BRICS: US Bank Agrees Switching To Gold Standard Will Stabilize Prices

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Inflation is a cause of worry in the US as the BRICS alliance looks to dump the dollar. BRICS has become the largest purchaser of gold in FY 2022-24. Researchers from the Federal Reserve Bank of Philadelphia suggest that switching to the gold standard could stabilize prices. They argue that transitioning to the gold standard would make money non-neutral and converge the economy to its long-run equilibrium value, making inflation and deflation temporary. BRICS is speculated to back their yet-to-be-released currency with gold. The gold standard system was used by leading economies for centuries but eventually collapsed in the 20th century. BRICS may consider reviving the system and backing their new currency with gold.

#Brics #GoldStandard #UsDollar #Inflation

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