https://www.zerohedge.com/markets/contrarian-thoughts-petro-yuan-and-gold-backed-currencies
I do think the author isn’t taking into account the work China has done to build up the Belt and Road trade organization specifically to create a place for yuan to circulate and disregards the fact that disassociation of Yuan from the Dollar would be a final step once the rest of the plan comes to fruition. His points about Gold backed currencies are all completely valid. In essence if the currency isn’t issued as actual coins then it can suffer many of the same flaws as fiat. We saw that here when after confiscating the gold FDR devalued the dollar by declaring it took more of them to buy an ounce of gold.
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