Tuesday, June 11, 2019

far sighted visionary

Our PM is educated in science and empirical facts.He also understands human nature and the dynamics of power in politics.So because he is well read and keeps abreast with latest knowledge,he understands two things.The importance of a national currency backed by the intrinsic value of gold as it has historically been acknowledge as a valuable asset.When  money is printed and circulated and used as a foreign reserve currency by national treasury all over the world,that currency if backed by petrodollars is dangerous because nationals are switching to green energy and the value of money backed by petrodollars will eventually devalue.Secondly if some nation overproduces oil and gas output,the price of fossil fuel will drop and national banks that use it as foreign reserve currency will find that its national assets will devalue with it.So to moot for an Asian currency backed by gold reserves is a rational move. for citizens  would not want a case of hyperinflation decreasing their purchasing power and lowering standard of living.
       The Other bold move is to set up the EAEC after the EU move to integrate economic development so cooperation to lower tariffs and trade barrier to speed up faster movement of goods and services across borders.Our PM is far sighted to look at regional cooperation instead of only national development as globalization interlinks markets

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