Thursday, February 17, 2011

China and Gold

In a free market, where money is as good as gold, wars, bank-rip-off, welfare-based genocide is almost impossible to achieve.  That a gold-based currency would so upset the evil system that is is specifically prohibited by the IMF:

Technically, a full gold standard isn't an option. Under the IMF's first amendment to Article IV of Agreement, ratified in 1978, participating countries are not allowed to peg their currency to gold.

According to this article, China may be attempting to make its currency the world reserve by backing it with gold...  if so, perhaps the Communist Party of China will in fact introduce the peace, prosperity and freedom in anarchy that Marx had in mind when he developed the philosophy of communism.

Since USA has declined to be that alabaster city shining on the hill, perhaps China will do it.


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