Russia-China real gold standard means end of US dollar dominance

RT has the story Russia-China real gold standard means end of US dollar dominance.

The BRICS are considering an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose dominance, predicts a precious metal expert.

When I hear predictions like this in the USA oligarchs’ news media from “precious metal experts”, I am always skeptical. I suspect that they are heavily invested in precious metals, and they want to pump up the prices. RT may have different motivations for taking this line.

I post this because I cannot be absolutely sure that none of this will come true. I wonder if this will eventually undermine the policy prescriptions from Modern Money Theory. MMT has the phrase, “The USA government will always have the money to buy whatever is for sale in USA dollars.” They tend to ignore and most MMT devotees tend to ignore what happens when there is very little that is for sale in USA dollars. Such an outcome was hard to imagine until Donald Trump came to office.

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