“…they plan on taking it international by…”
Tom Welcomes Dr. Stephen Leeb, financial author, wealth manager, and newsletter publisher, back to the show. Stephen discusses China’s imminent plans to launch a digital currency. Initially, it will be used domestically but they plan on taking it international by basing it on a basket of currencies. He believes there will also be a gold backing. It should be simpler to use than the existing monetary system and he expects a lot of countries to adopt this system. A gold backing to this currency will be crucial as the world is tired of the existing US dollar system.
Gold has always been a threat to the dollar as it has been considered to be the currency of choice for centuries. He discusses the three in the morning raids on gold and why gold is the only commodity out there that can call itself a currency. The U.S. will do anything it can to avoid a gold standard but in the end, won’t be successful.