“Under the old system, (gold) backed up currencies,” Lee explained. “The U.S. dollar was tied to gold. One ounce was worth US$35. Then in 1971, for lots of reasons I won’t get into, Richard Nixon took the United States off the gold standard.”
Gold and dollars were interchangeable until that point, he said, but in the modern financial world, the metal is no longer considered a form of currency. “It is a precious metal, like silver … they can be sold like any asset.”
We would like to add that since Canada has decided to go FULL DIGITAL, even though you NEVER GO FULL DIGITAL. We are hypothesizing that Canada will the first b***** that will belong to brand new Chinese/Russian Axis that is starting to dominate world socioeconomic affairs as of 2011>.
Congratulations Canada you are truly one attractive and submissive little b*****. Well done and good riddance to you. Let all the other
b*****es line up behind her/him for a Royal cluster gang romping.
How disgusting that a nation with so much potential and land and natural resources; could not have spoken a better path? The results will be equally disastrous – keep an eye on this island nation because it soon be an island.
With people in American viewing Canada as an option if Trump is elected the next President, please reconsider your options and beware of what you are doing and where you are going. Also check the exchange rate as well before the fluctuations begin.
Some economic analysis from Imran Hosein, scholar who was educated at several institutions of higher learning including the University of Karachi, the University of the West Indies, Al Azhar University and the Graduate Institute of International Relations in Switzerland.
Jim Rogers also offers some plain and simple language on where the troubles are and where we are headed. Sail down the Nile at your own risk.