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Alasdair Macleod: Time to trash Triffin
By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 6, 2023
The dollar-based credit bubble is imploding and emerging economies are seeking protection by accepting trade settlement in other currencies. The U.S. policy of threatening regime change, currency destabilisation, or other means of ensuring that nations remain in its sphere of influence are failing.
Mainstream economists in the West insist that the dollar is irreplaceable and that as a trade settlement medium China's yuan is strictly limited. Referring to Triffin's dilemma, China would have to run deficits to provide the necessary currency liquidity. But they ignore the role of bank credit, which can be expanded at will to meet trade settlement demand.
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Furthermore, China's exchanges offer hedging facilities into physical gold, attracting Middle Eastern energy exporters away from petrodollars, until the new trade settlement currency planned by Sergey Glazyev comes into existence.
For evidence of Russia's intentions to reintroduce gold into trade settlement, a translation of the semi-official position penned by Glazyev jointly with his deputy is appended to this article.
Increasing systemic risk in U.S., European, and Japanese banking systems is accelerating the movement of international trade settlement away from fiat dollars into safer havens. These are or will be ultimately backed by physical gold. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/time-to-trash-triffin?gmrefcode=gata
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