Tuesday 30 July 2013

Coppola: Gold backing would destroy the US dollar

In a new article for Pieria, Frances Coppola argues that fixed currency systems can't cope with rapid change in the balance of international trade. Reverting to the gold standard would force the US to balance its books, but this would slam on the brakes so hard that a depression would ensue and foreign countries would have to find an alternative to the US dollar.

As matters stand, says Martin Armstrong, "The dollar is setting up to be the ONLY viable currency."

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