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Global Consequences: Russia Announces Eurasian Union and New Currency Altyn
On multiple previous occasions I have predicted that any sanctions against Russia by the West will only backfire, expediting Russia’s re-orientation to the East and the unavoidable re-molding of the Western financial/economic model.
Russia’s re-orientation and subsequent creation of the independent financial system is what the banksters of Wall Street and London City fear most. This will eventually result in a catastrophe for the US/UK and EU, except for those European countries that succeed in re-orienting their economies to the East. Meanwhile, Russia, China and other countries in the Eurasian space, will benefit tremendously. Read: Ukraine Part 7: Russia’s Geopolitics, USA’s Bluff and EU’s Big Mistake.
The Presidents of Russia, Kazakhstan and Belarus have officially announced that the transition of the semi-formal Customs Union into the formal economic Eurasian Union will be expedited and completed by 2015. The Eurasian Union will adopt a new currency: Altyn (Rus: Алтын). Vladimir Putin announced that Altyn as the new Eurasian currency was originally planned for 2025, but now, due to the US/EU sanctions against Russia, the transition to Altyn may occur within 3-5 years.
Altyn has a very ancient and long-ranging history. Altyn means gold. The word is of Turkic origin (not to be confused with Turkish). The Turkic family of languages includes languages spoken by the Siberian peoples, Tatars, Mongols, and of course, Kazakhs.
Altyn was the name of the ancient gold coin once used by Russians extensively for trade with Turkic and Arabic neighbors. Later, in medieval times, altyn, or “altynnik,” became one of the regular Russian coins. In 15th century, altyn equalled six Moscow dengi, or 1/200s of a Moscow ruble. It also equaled three Novgorod dengi, or 1/100s of a Novgorod ruble. Denga was also called “kopeika” (kopeika is presently the 1/100s of a ruble). In the ancient times it was also called the arian “kuna.”
The old Russian proverb was: “Had nothing, and all of a sudden, altyn.” Rus: “Не было ни гроша, да вдруг алтын”. This is an equvalent of English: “From rags to riches.” In those days kopeikas and altyns were big money. And only the rich owned rubles. Of course, back then all currency was real gold, silver and bronze.
In this regard, the original meaning of Altyn, “gold,” is very telling. Through Altyn, Russia/Kazakhstan/Belarus, in short the new Eurasian Union, are sending a signal that they are targeting the gold standard. Along with China also targeting the gold standard through the Yuan, the new Eurasian currency will lead to…