Malaysia's Mahathir Mohamed Goes For Gold | Metals Mine

  • Malaysia's Mahathir Mohamed Goes For Gold

    From forbes.com

    Last week in Tokyo, while addressing the 25th International Conference on the Future of Asia (Nikkei Conference), Malaysia’s Prime Minister, the venerable Mahathir Mohamad, went for gold. He brought the audience to attention by proposing an Asian currency linked to gold. Dr. Mahathir argued that such a currency would promote regional stability, while avoiding the so-called “dollar trap” (read: dollar dependency). This time around, the ninety-three-year-old Mahathir is onto something—something that would deliver its advertised benefits. Dr. Mahathir’s comments on currencies are, of course, legendary. ... (full story)

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EventsTrader
Jun 3, 2019 6:55pm
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Keypoints:
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He brought the audience to attention by proposing an Asian currency linked to gold.
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The Malaysian ringgit would be changed from a fiat currency to a gold-backed ringgit that would trade at a fixed rate of “X” grams of fine gold per ringgit.
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A currency board system would ensure that the ringgit was fully backed by gold and redeemable on demand for gold at a fixed rate.
If only there were some historic precedent we could turn to. Maybe this would work for a smaller country, but there's not enough gold in the world to go back to a gold standard, however fundamentally sound.
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676f6c64
Jun 3, 2019 4:46pm
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Na, they should Go For Euro instead.
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