Nathan Lewis https://goldbroker.com/news/authors/nathan-lewis After months of debate about various currency and commodity baskets, a Russia- and China-led consortium has apparently settled on using gold as the basis of a planned new international currency system separate from the US dollar and euro. As recently reported by state-funded Russia Today, an upcoming meeting of leaders from Brazil, Russia, India and China in August may include the formal introduction of the new initiative. At a G8 world currency meeting in 2009, Russian President Dmitriy Medvedev presented a gold coin and called it a "new world currency." This would be similar to the Bretton Woods meeting in 1944, where, after the floating currency chaos of the Great Depression, a new gold-based international currency architecture was laid out. The centerpiece was the US dollar, which in turn would be linked to gold at $35/oz., its gold parity since 1933. This laid the foundation for two decades of peace, prosperity, and fixed exchange rates, which sa... Tue, 22 Aug 2023 06:09:29 +0000 https://goldbroker.com/news/the-brics-go-for-gold-3171 As we continue to enjoy the "Yellen gold standard," now in its Powell phase -- who knows how long it will last -- let's look at why the gold standard system worked so well for so many centuries, including nearly two centuries of U.S. history before the rupture in 1971, during which time the United States became the wealthiest country in the history of world. In 1971, the economist Arthur Laffer -- he was the chief economist of the Office of Management and Budget at the time -- was asked what he thought the consequences would be of Nixon's "closing of the gold window," which effectively ended the Bretton Woods period when the dollar's value was fixed at $35/ounce of gold. "It won't be as much fun to be an American anymore," Laffer reportedly replied. And he was right. But why? Why is it that the collective intelligence (let's be generous) of today's central bankers, and indeed all the central bankers since 197... Mon, 18 Mar 2019 16:30:13 +0000 https://goldbroker.com/news/why-gold-still-best-basis-for-money-1500