Following on the One World Currency thread: Russia backs return to Gold Standard to solve financial crisis I'm not sure what a "partial gold standard" really means. It sounds like it would still be open to manipulation/inflation by central banks.
US most likely will oppose it. The US dollar being the world's curency brings billions of $ per year free money to US. Sooner or later there will be a world currency since people around the world are getting smarter and won't agree to be taxed by US anymore.
Obviously. China and Russia are both spearheading an initiative to replace the dollar as the world's reserve currency with a basket currency based upon the IMF's SDR system. It's not going to happen in the short term, but as the dollar continues to lose value and/or be unstable, the more support this (or other similar proposals) are going to get at G# summits. Obama's record deficit spending budget is likely to push us closer to the event horizon where the government is no longer able to meet it's obligations to pay the interest on it's debt. When that happens, say goodbye to the dollar.
If tomorrow, during the G20 meetings, a new Global reserve currency is proposed, then there would be many questions to be answered... 1. Who would print this new currency? Supposedly IMF or World Bank would suggest they print the new Global world currency. The question is... Why? Who in his right mind would trust some globalist elite bankers to print money? 2. Why would this new currency have value? If its paper, created by fiat, then it would have no value. US dollar has value because world perceives the US to be a highly productive country, not in manufacturing, but in services and software sector. If its backed by gold, then where would this gold come from? Are countries going to gift their reserve gold to the IMF so that they can print a global currency? There are only 3 real Global currencies --- Oil, Gold and Drugs I say we do what the Austrian Economists say... Each country has its own currency, which they chose to back by commodities. Suppose India has very large production of Wheat and Rice. Its currency would be backed by these reserves. Anyone anywhere in the world can redeem their Indian currency with Rice. The value of Indian currency would depend on the amount of Rice harvest in the country. This is a simple example. What I mean is that countries can back their currencies using a basket of commodities, be it gold, silver or food... because commodities have value.
Dick Morris warns that the G20 is negotiating to put the Fed and SEC under IMF control: http://www.youtube.com/watch?v=5wH5YqsuZiw