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William Voelz's avatar

Denial and repudiation of this very plan suggests it indeed is very much on the table. Soon.

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OTOH/IMHO's avatar

1790-1932, the U.S. dollar read "Payable on demand for gold." Pretty simple, and damn honest. Anything less is subterfuge. When you start reading "BRICS contemplate gold-backed crypto," don't think BRIC, think CROC, because that is what it is. Zimbabwe pretended it had created a "gold-backed crypto"- how did that work out? (Answer: currency still worth 2/10 of a penny.) The tangled web weavers weave infinitely complex webs, but return to a gold standard would be as easy as changing the so called "security strip" from Mylar(!) to hologrammed gold foil (!!!). Demand it!

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OTOH/IMHO's avatar

The privately owned central banks are at the heart of the problem: all of the evils predicted by Andrew Jackson have come true, and he never dreamed of their ultimate heresy: CBDC with which to completely imprison everyone a digital Gulag.And at all costs, keep things as complicated as possible. Computer this to the respected dollar 1790-1933: "payable on demand for gold." The BRICS, like Zimbabwe, like to show a picture of a gold coin in hyping their CBDC- but nowhere will you find anything about convertibility, about a real store of value.(The Zimbabwe currency, BTW is still worth 2/10ths of a penny). Only those who have gone through a baptism of fire, such as the soldiers who fought in the Revolution, have what it takes to demand a true gold-backed currency, which would be as simple as replacing the jokingly called (Mylar(!) "security strip" with one that was: made of hologrammed gold foil, or an alloy.

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John's avatar

No government wants its currency to be tied to gold. Such a tie would limit the government's freedom to create money out of nothing for itself. Even the endorsement of such a currency would be an embarrassment, because it would draw attention to the weakness of the government's own currency. For this reason alone, it is unlikely that any gold-backed currency, national or international, will be created.

A quite distinct issue is that of a central bank (as an arm of its government) holding gold as part of its foreign-currency reserves. In fact, it makes sense to hold gold as the major part of such reserves: To the extent that reserves are held as gold, the bank is not subsidizing the dilution of foreign governments' currencies.

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Jan Nieuwenhuijs's avatar

I agree. That is why gold is Plan B for central banks, not A. https://www.gainesvillecoins.com/blog/europe-preparing-gold-standard-part-2

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William Ripskull's avatar

Unless it can be used to bypass sanctions and is the (even temporary) solution for a monopolistic currency that is being weaponized against all who even question its authority. The Dollar-to-infinity is good for one country, the United States. The rest of the world suffers under it.

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ursel doran's avatar

Obviously a HUGE VERY complex undertaking requiring LOTS of effort over some time.

Here is a treatise on the subject of keen interest.

https://www.goldmoney.com/research/the-bell-tolls-for-fiat?utm_source=substack&utm_medium=email

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