China launching gold back global currency

Discussion in 'Politics' started by Dissent, Aug 20, 2012.

  1. Dissent
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  2. Old Rocks
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    Ok....................??????:??????:?
     
  3. GuyPinestra
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    Nope, not good at all.

    Anyone for the Weimar Republic?
     
  4. 8537
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    A shop that sells gold bars is desperately trying to come up with reasons why people must buy gold?

    Color me shocked.

    Will China try to peg its currency to this new standard?
     
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  5. Moonglow
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    It's failed before, and it will again, there is not enough gold in circulation, to back all the currency.
     
  6. Unkotare
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    Unkotare Diamond Member

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    Astronomically unlikely. LOL!
     
  7. 8537
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    After decades of mindfully and intentionally taking steps to keep their currency steeply undervalued, China is now taking affirmative steps to make their currency steeply overvalued?

    Yes, this makes sense. If you're trying to convince people to buy gold. otherwise it's batshit crazy, of course.
     
  8. Dissent
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  9. TakeAStepBack
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    The BRICS are working on a new bank to challenge the IMF and western currency dominance. China and Russia have been in talks to create a currency backed by gold, but as of now, it is all up for grabs.

    That article points to before it is news. It's a prediciton and one that dates back a few years. As of now, there is no such launch or any official word that China is creating a gold standard.

    Although the "there isn't enough gold for the currency" and similar arguments are entertaining.
     
  10. Moonglow
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    Moonglow Diamond Member

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    That's right. All countries do not have enough gold to back th currency. Yes in a stable state, but what happens during a recession and money can't be devalued?
     

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