Putin dumps the dollar... launching a gold-backed ruble.

Uh oh.

Surprize… Not

Sounds like some political maneuvering on the part of Russia… They may be performing a preemptive strive on an inevitable reality. The Russian economy is not based upon the strength of the Ruble but the strength of the dollar. I guess we’ll see if it plays in their favor or if it plays out at all. The Olympics was a success but the Russian economy can not stand alone… perhaps Putin thinks otherwise but the reality is it’s a stretch…

You don’t think our governments printing of Monopoly money to pay their bills is not going to catch up with them?

It’s based on confidence… Gold has an intrinsic value which is recognized worldwide but the gold standard is a no longer a viable option.
Suggesting that the Russians would be anything less than honest about their holdings of gold is also a stretch… We can’t even verify what’s in Fort Knox!

As I said, Monopoly money…

“Confidence”, I wouldn’t call it that.
When a foreign country can only by oil with American dollars, I wouldn’t call it confidence.

Must be a reason the oil sheiks only accept dollars… Confidence! When was the last time you purchased something with gold dust??
It’s an illusion. Putins attempt to challenge our solvency or resolution is just that… An illusion.