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Speaking at the Bali Democracy international summit over the weekend, Turkish PM Recep Tayyip Erdoğan blasted the IMF’s role in the global debt crisis, stating that  “It is thought-provoking that the IMF is not using gold as a global currency’‘ and that “One would wish that the IMF would help the countries in trouble, but this is not the case.

Not content to stop there, Erdoğan likely placed a target on his/Turkey’s back when he stated that the world should flee the petro-dollar for gold: The world should consider switching to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.

From Mediolana:

Love him or hate him, Turkish Prime Minister Recep Tayyip Erdoğan is rarely anything other than eminently quotable. But from time to time he expresses an idea which strikes a chord with many people outside his natural constituency, and during a recent riff during the Fifth Bali Democracy Forum – an annual event that has been held since 2008 and which focuses principally on democratic developments within Asia – he did so again in a series of remarks directed to the International Monetary Fund (‘IMF’), where he openly questioned the value of cross-border transactions being denominated in a currency belonging to any single nation (or, by implication, a group of nations). According to Erdoğan, the world should consider switching ‘to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.’

A few years ago, such comments would have seemed implausible, but it is now easy to imagine many economic sages agreeing with the leader of the Justice and Development Party, a political entity that has ruled Turkey since 2002

Erdoğan also argued that capital punishment is sometimes legitimate. We would point out that it is not only legitimate, but well deserved, and likely the only cure/solution to bankster fraud/theft/crime against the 99%.

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    • @Timebandit Me too. At least it is a good sign that Turkey and Syria are not really at it, especially if one considers the interview that was done by RT: http://www.silverstackerhaven.com/index.php?/topic/1499-assad-to-rt-im-not-western-puppet-i-live-and-die-in-syria-exclusive/

    • @Mammoth Right on and not even to mention the States. I see 15 States have filed a petition on the 11th of November to secede from the United States on account of the economic destruction unleashed by the Fed: http://www.silverstackerhaven.com/index.php?/topic/1600-15-states-including-texas-have-filed-a-petition-to-secede-from-the-united-states-november-11-2012/

  1. 2OZ can speak about turkey since he was stationed at the American airbase.  Turkey is not to be trifled with.  They have a huge stack of gold estimated at 5,000 oz and transships Iran gold for oil sales.  Its military is professional and strong.  It controls vital sealanes and the Straights of Bosphorus.  The goverment is increasingly muslim as the secularists in the government and military are being squeezed out.  I don’t know the GPD of Turkey but its exports are many and varied.  It has strong allies in the ME . I suspect that Russia and China would side with them if push came to shove. 
    As for speaking out against the dollar hegemony in reference to gold, Edogan is echoing what Iran is finding out the hard way. It’s clear the Petro Dollar is being eroded by the very country we excoriate for trying to go nuclear. Iran is lighting a match on US dollar repudiation.  It’s allies in China, India, Turkey and Russia just state the obvious. The dollar is none to popular right now and it’s being used was a tool of war and an WMD
    We can’t fight everyone can we?
    Uh, can we?  I hope not.  The world to too large to fight everyone and we don’t have many allies with the stomach or bank account to fight more wars.

    • This is why I think Great Britain is sending troops to protect the “Syrian” border.  Preposition in-country assets to combine with the US already in place.  They will have enough troops to create a pincer movement with troops coming from Iraq and the Syrian border.  The Kurds will help, I think.  Not too sure anymore since we did not fully support.
      You are also right about their military.  I went to school with a Turkish major.  From what he and his friends said, they disciplined the enlisted troops quite severely, and oft time just shot them with little or no repercussions.  It is not a military I would like to be a part of. In addition, they are a very modern military on par with GB and Germany. 

    • not quite.
      russia is backing syria and to some extent iran. not turkey.
      turkey is a NATO ally.
      it’s good to see erdogan stand up for what’s right for his people, though.

    • Love your posts, AG, but sometimes wonder at oz and tons being interchanged.  😉
      As to the Turks… yes, they are strong and tough… ferocious fighters too.  Any country in the ME that thinks they can push the Turks around is likely to get a BIG surprise.  Many Turks remember the glory days of the Ottoman Empire.  At that time, Turkey OWNED a LARGE chunk of the ME.  They have very low regard for Arabs, considering them similar in status to a homeless dog.  All in all, the Turks are a worthy people; something that the ME is critically short of, IMO.

  2. At the top all these “turkeys” are in cahoots, reading from a script, including Turkey’s “turkey.” All this noise starting to crescendo about gold, also this noise about returning to gold-backed currencies, even actual gold currencies, we’re all being herded in a certain direction. I wonder if all these countries (meaning the “turkeys” starring in this movie) are “setting the stage” for using PMs as backup in case the grid, and therefore the Internets, go down and all that  invisible money can’t be manipulated anymore. Kind of like us using candles when the lights go out, going back to the old ways. And just like back then, he who owns the gold makes the rules. I wonder what the medium of exchange is, how the financial system works in the DUMBS? The PM game might only be played aboveground.

    • I think they are preparing against the collapse of this system with precious metals because they already have experienced previous paper currencies destruction and especially because precious metals are related to their cultures.

    • ok, i see.
      i don’t know what the economic relationship is between russia and turkey, you might be right.
      i know there’s been a lot of tension between turkey and syria, though, like last month when turkey forced a russian passenger jet to land that was flying to damascus, syria.
      they claimed it was because they had intel the plane was carrying weapons, but of course no weapons were found.

  3. Ed B   I shift back and forth between the formalities of gold in tons and ounces since we hear of the amounts of gold being shifted around   Lately it’s been so vast  that  tons seems to be the amount now being bought, sold, transferred, hypothecated, lost  and stolen on a nearly daily basis.  It’s mind boggling and I am easily boggled.
      Customarily we talk about ounces of gold but even  Turkey had been transshipping tons of gold to Iran of late.  Heck, I stlll can’t remember how many grams per ounce of gold and how many ounces in a ton. Conversion of metric and US confuses me even today.  I’m still the pounds, ounces, quarts and pints, inches and feet  type of guy. But there a lot of gold flying around.

  4. The US dollar is hanging by a thread and might lose reserve status by year end I think. To many countries are side stepping it and ignoring the use of it for oil deals and trade. I can see going back to gold backed currencies too but no wat can we go to a gold/silver only currency.

    • If the US dollar loses its status as the global reserve currency, then it will collapse since it is only the petro-dollar system who is backing the US dollar. When that happens, this system will collapse along with the destruction of all the other fiat currencies around the world.

  5. Of course, a government functionary supports some sort of ‘gold standard’, where governments all ‘agree’ (what do I often admonish? Bi-partisanship in government is Gang-Rape of The People) on a low ‘fixed value’ for gold, then issue their signature banknote Plantation Scrip and hugely over-valued tokens in its stead.

    Well, I’m not Mesmerized  by GOLD! As far as I’m concerned, a ‘gold standard’ is merely a ‘one step back’ retreat by governments and bankers. The only scheme that liberates all Peoples is Free Market Poly-Metallism wherein NO ‘price fixing’ is tolerated. The ONLY ‘value’ determinant on ANY MONEY is realistically it’s weight and fineness within supply-demand parameters bearing on the moment and locale of an exchange.

  6. When you hear a country’s leader or representative talking about positive stuffs about gold and silver, then you know that this person is not corrupted by the banks, is not brainwashed by the mainstream media and is a good leader. Gold is the most stable asset so if its price is going up, then it is actually the fiat currencies who are losing values.

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