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‘Nixon shock’ still a threat to global economy, 50 years on


South China Post Opinion/Harminder Singh/8-22-2021

“Nixon’s 1971 decision resulted in a widening wealth gap around the world, irresponsible government spending and asset prices that have gone stratospheric. Hong Kong’s economy remains threatened as long as our currency is pegged to the crumbling US dollar and there are no plans in place in case of a currency reset.”

USAGOLD note: Hong Kong’s government is called to task in this editorial for over-reliance on the U.S. dollar. “Eventually,” says Singh in this opinion piece, ” this house of cards will come down and be replaced by a new monetary system. Central banks and world leaders appear to be preparing for this inevitability.”

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