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Outside the Anglophone world, governments and leaders have long pined for the return of the world gold standard. In 2004, Malaysia’s president Mahathir Mohamad began a program to establish a pan-Islamic international gold standard currency. In 2009, at the Arab League Summit in Doha, Muammar Gaddafi of Libya called on African and Muslim nations to create an international gold-based currency, to be used in trade for oil. At a G8 currency meeting in 2009, Russia president Dmitry Medvedev held up a half-ounce gold coin and called it “an example of a future world currency.”
originally posted by: AugustusMasonicus
originally posted by: PublicOpinion
Opinion piece, you didn't specify that.
All that does is further demonstrate that no one currently has a gold-backed currency.
originally posted by: Nexttimemaybe
Expect us stores to be almost completely empty with a few weeks or months if that happens.
A lot of U.S. economy relies on buying from China and reselling at a higher price as the U.S. does not produce that much anymore.
It would be pretty devastating for the U.S. while the rest of the world gets flooded with very cheap Chinese goods.
originally posted by: dragonridr
a reply to: Azureblue
You dont understand how or what the petro dollar does. First this will surprise you the US currency isnt the only one. Even the euro has reserve status. The petro dollar is actually a major drag o thr us economy.As the reserve currency, the U.S. is obligated to run these deficits to fulfill reserve requirements in an ever in an ever-expanding global economy. If the United States were to stop running these deficits, the resulting shortage of liquidity can pull the world into an economic contraction. Meaning the US continually has to take on more debt as the world economy expands and needs more currency.
The US economy would be much healthier for US citizens without being used for foreign transactions. Problem is there arent many countries that can handle being a reserve currency do to the demands it places on their economy. Chinas economy would crumble for example unless they backed it with gold. But that limits the amount of currency they could print, making it useless as a reserve currency. When i see fools talk about petro dollar just tells me they dont understand world economics.
All I have to add is that ALL x86 chips made by both AMD and Intel get polished in China. Cut of China and no new chips, there are no production facilities outside of China that takes care of the specialization they do.
originally posted by: JHumm
He tells me they are teaching them things that he learned in high school. What a crock.
originally posted by: carewemust
I thought the USA was indebted to China to the tune of hundreds of billions of dollars because they loaned US money to finance our debt, or something like that.