The Saker:ㅤGlobal South: Gold-backed currencies to replace the US dollar

the-saker:ㅤglobal-south:-gold-backed-currencies-to-replace-the-us-dollar

19-01-23 07:53:00,

by Pepe Escobar, first published at The Cradle, reposted here by the author’s permission

The adoption of commodity-backed currencies by the Global South could upend the US dollar’s dominance and level the playing field in international trade.

Let’s start with three interconnected multipolar-driven facts.

First: One of the key take aways from the World Economic Forum annual shindig in Davos, Switzerland is when Saudi Finance Minister Mohammed al-Jadaan, on a panel on “Saudi Arabia’s Transformation,” made it clear that Riyadh “will consider trading in currencies other than the US dollar.”

So is the petroyuan finally at hand?

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