Round and round we go. Are silver and gold once again going to be the basis of money and exchange? After all, they have served that purpose for most of the last five thousand years. The US began with that concept at our origin. Article I, Section 10, Clause 1:
No State shall ... make any Thing but gold and silver Coin as Tender in Payment of Debts.
In this century, Texas is first out of the block, and plans to produce and sell one ounce silver and gold coins soon. However, the primary scuttlebutt about the changing world economic order came from Xi in China recently with his announcement that the renminbi (yuan) is to become a reserve currency. He said China was the world's manufacturing and technological leader, and needs to become the financial leader as well. A gold-backed yuan refers to China's strategic initiative to link its currency (renminbi/yuan) to physical gold reserves...This strategy involves establishing gold-backed trade settlement options, expanding gold trading platforms, and gradually positioning the yuan as an alternative to the US dollar in international transactions. Much more on gold, silver, war, and the economy below the fold.