Why the IMF took the gold?

Many analysts
recently said that fiatnye
currency will soon disappear and will not
used as a primary
means of payment in the world, so long as
it is not clear what will happen next. It seems to have
several directions, and the International
IMF will soon take a decision,
to keep in
race. First, economists are actively
We discussed the strengthening of the role of the yuan in the world
the economy and the emergence of currency,
backed by gold, that would end
epoch as dollar hegemony
reserve currency.

Last weekend
known economist Meghnad Desai,
the head of an independent research
and consulting organization Official
Monetary and Financial Institutions Forum, said that
IMF special drawing rights
must contain a certain amount of
gold to stabilize the currency.
Desai believes that such a move will improve
the situation on the currency market and the general
in the current situation it would be the
logical step. And this would be
easier if China really
increasing its official gold
stocks. By the way, this idea is expressed
Not for the first time.

Return to the gold
the standard is constantly being discussed, this
the idea of a lot of supporters and opponents,
but when it will be about the common good,
all quarrels should be forgotten. unless
clear whether it is necessary in the world of form
multilateral supersuverennuyu back
currency with the help of special rights
IMF loan, or to go to the
the new gold standard by which
We have overestimated all currencies. Economists arises
a lot of questions when they speak
reserve currency and the gold standard.
For example, all the care, whether the country's
BRICS create its own currency? Will
US to maintain its position
dollar or have yet to create
New Gold Standard? While no one
can give clear answers to these questions.

Now special basket
IMF borrowing rights (SDR) consists of
four currencies: US Dollar, Japanese
yen, euro, and British pound. overdue
for a long time the need to add to it
the list of the Chinese yuan, if the IMF wants a serious
changes in the global financial
infrastructure. Upon the renminbi has become
reserve currency and actively
internationalized. But supporters of the gold
standards still insist
that any number of currencies outside the
gold exchange standard will not provide
the stability of the entire global financial
system. On the other hand, use
only gold - is not the best
idea, given the speculative change
prices in recent years.

Without a doubt, the demand for
gold in China increased due to the need
balance reserves and existing bonds, especially in view of the contracts
which only began to turn on
The Shanghai Gold Exchange. However, this
can not explain the demand for gold
Russia and India. And even Germany
demands the US return of his gold,
who is in her possession. But at the
same time, all IMF member countries of the
said that the new gold standard
unworkable and SDR provides better
the opportunity to develop and balance
the world financial structure.

This year, an important
solution for the economies of many countries in the world
It will be the decision of the US Congress on accession
due to changes in IMF quotas. it is the only
ability to change the SDR basket and open
the way for the yuan and gold. Today it is difficult
imagine what kind of a global
currency could replace the US dollar. But
we must remember that central banks around the
the world has about 900 million ounces
gold, and this amount is sufficient to
support any currency if desired
under the classical gold standard.
So, the global currency war continues
and aggravated, and therefore can become even
larger.

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