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China could control financial system with gold-backed currency, Leeb says
8a AEST Thursday, October 17, 2013
Dear Friend of GATA and Gold:
Interviewed by King World News, fund manager Stephen Leeb muses on a point raised a few years ago by fund manager and geopolitical strategist James G. Rickards -- that a nation that recognized gold formally as money could control the world financial system. Rickards raised the point in respect to Russia and the oil trade. Leeb raises it in respect to China.
"The Chinese," Lee says, "could propose a basket of currencies that are convertible into gold, and the renminbi would be there as a major currency, much more important than the dollar. What you would then see in this country" -- that is, the United States -- "is major commodities, as well as other items, priced in units of gold.
"The Chinese are probably not ready yet. They probably don't have enough gold on hand. But we are certainly making it easier for them in the gold market. The United States is intervening in the gold market to try to keep the U.S. dollar index above 80."
An excerpt from Leeb's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/10/16_C...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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