Dollar and IMF oppress but gold doesn't, Turkish president says


International Loans 'Should Be Based on Gold, Not Dollars,' Erdogan Says

From the Hurriyet Daily News, Istanbul
Monday, April 16, 2018

Turkish President Recep Tayyip Erdogan has suggested that international loans should be contracted based on gold instead of U.S. dollars in order to prevent exchange rate pressure on economies.

"I made a suggestion at a G20 meeting. I asked: Why do we make all loans in dollars? Let's use another currency. I suggest that the loans should be made based on gold," Erdogan said today during a speech at the opening ceremony of the Global Entrepreneurship Congress in Istanbul.

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"With the dollar the world is always under exchange rate pressure. We should save states and nations from this exchange rate pressure. Gold has never been a tool of oppression throughout history," he added. ...

Erdoğan also lashed out at the International Monetary Fund (IMF), accusing the organization of trying to "manipulate" Turkey’s political direction.

"There is [financial] tutelage in the soul of the IMF. Most of the poor and miserable countries of the world have been groaning bitterly because they could not be liberated from that tutelage approach," he said, stressing that Turkey is "not in the IMF’s debt anymore." ...

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