“My sense is that we may soon be going for gold. If that does eventuate what happens to our economy after that is anybody’s guess and such speculation includes the loan arrangements with China.”
This was the final sentence in my letter Going For Gold of mid-February this year.
Well, it now seems that the world’s currencies are being revalued, starting with Iraq publically doing so. My understanding is that last Thursday, the Bank of International Settlements (BIS) made the first payment of funds to governments and organizations; on Friday, the United States is reported to have signed into effect the entry of the new United States dollar, the TRN (the Treasury Reserve Note backed by gold, according to the Basel III Regulations Compliance).
The BIS is an international organization of central banks that fosters international monetary and financial cooperation and serves as a bank for central banks.
The BIS carries out its work through subcommittees, the secretariats it hosts, and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
This change of currency valuations is what might precipitate a new budget here in Barbados. No word yet, however, on whether we will get the gold to back our revalued currency. Some time ago one of the World Bank’s whistle-blower’s asserted that the bank did have enough gold to satisfy the needs of all its member states.
All things being equal, we should have the answers to all our questions about the world’s currencies in a few days.
–– MICHAEL RUDDER
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