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Jim Rickards: A new gold standard -- orderly or chaotic?
By James Rickards
Tuesday, January 7, 2020
Over the past century, monetary systems change about every 30 to 40 years on average. Before 1914 the global monetary system was based on the classical gold standard.
Then in 1945 a new monetary system emerged at Bretton Woods. I was at Bretton Woods this past summer to commemorate its 75th anniversary.
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Under that system the dollar became the global reserve currency, linked to gold at $35 per ounce. In 1971 Nixon ended the direct convertibility of the dollar to gold. For the first time, the monetary system had no gold backing.
Today the existing monetary system is nearly 50 years old, so the world is long overdue for a change. Gold should once again play a leading role.
I've written and spoken publicly for years about the prospects for a new gold standard. My analysis is straightforward.
International monetary figures have a choice. They can reintroduce gold into the monetary system either on a strict or loose basis (such as a "reference price" in monetary policy decision making).
This can be done as the result of a new monetary conference, a la Bretton Woods. It could be organized by some convening power, probably the U.S. working with China.
Or they can ignore the problem, let a debt crisis materialize (that will play out in interest rates and foreign-exchange markets), and watch gold soar to $14,000 per ounce or higher, not because they wanted it to but because the system is out of control. ...
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