Joe Biden’s actions with Ukraine have made Putin richer and Biden look dumber. Biden again was outmaneuvered and outplayed and America looks even weaker.
After weeks of Biden claiming that Putin was going to invade Ukraine, Putin yesterday signed an agreement with two Ukrainian republics who announced their independence and Putin didn’t fire a shot.
Biden’s actions look ridiculous now after Putin takes advantage of both Obama and Biden again and engulfs a portion of Ukraine. During the Obama years Putin took over Crimea, now its eastern Ukraine.
The problem with Biden’s actions in response is that Putin will only get richer. Putin’s Russia has massive oil reserves and stashes of gold. If either of these commodities goes up, Putin makes money. Unfortunately, Biden’s actions may force this to happen.
Biden wants to impose economic sanctions. Russia produces 10 million barrels of oil per day. Russian gold reserves are 2,300 tonnes. If oil goes up $10 per barrel, Russia adds $3 billion per month. If gold rises 10%, Russia adds $15 billion. Russia feels no pain, just profit. pic.twitter.com/AosLzMWAS2
— Jim Rickards (@JamesGRickards) February 22, 2022
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