{"id":64812,"date":"2023-01-21T08:56:58","date_gmt":"2023-01-21T13:56:58","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64812"},"modified":"2023-01-21T08:56:58","modified_gmt":"2023-01-21T13:56:58","slug":"global-south-gold-backed-currencies-to-replace-the-us-dollar","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64812","title":{"rendered":"Global South: Gold-backed currencies to replace the US dollar"},"content":{"rendered":"
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Global South: Gold-backed currencies to replace the US dollar<\/a><\/h3>\n
The adoption of commodity-backed currencies by the Global South could upend the US dollar\u2019s dominance and level the playing field in international trade.<\/strong><\/div>\n<\/div>\n
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Photo Credit: The Cradle<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Let\u2019s start with three interconnected multipolar-driven facts.<\/div>\n<\/div>\n
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First: One of the key take aways from the World Economic Forum annual shindig in Davos, Switzerland is when Saudi Finance Minister Mohammed al-Jadaan, on a panel on\u00a0\u201cSaudi Arabia\u2019s Transformation,\u201d<\/a>\u00a0made it clear that Riyadh \u201cwill consider trading in\u00a0currencies<\/a>\u00a0other than the US dollar.\u201d<\/p>\n

So is the petroyuan finally at hand? Possibly, but Al-Jadaan wisely opted for careful hedging: \u201cWe enjoy a very strategic relationship with China and we enjoy that same strategic relationship with other nations including the US and we want to develop that with Europe and other countries.\u201d<\/p>\n

Second: The Central Banks of Iran and Russia are studying the adoption of a \u201cstable coin\u201d for foreign trade settlements, replacing the US dollar, the ruble and the rial. The crypto crowd is already up in arms, mulling the pros and cons of a gold-backed central bank digital currency (CBDC) for trade that will be in fact impervious to the weaponized US dollar.<\/p>\n

A gold-backed digital currency<\/strong><\/p>\n

The really attractive issue here is that this gold-backed digital currency would be particularly effective in the Special Economic Zone (SEZ) of Astrakhan, in the Caspian Sea.<\/p>\n

Astrakhan is the key Russian port participating in the International North South Transportation Corridor (INTSC), with Russia processing cargo travelling across Iran in merchant ships all the way to West Asia, Africa, the Indian Ocean and South Asia.<\/p>\n

The success of the INSTC \u2013 progressively tied to a gold-backed CBDC \u2013 will largely hinge on whether scores of Asian, West Asian and African nations refuse to apply US-dictated sanctions on both Russia and Iran.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Global South: Gold-backed currencies to replace the US dollar The adoption of commodity-backed currencies by the Global South could upend the US dollar\u2019s dominance and level the playing field in international trade. Photo Credit: The Cradle Let\u2019s start with three interconnected multipolar-driven facts. First: One of the key take aways from the World Economic Forum […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[951,1947,437,4076,33090,33602,827,834,839,14742,889,5482],"class_list":["post-64812","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-currency","tag-gold-backed-currency","tag-international-trade","tag-pepe-escobar","tag-the-cradle","tag-the-global-south","tag-united-states","tag-us","tag-us-dollar","tag-wef","tag-world-economic-forum","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64812"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64812\/revisions"}],"predecessor-version":[{"id":64813,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64812\/revisions\/64813"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}