Ghana to Buy Oil with Gold instead of Dollars

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In yet another move towards deep dollarization around the world. We are now seeing Ghana taking that step as they announced a gold for oil scheme trying to stop the hyperinflation that their currency has been experiencing this year.

Now, obviously, Ghana, in the whole scheme of the global financial system, is not at the top of the pecking order. But over the last year and two years, we have seen more examples of small, insignificant countries making little moves just like this.

And so, the question is not whether this move by itself is going to be significant in global geopolitics, in the global financial system, in the economy, or in the dollar's role in international trade. What matters is how many straws are piled up on the camel's back.

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Timecodes
00:00 Ghana Trying to Stop Hyperinflation with Gold for Oil
01:30 Sponsor: Bullion Card
03:17 Ghana Has the World's Worst Performing Currency
04:35 Gold Mining Companies Required to Sell Their Gold

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