Originally posted on Tuesday, December 11, 2012

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“Why do we not switch then to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.” — Turkis Prime Minister Recep Tayyip Erdogan

It is noteworthy when the head of government of a major nation gives public recognition to the integrity and utility of gold as a monetary asset.

The Prime Minister of Turkey recently, and astutely, praised gold:

ERDOGAN SUGGESTS SHIFT FROM DOLLAR TO GOLD

During his stay in Indonesia, Prime Minister Recep Tayyip Erdogan brought up an interesting suggestion for the International Monetary Fund.

Stating that although IMF assistance may appear to be a prescription for some nations, in fact quite the opposite, the fund has often caused serious problems for countries in trouble, Erdogan asks why it is that the fund uses dollars instead of gold.

Expressing that he doesn’t feel it is right for the IMF to act according to one nation’s currency, Erdogan states, “The IMF extends aid on a who, where, how and on what conditions bases. For example, if the IMF is under the influence of any single currency then what, are they going rule the world based on the exchange rates of that particular currency?

Why do we not switch then to a monetary unit such as gold, which is at the very least an international constant and indicator which has maintained its honor throughout history. This is something to think about.”

Translated from an article originally written by Zübeyde Yalçin and published by the Turkish news venue Sabah.  (Emphasis added.)