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Global South: Gold-backed currencies to replace the US dollar
by Pepe Escobar, first published at The Cradle, reposted here with the author’s permission The adoption of commodity-backed currencies by the Global South could upend the US dollar’s dominance and level the playing field in international trade. Let’s start with three interconnected multipolar-driven facts. First: One of the key takeaways from the World Economic Forum annual shindig in Davos, Switzerland is when Saudi Finance Minister Mohammed al-Jadaan, on a panel on “Saudi Arabia’s Transformation,” made it clear that Riyadh “will consider trading in currencies other ...