why don't we(African countries) use gold as our currency? how dollar become a the only dominant currency?
Posted: 15 Apr 2023, 10:52
When we are going back historically, there was progress in world currency notably in 1933, 1944 and in 1971. In 1933, US pegged dollar with gold, this condition could definitely allured most of countries around the wold because they could thought gold backed dollar is transparent and reliable. And 1944, 44 countries agreed to peg their money to dollar. we should know that at that time one ounce gold was predicted at 24 dollar, this means that everything was not influenced by politics. But in 1970s, president Nixon announced that dollar stopped backed by gold. Here the problem began as it made dollar the lonely powerful currency. One of the problems regarding dollar supremacy is that America could have a right hand to sidelining any country considered danger to its existence. In 2009, the Libyan leader killed in the pretext of democracy but the secret discovered in Hilary Clinton's email explains why the Libyan leader wanted to make single gold currency in Africa, which could destroy dollar's influence. We know also what happened in Zimbabwe years ago, the inflation rate was so high and the economy was collapsed. Now Zimbabwe created its own gold coin and doing well till this time. What about the other African countries?