Posted on 05/19/2023 12:19:09 PM PDT by RomanSoldier19
Moscow is currently grappling with a barrage of sanctions and restrictions amid the ongoing conflict between Ukraine and Russia. In response, Russian President Vladimir Putin has recently adopted a new foreign policy that identifies China and India as its primary allies on the global stage. The alliance between the three nations, along with a few others, is set to take a step forward with the establishment of a new currency.
According to reports, the BRICS nations, including Brazil, Russia, India, China, and South Africa, are in the process of creating a new medium for payments that is not dependent on the dollar or euro. Russian lawmaker Alexander Babakov indicated that the new currency would be backed by gold and other commodities such as rare-earth elements.
(Excerpt) Read more at thekootneeti.in ...
Not a bad idea.
More valuable then bitcoin.
Personally, I always thought that one of backing compounds should be foundry silicon.
Relatively difficult to make in quantity but highly useful. Therefore fungible.
Don’t tell Vlad.
A dollar backed by gold. I wonder what the inflation rate would be.
A dollar back by the full faith and credit of the United States. I know what the inflation rate is and has been.
A currency backed by gold and other commodities such as rare-earth elements sure sounds stable.
there’s not enough gold to make this workable in today’s modern economy
unless you want to price gold at $1,000,000 per oz.
btw, if the BRICS currency is “backed” by gold, what’s to stop someone from just exchanging it for the gold?
NATO (Obama, McCain, Clinton) murdered Mohamar Gaddafi after he made his first moves to create the “Gold Dinar”, a Pan-African currency based on gold. The objective of this new currency was to divert oil revenues towards state-controlled funds rather than American banks. In other words, to stop using the dollar for oil transactions. Countries such as Nigeria, Tunisia, Egypt and Angola announced they were ready to change their currencies. One month later the “Arab Spring” (Samantha Power, Victoria Nuland) commenced, and shirtly thereafter came Gaddafi’s ignominious end.
What some fail to understand is being backed by gpld alone is one thing, but being backed by gold and other things (such as silver, platinum, lithium, etc. etc) is quite another thing.
None of them have a valid currency. They are all fighting after being stuck with Rubles and Yuan they cannot exchange!
You are really one dumb MOFO.
That is one possible real result of this.
Just saying…
Doesn’t matter if there is or isn’t gold, someone will figure out a way to scam the thing, and make off with the gold.
The auditor will find gold-painted lead bars.
“All debts public and private and is redeemable in lawful money at any FEDERAL RESERVE BANK”
BTW youngster. Counterfeit money isn't lawful and very seldom was it used to obtain gold or silver. Know why youngster? BECAUSE THEY HAD TO SHOW UP, at any federal reserve bank to exchange it.
I don’t believe that has been the case really, since they went off the gold standard in the USA.
Then transfer all you own to their “currency” once it’s unleashed.
You should be proud of yourself!
Why not just mint coins made of silver again? I mean as opposed to blindly trusting these criminal countries to be able to back up their currency with what they promise?
Seriously, trading a fiat currency for yet another Ponzi scheme has no appeal to me.
Gold or silver. Period.
unless you want to price gold at $1,000,000 per oz.
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Nothing really.
But in practice it may go as high as 50,000@oz from its current $2000@oz
That aint the point. When we were on the gold and silver standard, you had to go to any federal reserve bank to redeem notes into lawful money.
They will do the same thing. Any time anyone would wish to redeem that currency for gold and whatever they use, they will have to show up IN PERSON, WITH ID, to withdraw gold and silver or whatever they will back that currency up with.
You wont be able to simply push a button on your cute little phone and expect that stuff to be sent to you.
Or, you wont be able to run off several hundred thousand in counterfeit notes and send it and expect to get your return in whatever they back it up with.
so who’s the bank?
who holds these elements??
We no longer are on a gold standard.
No more. I do not know if that matters, but it is what makes this subject a bit more interesting, presently.
Tailor made for China to dominate!
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