If gold is used to back currencies, even partially, this would put South Africa in a strong position internationally.
According to Edelson, a new monetary system will include the following: (1) A new fixed-rate currency regime
Once the price of gold is increased and new currencies introduced, "a new fixed exchange rate system" will be introduced. The floating one and old currencies will be eliminated to reduce market volatility.
(2) New compensatory measures for savers
They'll be introduced as an inducement and to protect against further devaluation.
- if 100% of public and private sector debt is monetized, "the official government price of gold would have to be raised to about $53,000 per ounce;" -- at 10%, it would be $5300 an ounce.
Gold hit $850 an ounce in 1980. |
clipped from www.globalresearch.ca
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