. This adds a whole new dimension to the protests, and strikes at the guts of the 'elite's control structure in France. Macron has reportedly cancelled attendance at the World Economic Forum in Davos due to the uprising. The story seems to have made mainstream Australian news media, too.

Amazing times!

 

[Ryan]

BTW, something I noticed in that news.com.au article - they claim that Australia does not have a fractional reserve banking, implying that the Australian economy would be more 'protected' against such a strategy by protesters here. Here's what a quick search revealed:

No, Australia does not have a fractional reserve banking system as such. The Statutory Reserve Deposit (legally mandated reserve ratio) was abolished in 1988.

Banks are no longer required to keep any specific fraction of their outstanding deposit balance in the form of currency reserves (national banknotes, national treasury bonds and deposits at the Reserve Bank of Australia).

They are, however, still quite heavily regulated by the Australian Prudential Regulatory Authority (which has taken over many of the former regulatory duties of the Reserve Bank of Australia). Instead of a “fractional reserve” requirement, they have what’s called a capital adequacy requirement.

Specifically, the bank’s “Tier 1” capital assets (assets which the bank can liquidate if required) have to be above a set fraction, currently 8%, of its risk-weighted credit exposures (ie. loan assets which might not be repaid). There are additional requirements for other “Tier 2” assets (aka junk bonds which, while they might not be readily convertible, can at least absorb the bank’s losses ahead of depositors in the case of a liquidity crisis.

So it's not "fractional reserve banking", banks just have a "capital adequacy requirement".

Bankers (and mainstream media journalists) are so full of horse*.