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Russia And China Officially Announce A "New Global Reserve Currency"

Unca Walt

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Russia, India, <-- World's biggest gold buyers. BRICs.

It sure enough looks like a gold-standard reality on its way.

We are in a heap of trouble.
 

Uglytruth

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Russia, India, <-- World's biggest gold buyers. BRICs.

It sure enough looks like a gold-standard reality on its way.

We are in a heap of trouble.
The US has a debt clock (found here live https://www.usdebtclock.org ). Wondering how the other currencies that are talking about this are going.
I would think if gold is uses as a portion of the backing, lets say 50%.
1. Somehow there would need to be verifyable proof of the metal.
2. Somehow they will need to figure a simple exchange rate to sell it to the people so they don't panic and cause other problems.
3. Lots of cultural issues with India private people holding metal, will it be outlawed to hold privately or encouraged etc......
4. How many wars will the ds start using the US military to try to hold onto a losing position when the entire world is against them.
5. Does the USD fade away (they need US consumption) or do they new players punish the ds that inflicted the pain but somehow let average people exchange their fed bucks to be part of the system?
6. No one is talking about saving the USD.

One thing is clear. The ds confidence game is very near the end.
 

ZZZZZ

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I'll say it again. The entire concept of a "reserve currency" is obsolete and irrelevant, unless that currency is redeemable for something physical of fixed value. Doesn't matter if it is gold or oil or toilet paper. Something, anything fixed and physical.
 

Unca Walt

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I'll say it again. The entire concept of a "reserve currency" is obsolete and irrelevant, unless that currency is redeemable for something physical of fixed value. Doesn't matter if it is gold or oil or toilet paper. Something, anything fixed and physical.
Yowza. So China and Russia and India are buying most of the gold being bought worldwide.

I wonder what the "fixed value" thing will be used to back the new reserve currency? What could it be?

We are used to the gold standard. That's why we are on this site.

What ONE thing has kept the same value the thousands of years? What lasts, doesn't decay, cannot be truly counterfeited without detection?

NOTE TO AMERICANS: Are you sure that Fort Knox has 147,000,000 ounces of pure gold in vaults?
 

ZZZZZ

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NOTE TO AMERICANS: Are you sure that Fort Knox has 147,000,000 ounces of pure gold in vaults?
If and that's a BIG if, the gold is there, the US Treasury probably don't hold title to it. For decades, TPTB have sold, swapped, leased, optioned or otherwise encumbered all that gold, with the motive of keeping a lid on the dollar price of the stuff. The counterparty never took deliverey and held it at Ft. Knox of the NY Fed vault for "safekeeping." It's not conspiracy, it's documented fact. GATA has all the documents in their archives. https://gata.org/taxonomy/term/21
.
.
 

Uglytruth

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Would the ds get off gold to save their dominance once they find out what it is revalued at?
 

Unca Walt

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Would the ds get off gold to save their dominance once they find out what it is revalued at?
Why should they? IMO the DS elite have physical gold beyond anything us peons could dream about.
 

Uglytruth

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Why should they? IMO the DS elite have physical gold beyond anything us peons could dream about.
I agree, but if we think of this as nothing but a confidence game the ds will do what they need to do to keep power. THey know no other way. Maybe that's why they want to kill off 7 billion so there is fewer to control. Can they drag this out for another 20-30 years with their fake money when others are looking to create their own entire system?

Will be ne "universal system" be digital? Will it be allwed to be used by the people but not nations? . Is that the same thing as we are looking at with the digital the only difference being who is in control?
 

Unca Walt

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I agree, but if we think of this as nothing but a confidence game the ds will do what they need to do to keep power. THey know no other way. Maybe that's why they want to kill off 7 billion so there is fewer to control. Can they drag this out for another 20-30 years with their fake money when others are looking to create their own entire system?
I can only state with surety that it will not happen in my lifetime. Either it happens after I die, or I go down fighting it in a firefight.

There Is Is.
 

nickndfl

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Well, the $50USD bill is the new twenty.
 

Uglytruth

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Well, the $50USD bill is the new twenty.
Soon to be replaced by the $100. We are all going to be millionairs.... and still broke.