>>29876259
>>29876344
To add to this, China and Russia are sitting on piles of gold sure, but they won't declare a commodity backed currency before the US does it, not because they're afraid of a Libya-like intervention, but because right now they can still get real, valuable things in exchange for worthless paper. As long as that is possible there is no incentive for them to be the first movers here, and they and the USA know it.
America has the world reserve currency, which means its dogshit fiat will still be the last one to die, and because its advantageous to be in that position they will hold onto the USD as long as humanly possible. Because if the US were to even hint at the possibility of moving to say, a silver backed dollar, it would instantly annihilate all remaining faith in USD, no one would buy debt denominated in it, and any debt in USD would be paid back in toilet paper. The USA likely has plans for a new monetary basis, but they are required to maintain the worlds best pokerface until they unveil it.
And only then will the BRICs nations reveal their gold backed money a day later.