Millennium State
gold dinar: a groundbreaking initiative
May 3, 2019In 2009, Colonel Gaddafi, then President of the African Union, suggested to the States of the African continent to switch to a new currency, independent of the American dollar: the gold dinar.
The objective of this new currency was to divert oil revenues towards state-controlled funds rather than American banks. In other words, to stop using the dollar for oil transactions. Countries such as Nigeria, Tunisia, Egypt and Angola were ready to change their currencies. Unfortunately in March 2011, the NATO-led coalition began a military intervention in Libya in the name of freedom….
Free water, almost free gasoline, free health system and free education were commonplace for Libyans under Gaddafi’s dictatorship.
With an excellent management of oil revenues, the Libyan state had managed to store hundreds of tons of gold (143 tons according to WikiLeaks) and the same amount in silver. All these resources were going to make Libya the most influential country in Africa, supplanting France for example.
Gaddafi wanted to avoid American influence in his oil transactions by using this gold. He launched the gold dinar project, and other major African governments were ready to support him in this project. It was both an African dream and a nightmare for the West’s financial system.
