This seems potentially monumental. They could potentially destroy the fiat dollar which may forever ruin the ability the US had to hit countries with sanctions. Saudi Arabia, Argentina, Indonesia and Egypt are considering joining in the alliance.
https://twitter.com/Ultrafrog17/status/1664406143748194304?s=20
Well for gold who is determining the value and in what currency? Is it each country looks at how much gold they have and set their own value for their currency? If I have 100 lbs of gold and million whatever currency in circulation then I divide and come up with the value of my gold backed currency? How will the price of gold really be determined cause if Russia sets it based on their currency then I could set the value of my currency to gold however. It confuses me
In reality, there will be some exchange ratio of X dollars for 1 oz of gold, and each nation will have their own ratio of units currency to 1 oz gold.
Assume 100 dollars = 1 oz gold, and 500 rubles = 1 oz gold, therefore 100 dollars = 500 rubles, b/c 100 = 1 = 500.
The actual value of a dollar depends on the value of gold, but exchanging currencies is just a simple ratio to gold and back.
I get that but the hard part is what will be the value of gold ounces to dollars
There are waaaaaay too many dollars out there! It is difficult to determine the actual amount of dollars invented. Some assessments are a million to one ounce of gold the Govt claims the US has.
Of course that changes if “We have the gold” means the q group has a secret stash that is huge and cashes it in for control of the country after the dollar crashes to shit.