Malaysian Prime Minister Dr. Mahathir Mohamad proposed a gold-backed currency as a unit of account for trade between East Asian nations. Today's currency trading is manipulative, he said.
“For the past 40+ years we’ve tried to remove ourselves from a gold standard, we pretended it doesn’t exist… and that failed because gold is always telling the truth… and you don’t have to trust to somebody printing up a whole bunch of money,” says Stacy Herbert.
She quotes the Malaysian PM who said the global market is tied to the US dollar, which gives room for the currency to be manipulated.
Max Keiser calls the US dollar “a currency that is now in a hyperinflated bubble,” saying that once it pops we’ll see gold price jump from $1300 per ounce to $2900.
For more stories on economy & finance visit RT's business section