The reason for this topic has to do with the Fed’s unprecedented decision co confiscate Russia’s foreign currency reserves. Not only was the action unprecedented, it was illegal.

The Federal Reserve Act mandates that the Federal Reserve conduct monetary policy “so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”

Nowhere does the act give the Fed the right or power to confiscate the reserves of sovereign nations. But that is exactly what the Fed did. 

Team Biden just sent unmistakable message to China, Saudi Arabia, Russia, well actually everyone

https://www.zerohedge.com/geopolitical/what-does-china-do-dollar-thats-no-longer-risk-free-buy-gold

AND

Rickards: The Last Straw

In 2009, I facilitated and participated in the first-ever financial war game hosted by the Pentagon. This war game was conducted at the top-secret Warfare Analysis Laboratory of the United States (code name: WALRUS) located in the Applied Physics Laboratory, about halfway between Washington, D.C., and Baltimore.I wrote about this in 2011 in Chapters 1 and 2 of my book Currency Wars. The scenario I presented at the time was that Russia and China would accumulate large gold reserves, pool their gold and launch a new digital currency backed by gold in place of the U.S. dollar.

Russia and China would then insist that any purchases of Russian energy or Chinese manufactured goods be paid for in the new currency. It would be a clear-cut effort to get out from under U.S. dollar hegemony and to protect themselves from U.S. dollar-based economic sanctions.

Of course, that’s exactly what’s playing out today.

https://dailyreckoning.com/the-last-straw/