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Will China Make the Yuan a Gold-Backed Currency?

• http://www.globalresearch.ca,
 

If China Backs Its Currency with Gold, It Could Have Profound Effects for Investors … and Consumers

Larry Edelson – - writes today:

I know for a fact that Beijing wants its yuan to eventually become a gold-backed currency, much like the Swiss franc was originally. Backing the yuan with some gold will certainly help it become a major international currency.

Edelson is a financial adviser who travels frequently to Asia, a former high-volume gold trader who is interviewed a lot in the mainstream financial media.

I have no idea whether Edelson is right or not. But he’s not the first to make the claim.

Doug Casey says that if one country – such as China – switches to a gold-backed currency, the dollar will be toast:

4 Comments in Response to

Comment by Anon Patriot
Entered on:

Um, 'Joseph Vanderville' - you may wish to educate yourself.  For THOUSANDS of YEARS, ONLY 1) GOLD and 2) SILVER have been used as MONEY.  NOT PAPER, WITH INK ON IT!  The silver 'round' or coin, that Dr. Paul held up, before the Bernank, has NOT lost its value, due to inflation.  To the contrary - the value of silver (vs. US Dollars) has RISEN.  In other words, it takes more CURRENCY (the funny green intrinsically worthless paper FRNs), to get today, the SAME AMOUNT OF SILVER you could have got for LESS (currency) - just a couple years ago.  It's the paper currency, that has LOST IT'S VALUE, so, please, educate yourself, before you go on some 'rant' about Dr. Paul, who actually UNDERSTANDS THESE ISSUES! 

Comment by Troy C.
Entered on:

What happened to the share buttons for Twitter at the top of all the articles?

Comment by Alicia Pepin
Entered on:

 

yes of course the will
Comment by Joseph Vanderville
Entered on:

Don't kid yourself -- the days of Silver and Gold are over ... long, long gone. They are no longer coming back as back ups of any currency in the world. Only Ron Paul whose expertise in monetary economics was learned by delivering babies, and followers from the "lunatic fringe", believe that a token with gold or silver in it is a "legal tender".  If I am not mistaken, he once held a token Silver Circle in front of the Chairman of the Federal Reserves Dr. Bernanke who has a Ph.D. in Economics telling him right before the TV camera that it was a "legal tender" he could use in any grocery store but has lost its value due to inflation.  In Congress, his followers from the "lunatic fringe" wanted him to amend the Law of Supply and Demand! When you are economically depressed, you either listen to his Economics or hang yourself in a nearby tree -- the same thing!


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