From Jesse’s Café Americain:

"A Run On the Central Bank of Belarus in Devaluation Fear Forces Halt to All Gold Sales"

I was a little surprised the people fled to gold and tried to drain the central bank, desperately trying to get out of their fiat currency ahead of a suspected devaluation.

This is how it happens, on a smaller scale.

I was in Moscow in the 1990s when they were starting to flee the Russian rouble for gold, diamonds, U.S. dollars, and vodka. It is hard to imagine what it feels like to watch your life savings simply and relentlessly evaporate away. It was a 'quiet panic' that left a very deep impression on me.

Apparently, the U.S. dollar is no longer so much a safe haven in that part of the world. At least that's what I hear.

Belarus is small. When a bigger ship starts to founder...

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