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Mahathir's gold-backed currency -- loose talk or pan-Asian plan?

Section: Daily Dispatches

By Ronan Manly
BullionStar.com, Singapore
Friday, June 28, 2019

While the nonstop flows of physical gold into countries such as China and India are a constant reminder to the world of the importance of gold to Asian societies, gold got a high-profile endorsement of another kind in Asia recently when Malaysia’s minister Dr. Mahathir bin Mohamad proposed a gold-backed regional currency for Asia.

... Dispatch continues below ...


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In front of Asia's leaders and media in Tokyo May 30 at the aptly named "International Conference on the Future of Asia," whose theme was "Seeking a New Global Order -- Overcoming the Chaos," Mahathir opened the conference with a keynote speech and dialogue session. He lost no time in criticising the dangers of a U.S.-dominated unipolar world and the instability of the world's reserve currency, the fiat U.S. dollar.

It was in this context that Mahathir suggested a gold-based currency that could be used for international trade and investment between Asian economies and that would serve as an alternative to dependence on the U.S. dollar. ...

... For the remainder of the commentary:

https://www.bullionstar.com/blogs/ronan-manly/mahathirs-gold-backed-curr...

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