{"id":65549,"date":"2023-07-23T11:28:37","date_gmt":"2023-07-23T16:28:37","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65549"},"modified":"2023-07-23T11:28:37","modified_gmt":"2023-07-23T16:28:37","slug":"why-the-dollar-is-finished","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65549","title":{"rendered":"Why the dollar is finished"},"content":{"rendered":"<h3 class=\"text-2xl md:text-3xl heading\"><a href=\"https:\/\/www.goldmoney.com\/research\/why-the-dollar-is-finished\">Why the dollar is finished<\/a><\/h3>\n<div class=\"mt-8 leading-6 prose max-w-none md:mt-12 prose-p:text-gmy-dark prose-strong:text-gmy-dark prose-headings:leading-snug prose-headings:tracking-tight prose-headings:antialiased prose-headings:text-gmy-dark prose-a:text-gmy-dark prose-a:underline prose-a:hover:text-gmy-dark-gold \">\n<p><span dir=\"ltr\" lang=\"EN-GB\">Last week in my Goldmoney Insight, I analysed the rationale for a new gold backed trade settlement currency on the agenda of the BRICS summit in Johannesburg on 22\u201424 August. This article is about the consequences for the dollar-based fiat currency regime.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">There is strong evidence that planning for this new trade settlement currency has been in the works for some time and has been properly considered. That being so, we are witnessing the initial step away from fiat to gold backed currencies. Without the burden of expensive welfare commitments, all the attendees in Johannesburg can back or tie their currency values to gold with less difficulty than our welfare-dependent nations. And it is now in their commercial interests to do so.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">We have been brainwashed with Keynesian misconceptions and the state theory of money for so long that our statist establishments and market participants fail to see the logic of sound money, and the threat it presents to our own currencies and economies. But there is a precedent for this foolishness from John Law, the proto-Keynesian who bankrupted France in 1720. I explain the similarities. That experience, and why it led to the destruction of Law\u2019s livre currency illustrates our own dilemma and its likely outcome.<\/span><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">It&#8217;s not just a comparison between fiat currency and gold. America\u2019s financial position is dire, more so than is generally realised. The euro is additionally threatened with extinction because of flaws in the euro system, and the UK is already in a deeper credit crisis than most commentators understand.<\/span><\/p>\n<p><strong><span dir=\"ltr\" lang=\"EN-GB\">Introduction<\/span><\/strong><\/p>\n<p><span dir=\"ltr\" lang=\"EN-GB\">On 7 July, news leaked out and was then confirmed by Russian state media that the BRICS meeting in Johannesburg would have a proposal on the agenda for a new gold-backed currency to be used exclusively for trade settlement and commodity pricing&#8230;<\/span><\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Why the dollar is finished Last week in my Goldmoney Insight, I analysed the rationale for a new gold backed trade settlement currency on the agenda of the BRICS summit in Johannesburg on 22\u201424 August. This article is about the consequences for the dollar-based fiat currency regime. There is strong evidence that planning for this [&hellip;]<\/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":[7772,1860,3392,309,19559,1947,3676,647,827,839],"class_list":["post-65549","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-alasdair-macleod","tag-brics","tag-credit-crisis","tag-fiat-currency","tag-gold-money","tag-gold-backed-currency","tag-john-law","tag-precious-metals","tag-united-states","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65549","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=65549"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65549\/revisions"}],"predecessor-version":[{"id":65550,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65549\/revisions\/65550"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}