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03/31/2009: "Russia and China suggest an end to fiat currency"

Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

The world's fiat paper currencies have lacked any external anchor ever since. It is widely argued that the financial excesses and extreme debt leverage of the last quarter century would have been impossible - or less likely - under the discipline of gold.

China's government has floated a variant of this idea, suggesting a currency based on 30 commodities along the lines of the "Bancor" proposed by John Maynard Keynes in 1944.

[ This makes sense, and echoes what Ron Paul has been calling for as well. Leaving the gold standard was a scandalous move and only done for the most corrupt reasons. You can be sure that the US/Israel and western governments generally would not approve of any return to the gold standard - so Russia and China score propaganda points for showing this up. ]

http://www.telegraph.co.uk/finance/financetopics/g20-summit/5072484/Russia-backs-return-to-Gold-Standard-to-solve-financial-crisis.html