Economist’s “News and Views” Sunday 6-2-2024


Is the Gold Standard Coming Back?

AMPEX:  6-2-2024

For the first time in 25 years, a country has released a gold-based currency.

The United States officially left the gold standard in 1971, and Switzerland was the last to abandon it in 1999.

But on April 30th, Zimbabwe officially launched its gold-backed currency, Zimbabwe Gold.  Zimbabwe Gold (ZiG, for short) is the world’s first gold-backed currency in two and a half decades but marks Zimbabwe’s sixth currency attempt since 2009.

While this one claims the security of gold, something the previous five failed currencies didn’t have, there’s more to it than meets the eye.

Watch this video to learn more about ZiG and why BRICS is probably closely watching the currency’s success or failure.

China EV Giants Ditching Germany, EU Dangerous Seizure Law, India Shifts Gold Back From London

Sean Foo:  6-2-2024

As the trade war spreads further, Chinese EV giants are calling it quits in Germany. Demand is crashing and punishments are coming so companies are leaving. This isn’t good for Germany’s economy.

Meanwhile, Estonia has enacted a new law to confiscate Russia’s frozen reserves as the EU inches closer and closer to total seizure.

Countries like India are seeing this and taking their valuable gold reserves home. Here’s what to know!

Timestamps & Chapters:

 0:00 China Companies Exit Germany

 3:15 As Germany Loses, Hungary Wins Big

6:49 Estonia New Confiscation Law

9:35 India Brings Home Gold From The UK

12:22 Financial Escalation Coming


Greg Mannarino:  6-2-2024