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moorookamick

23,927 Posts.

770

15/01/25

00:00

Post #: 77406709
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Originally posted by moorookamick: ↑

IMO you miss the point. At present our AUD is at the mercy
of the USD, the US Treasury and its convertibility into the USD
which are still the global reserve currency in which most of our trade is done.

The gold backing for the AUD would stop it from going through the floor
should there be an outright economic war between the US & China
whether the US looses or not. If we broke US economic sanctions
on China, then the US would pull the pin on our National Security arrangement.
In summary, we're wedged!

At present the USD is loosing its status as the global reserve currency
and that has been accelerated by the Ukraine War which has seen the
BRICS shun the Greenback in international trade causing the USD to drop
under 505 of international trade.

In summary, it would be a national security issue for Aus should the AUD
be collateral damage in such an all out US/China economic war and IMO
its better to have a stronger AUD backed by gold rather than a South Pacific Peso
10:1 to an ailing USD. In this respect if we fail to plan we plan to fail.

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PS: "505 of international trade." ....error...that should read 50% of international trade.
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