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Turkish prime minister says gold should replace dollar

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Published : November 14th, 2012
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By Zubeyde Yalcın
Sabah, Istanbul
(A morning newspaper)
Sunday, November 11, 2012

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 it is quite the opposite, as the fund has often caused serious problems for countries in trouble. So Erdogan asks why it is that the fund uses dollars instead of gold.

Saying 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' basis. For example, if the IMF is under the influence of any single currency, then they are going to 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 that has maintained its honor throughout history? This is something to think about."

Explaining that Turkey had to pay a heavy price for the agreement it made with the IMF, Erdogan stated, "We have not made a standby agreement for the past three periods. In April we will have zeroed out our debt completely and we have no intentions of working with the IMF again."

Prime Minister Erdogan went on to state: "One would hope that the IMF would help countries in trouble. But at present this is not the case. This is what we need to achieve."

Erdogan also said he believed that the United Nations, the International Monetary Fund, the Organization for Security and Co-operation in Europe, and the Organization for Co-operation and Development all need to undergo reform.



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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
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