Honest Money

The 29 and 30 December 2008 Muscat GCC Summit will give the start to the process of re-establishing the link of money to gold.

During a 23 October 2008, Bloomberg TV interview former Malaysian Prime Minister Tun Dr Mahathir Mohamad reiterated his belief that governments worldwide should consider a new international monetary system that doesn’t depend on any single currency.
“You may have to use a number of currencies for trading purposes, or you may have to use a special trading currency, probably based on gold,” Mahathir said. “Gold has intrinsic value. Money has no value, just pieces of paper and government assurances.” (1)

Russia and Europe also want a multi-polar world that doesn’t depend on any single government, says Lorna Thomas in the 09 December 2008 Global Politician. (2)

It seems that the 29 and 30 December 2008 Muscat, Oman, Gulf Co-operation Council (GCC) Summit, where the 2009 Gulf Monetary Council (GMC), a precursor to the 2010 Gulf Central Bank (GCB), will be set up, will be adopting the Islamic gold dinar as reserve for its Khaleej dinar.  (3)

It was the same Dr Mahathir who on 26 March 2002 proposed that international trade balances be settled in Islamic gold dinar. The proposal included the proposal that the dinar be held as central bank reserve. (4)

The new international monetary system will thus definitely re-establish the link of money to gold.

As Dr Mahathir said on 04 December 2008, we are linked to the world economies via trade but that the Bretton Woods agreements, which linked the USA dollar to gold and all other currencies to the USA dollar, are no longer in force since 15 August 1971 when USA president Richard Nixon broke them. (5)

The 29 and 30 December 2008 Muscat GCC Summit will give the start to the process of re-establishing the link of money to gold.

Ivo Cerckel
Siquijor 11 December 2008

NOTES

(1)
Mahathir predicts further doom and no end to current financial crisis
http://202.190.175.188/index.php/malaysia/11053-mahathir-predicts-further-doom-and-no-end-to-current-financial-crisis

(2)
Russia and Europe want a multi-polar world
Lorna Thomas – 12/9/2008
http://globalpolitician.com:80/25307-russia-europe-united-states-foreign-policy

(3)
Islamic gold dinar, Oil, and Khaleej dinar – first exploration
Posted: 08-Dec-2008
http://blogs.zawya.com/goldiswealth/081208025939/

(4)
Mahathir proposes gold dinar as currency for international trade
Muslim News, Thu, 28 Mar 2002 08:10:32 -0000
http://www.freelists.org/archives/news/03-2002/msg00060.html

(5)
Dr M’s way to sustain brand
http://malaysianeconomist.blogspot.com/2008/12/dr-ms-way-to-sustain-brand.html

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