“Paper money eventually returns to its intrinsic value — zero.” – Voltaire.

The public is going to get a painful lesson about the difference between fiat currency and real money, where “real money” is defined as physical gold and silver. The western world is focused on Putin’s invasion of Ukraine. Little understood, but more profound in its consequences for the west, is the move by Putin to reintegrate gold (and silver) and other hard asset commodities into the global monetary system.

Andrew Maguire and Shane Morand (Kinesis Money) invited me back onto their podcast to discuss the ramifications of Russia’s pegging the Ruble to gold, and the possible emergence of a new monetary system:

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