New Gold Standard Currency

[blackfeather]

“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.



"At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar's hegemony," Thorsten Polleit, chief economist at Degussa, said.
.......

Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:



“I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.



I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”



That’s one she’s going to want to take back at some point, I’m certain.
........
Andy Schectman told me: “When you look at countries that have expressed interest in joining BRICS, they all have substantial gold holdings. The numbers are increasing among those who want to join, there’s over 60 countries they have lined up in a queue [to join BRICS].”

www.zerohedge.com/markets/gold-standard-back-brics-intro-gold-backed-reserve-currency

They have been chatting about this for a while, but now it is official.  They will announce the new currency in August.  This spells the end of the dollar as the global reserve currency.  How long will it take for the transition to occur?  I don't think anyone knows but it will be faster than some think.  The dollar is already becoming toxic for some, this will only make the dollar toxic to more.  


another development...
www.globaltimes.cn/page/202306/1293344.shtml?id=12   This article is also more important than it looks, right after this law was passed the Chinese restricted gallium and germanium exports.  www.msn.com/en-us/money/markets/what-are-gallium-and-germanium-china-curbs-exports-of-metals-critical-to-chips-and-other-tech/ar-AA1doGnn  I'd expect more export restrictions are coming.

[sunny225]

Ah, but we will have that new digital currency. Who needs dollars?? <sarc>

[daw]

110 banks will.not accept dollars.
Aren't these the near to bankrupt banks

[Ozarks Tom]

Under the 1944 Bretton Woods Agreement the dollar, at the time, was backed by gold and agreed upon as the international method of trade between countries. Since then, although we'd officially gone off the gold standard as far as redemption in 1933 our government was still considered the most stable, and holding gold as its basis, internationally the dollar remained the world's currency. When the "petro-dollar" was introduced by agreement in 1945 with Saudi Arabia, in exchange for our promise to protect the kingdom, it further strengthened the dollar.

As we all know, in the past 40 years we've lost not just prominence as the world's strongest economic power, but also lost faith that we really have gold. There hasn't been an audit of Fort Knox in many decades, and the resistance to an audit is tremendous.

Our national debt, now over $32 trillion, is obviously well over any amount of gold at today's spot price we might still have. Other countries, foremost China, have been buying and stockpiling gold for at least 20 years.

We've been living in a fool's paradise, thinking our dollars will continue to be the international standard for trade. Not so, the world will eventually, probably in the near future, revert to the gold standard as it was for millennium, and our dollars will be nearly worthless for international trade.

Today gold is valued at $1938/oz. But, keep in mind, that's against today's dollar. When the dollar devalues, by simple mathematics, gold increases against it. If you don't have at least some gold, preferably gold eagles in any denomination, you're probably missing an opportunity to store some real wealth against other commodities like food as the dollar loses buying power.

[blackfeather]

kingworldnews.com/dollar-destroyer-yes-brics-are-introducing-a-gold-backed-currency-with-russia-china-spearheading/

An excellent article which explains a lot.

[paisley2]

Where to put one's dollars..on..any debt one has before the crash?

Having debt and worthless dollars would be a double hardship.

Am I right?

Just thinking out of the box.

[blackfeather]

Another article from Alasdair Macleod along the lines of the last one.

www.goldmoney.com/research/why-the-dollar-is-finished

[sawmilljim]

Jul 21, 2023 13:27:58 GMT blackfeather said:

Another article from Alasdair Macleod along the lines of the last one.

www.goldmoney.com/research/why-the-dollar-is-finished

Think the rest of the world is tired of the US using the dollar as a weapon . I said when China tells Walmart to pay in gold the dollar would be done for.

[Ozarks Tom]

The end of the dollar will nearly be the end of America. Without the ability to print pretend dollars the "entitlement" portion of the budget will either be unfunded or a reduction in other government spending in an enormous fashion will be an absolute. Probably both.

We'll default on our bonds, not just the interest, but total default.

China will take whatever territories it wants without resistance, and the balance of power won't just be reversed, it will be totally one-sided.

Internally, turmoil and chaos will be everywhere, starting in the cities but extending rapidly into the countryside.

This impending mess has been coming at us since 1913 with the formation of the Federal Reserve, and compounded decade after decade by politicians more interested in buying votes than maintaining the country. It could have been stopped, but the hubris of our elite and expert classes with all they're theories discarded not just history, but common sense.

Anyone want to bet on how much gold is in Ft Knox? My bet would be less than enough to fill a tooth cavity.

[wildhorseluvr]

I would agree, and we not only have our own citizens who’ll be looking to survive but the millions of illegals they’ve dumped on us who had great expectations and instead may end up worse off than they were in their own countries. Those folks are not going to be happy campers. I was hoping if Trump got in that one of the.high priorities would be to immediately ship ‘em all back where they came from. We can’t support ourselves, much less the war in Ukraine, Zelensky and his crooked cronies and half the dead beats in the world.