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Frank.Karl.S
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China Doesn't Need Much Gold To Create a Gold-Based Dollar ...

- Nathan Lewis - New World Economics

Is it counter intuitive to think that China or Russia would start a war to the top, in terms of gold backed currency? In the case of China it would be a disaster to their exports, primarily consumer based discretionary products. Perhaps not so much in Russia since a large proportion of their exports are in essentials. Gas anyone? Both are likely content to stand by and watch the dollar self destruct while building their gold hordes. The fed is doing a pretty good job on it's own. Poof, another trillion dollars appear from nowhere. Next thing you know Belgium is buying $50 billion a month in treasuries? And the Fed is buying the Yen with it's mistery money? Hey, suddenly Japan is buying US treasuries with the billions Yen it just created from nothing? This circle jerk could go on for a long time.
In any event, whether gold backed currency, tulip backed, or oil backed? Whatever basket of goods decided upon, it makes no difference. The only difference will be made if the people control the issuance of the currency, whatever model. Otherwise, we will all just continue our journey thru fifedom.

Commented 3834 days ago

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Beginning of the headline :Although the idea of Classical money — in practice, a gold-based currency — is not popular today in the U.S., it actually has quite a lot of support elsewhere. Both China and Russia are clearly making moves in that direction, even if perhaps in the form of contingency plans should the present dollar-based system become unusable. However, this trend has been handicapped to some degree by the notion that enormous amounts of gold bullion need to be accumulated ... Read More

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