Malaysia’s Dr. Mahatir goes for gold
“He brought the audience to attention by proposing an Asian currency linked to gold. Dr. Mahathir argued that such a currency would promote regional stability, while avoiding the so-called ‘dollar trap’ (read: dollar dependency). This time around, the 93-year-old Dr Mahathir is onto something — something that would deliver its advertised benefits. Dr. Mahathir’s comments on currencies are, of course, legendary. Remember the Asian Financial Crisis of 1997-1998?”
USAGOLD note: Interesting that Johns-Hopkins’ Steven H. Hanke who has acted as an advisor to a number of emerging countries on their currency problems would endorse Mahathir’s proposal on a gold-back East Asian currency. He says the ringgit “would literally be as good as gold” and predicts that others might follow Malaysia’s lead. An article worth reading and filing for future reference. . . . . . .