New Gold Standard

Today, the global horizon is overclouded by clearly visible unregulated risks which will bring forth financial crises of an ever-increasing scale.

The first among such risks is the world-breaker level of the Total Global Debt, which began to grow at an exponential rate after the removal of the gold standard. According to the Institute of International Finance (IIF), in 2017 the level of the Global Debt reached a huge amount of 217 trillion dollars — this is 327 percent of the world’s gross domestic product.

This debt poses a huge risk by creating a global financial “bubble” the collapse of which will result in a crisis of truly biblical proportions and complete devaluation of fiat money.

Would the situation be different if the world still used the gold standard? According to Alan Greenspan, an American economist who served as Chair of the Federal Reserve of the United States for 18 years: “If the gold standard were in place today, we would not have reached the situation in which we now find ourselves. We cannot afford to spend on the infrastructure in the way that we should. The US sorely needs it, and it would pay for itself eventually in the form of a better economic environment”.

One of the leading nominees of the Republican Party to run for President of the United States — Ron Paul — made the gold standard a key issue in his election program.

It’s getting more and more common in the European Union to speak of the gold standard as a least-evil solution to maintain its economy stable.

Though it is unlikely that the gold standard will be introduced in the world’s leading economies. In case of the gold standard the creation of fiat money and the growth of national debts so easy-to-use to cover mistakes in managing the economy will become impossible.

In the meantime, the cryptocurrency world, which today is in the lead of both technological progress and economic progress, is one step ahead of the conventional economy.

In 2018 a New Golden Standard based on the blockchain technology was created. KaratGold, together with the KaratGold Ecosystem, has developed a global solution connected to gold.

The idea for the creation and establishment of the KaratGold Coin — a cryptocurrency backed by gold, was to set up a counterpoint to the unstable global payment system.

Gold has a stable and generally accepted value and is one of the oldest payment means. While, in former times, it was used as a means of payment in the form of gold coins, the KaratGold Ecosystem has developed the CashGold and the KaratGold Coin.

With the KaratGold Coin and the KaratGold Ecosystem, anyone can pay for goods and services anywhere and anytime. In addition, the CashGold can be used as a gold bearing note similar to bank notes.

Now KaratGold Coin is the most relevant cryptocurrency backed by gold. To ensure a serious approach to cash management and payment system development, KaratCoin Bank, the World’s first cryptocurrency bank has been established in the United States. Now everyone can turn into the owner of the currency with a gold backing behind it.

In general, there only remains to support the opinion of Alan Greenspan, who clearly stated: “Investment in gold now is insurance. It’s not for short-term gain, but for long-term protection”.