BRICS consider setting up gold trading system

[El Sidd]

Excellent decision...In Islam, according to my limited knowledge, gold is considered the real currency.

How?

 

[war&peace]

Petro dollar is the foreign exchange earned by Petroleum exports dependent countries e.g. Venezuela, Saudi Arabia to run the countries.

PLease don't respond because I would want to save my brain and time.

No one is forcing you to stay online. Go take rest

 

[Imad.Khan]

Petro dollar is the foreign exchange earned by Petroleum exports dependent countries e.g. Venezuela, Saudi Arabia to run the countries.

PLease don't respond because I would want to save my brain and time.

I might be wasting my time as you have already informed that your brain is closed but this might help others even if you don't want to open up to information

 

[war&peace]

The current international monetary system is designed to benefit only one country. Other countries that have tried to bring a change to this system were destroyed by the same country. example Iraq and Libya.

Exactly, and that's why it will be interesting to see how a country that's trying to ride two horses running in different directions will fare because from now on their directions will be 100% antithetical.

 

[Sliver]

Would like to see Iran join BRICS ASAP. Maybe BRIICS can be new acronym?

iBRICS

 

[jetray]

hmm who will bell the cat? given that china itself is hoarding trillion dollars there is now way this idea will succeed.
I am all for using other currencies or local currencies for trading.

Petro dollar is the foreign exchange earned by Petroleum exports dependent countries e.g. Venezuela, Saudi Arabia to run the countries.

PLease don't respond because I would want to save my brain and time.

what he says is correct, dollar is no longer backed by gold. Thats the reason why US is able to splurge on wars or get into debt and just walk away.

 

[WhyCry]

I might be wasting my time as you have already informed that your brain is closed but this might help others even if you don't want to open up to information

Sir Michael moore.... this is half truth and half 'interpretation'. It was not the french who asked for the gold audit but germans who actually landed in US and welcomed only to learn that they didn't get permission.

Yes the US dollar got a virtual uplift due to transactions in US dollars but that is due to listings in Stock markets which simple were in US. US economy was also manufacturing based (just like china's now) but they then ventured into trading for almost all goods.

Secondly, US dollar is a fully convertible currency. Please read about this. This is the same reason even when Iran after sanctions lifted (with the nuclear deal) wanted its money in USD. This amount was in billions.

To help you understand, the stock listing purchase for apple at $170 has a face value of around 50 cents. The trading price and face value are totally different. The dollar really has the command here. They are definitely the "apple" of the currency. Tomorrow, if it falls the equivalent gold will be given depending on dollars printed. The big catch is No one knows how many dollars are in circulation except US treasury.

Exactly, and that's why it will be interesting to see how a country that's trying to ride two horses running in different directions will fare because from now on their directions will be 100% antithetical.

what he says is correct, dollar is no longer backed by gold. Thats the reason why US is able to splurge on wars or get into debt and just walk away.

Read my post above.

 

[war&peace]

Sir Michael moore.... this is half truth and half 'interpretation'. It was not the french who asked for the gold audit but germans who actually landed in US and welcomed only to learn that they didn't get permission.

Yes the US dollar got a virtual uplift due to transactions in US dollars but that is due to listings in Stock markets which simple were in US. US economy was also manufacturing based (just like china's now) but they then ventured into trading for almost all goods.

Secondly, US dollar is a fully convertible currency. Please read about this. This is the same reason even when Iran after sanctions lifted (with the nuclear deal) wanted its money in USD. This amount was in billions.

To help you understand, the stock listing purchase for apple at $170 has a face value of around 50 cents. The trading price and face value are totally different. The dollar really has the command here. They are definitely the "apple" of the currency. Tomorrow, if it falls the equivalent gold will be given depending on dollars printed. The big catch is No one knows how many dollars are in circulation except US treasury.



Read my post above.

So it means you are pro $ and against the gold as currency so that's the indian dilemma. We know the loyalties of hindu zionists so what will you do now as BRICS paving way for gold and that means death to the dollar.

 

[cloud4000]

China & Russia are the biggest buyers and producers of gold. So if they want to set up a system to trade with each other in gold, what's the big deal? They have more than enough gold reserves for it. To think that this is a sign that the gold standard is coming back sounds a bit far-fetched.

Countries have gone off the gold standard for a reason. It can be an economic straitjacket for many, especially if a country has few gold reserves or are unable to access more.