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Russia and China have created new reserve currency

justoneman

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Russia and China have signed an agreement creating a new world reserve currency. This currency is to be based on backing with rare earth minerals; gold, silver, nickel, uranium and copper. Other countries are a party to it as well.


Russia And China Officially Announce A "New Global Reserve Currency" :: God's Kingdom Ministries

https://quoththeraven.substack.com/p/russia-and-china-officially-announce And once again, as happens often with consequential news in the United States and the West, no one has noticed and no one seems to care. If you’ve blinked over the last mont
godskingdom.org
 

Godskingdom.org?
 
2 of the most untrustworthy countries in the world. Good luck.
 
Does the new currency come with chopsticks and eggroll? Asking as a former blockchain currency loser.
 
justoneman said:
No it comes with backing of precious metals, unlike your blockchain failure.
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If I buy one ounce of golds worth, can I get an ounce of gold?

I just wouldn’t trust them.
 
highroller said:
If I buy one ounce of golds worth, can I get an ounce of gold?

I just wouldn’t trust them.
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I am sure you could buy an ounce of gold with whatever currency. Are you going to Russia to make this transaction?
 
justoneman said:
I am sure you could buy an ounce of gold with whatever currency. Are you going to Russia to make this transaction?
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What’s the point of backing it with hard metals?
 
Aside from China (2nd highest GDP next the United States), all of the other “BRIC” countries GDP’s are tiny by comparison, and most suffer rampant government corruption and social/economic instability.

Not exactly a model for success.

Meanwhile, the U.S., by itself, nearly matches the total GDP and exceeds the influence of all “BRIC” countries combined (not ignoring the importance of China though).

America and it’s allies/strategic trading partners won’t be taken down by “BRIC”.
 
Backing a currency with gold is basically giving away gold. And though multi-metallic currencies are subtly different, they're not necessarily better. You get people speculating on the different market value of the metals.

I mean, suppose your backed currency crashes all the way to its gold component. Holders of the currency have nothing to lose, and a lot to gain, by taking your gold before the currency goes any lower.
 
Craig234 said:
So people are willing to trust it.
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How does it create trust saying a currency is backed by gold? The trust is in the people running the currency, not the commodity money.

If I can buy gold with dollars, why would I want a Russo-Chinese currency?
 
Never ever trust Vladimir Putin or Xi Jinping.
 
Hypothetical said:
it would presumably be more stable than fiat currency
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Why? I know that gold is stable, but is there a reason that gold based currencies would be? The people in charge of the currency are more important than the currency itself in my opinion.
 
You are being illogical. How is it giving away gold? It's not.
 
justoneman said:
You are being illogical. How is it giving away gold? It's not.
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If the currency isn’t convertible to gold, it’s not a gold backed currency.

In a gold standard system, I should be able to go into any bank and exchange my currency for gold.
 
highroller said:
Why? I know that gold is stable, but is there a reason that gold based currencies would be? The people in charge of the currency are more important than the currency itself in my opinion.
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because a gold based currency is based on more than an opinion?
 
highroller said:
If the currency isn’t convertible to gold, it’s not a gold backed currency.

In a gold standard system, I should be able to go into any bank and exchange my currency for gold.
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It's a currency backed by gold. If they print more money they put more gold in the reserve. They are not required to take back the currency from you and give you gold. But if you want to go to Russia and buy gold with this currency, I am sure you can.
 
Then it is pegged to gold bullion. It is not backed by gold as you can’t exchanged one for the other.
 

So?
 
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