Currency World War Looms As Japan, China, US & Europe Decline And A New Gold Standard Is Being Born
January 17th, 2013
Currency World War looms as Japan, China, US & Europe decline
Russia has warned a currency World War is looming for the global economy. The concerns were sparked by Japan’s move to lower the value of the yen in pursuit of better exports causing fears of a massive chain reaction as other nations do the same. RT’s Egor Piskunov reports.
A new Gold Standard is being born -Ambrose Evans-Pritchard
The world is moving step by step towards a de facto Gold Standard, without any meetings of G20 leaders to announce the idea or bless the project.
Some readers will already have seen the GFMS Gold Survey for 2012 which reported that central banks around the world bought more bullion last year in terms of tonnage than at any time in almost half a century.
They added a net 536 tonnes in 2012 as they diversified fresh reserves away from the four fiat suspects: dollar, euro, sterling, and yen.
The Washington Accord, where Britain, Spain, Holland, South Africa, Switzerland, and others sold a chunk of their gold each year, already seems another era – the Gordon Brown era, you might call it.
That was the illusionary period when investors thought the euro would take its place as the twin pillar of a new G2 condominium alongside the dollar. That hope has faded. Central bank holdings of euro bonds have fallen back to 26pc, where they were almost a decade ago.