If EU means European Union [a] political and economic union of twenty-seven member states,
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Then I'm guessing that only a few, if any, have a gold reserve large enough to equal their counties worth of goods and services at the current price of gold. But if the current trend of financial troubles world-wide causes the price of physical gold to attain those high predictions of like $5,000 then any nation that held onto their gold reserves would benefit going into a gold standard since their currency would have a strong valuation towards weak and unstable fiats of nations that sold their reserves in the manner to keep the price low these many many past years as GATA et al speaks about.
I'm guessing that the United States, Canada, and most EU nations have these past 20 years delivered their gold reserves into the market to surpress its price, allowing a few nations to acquire it directly into their reserves or via their citizens to obtain it as a store of value.
Just as the Middle East nations having oil under their soil became wealthy, nations having the physical gold inside their boundaries will become wealthy if price of gold explodes upwards via today's financial turmoil.
Plus I think Russia has vast amounts of gold, oil, etc etc still untapped under its vast land masses.
It seems the United States has unloaded its gold, tapped out its oil reserves, lost its manufacturing base to China etc, and only has its large powerful military being paided using the printing presses of fiat money and debts to foreign nations that so far have bought IOUs that will be repayed with more fiat being printed towards hype-inflation.
Guess its about time for the citizens of the United States to declair bankruptcy towards the debt owed to foreign nations.
doug |
