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IPFS News Link • Economy - International

How China and Russia will kill the US Dollar (with gold)

•, Sorelle Amore Finance

Well, that might be if China and Russia ever get their way. And the way they are possibly intending to do this, has everything to do with gold.

For most of human history, gold or silver has been used as a backing for currency. Even in the case where humans used less valuable coins or notes for trade -- like in the early British pound or ancient Chinese paper money -- these items were always backed by an equivalent amount of something real. However, this changed in 1971, when the US dollar was pulled off the gold standard. Meaning for the last half a decade, no money had any ties to a tangible thing of value.

But this could be all about to change. As a new partnership between China and Russia means that there has been a lot of under-the-table gold dealing, as well as the possibility of a new global reserve currency created by BRICS that could be backed by gold.

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