Saturday, April 16, 2011
Say "Goodbye" to the Dollar
It appears, with the addition of South Africa to the BRIC alliance, that gold is being contemplated as a means for backing a new reserve currency. China and South Africa are the two leading gold-producing countries. Russia is the sixth leading gold producer, and Brazil is 15th. But this is not an easy game to win, because the dollar's position is almost unbeatable. Furthermore, the United States, Canada and Australia have steady gold production. But here, at the BRIC Summit, a serious challenge is being mounted. If the dollar is to be overthrown, a humble beginning must be attempted. And who knows what countries will join the BRIC Summit next year?