Posted on 07/10/2023 2:17:49 PM PDT by nickcarraway
The BRICS alliance with Brazil, Russia, India, China and South Africa recently announced that they were planning to float a gold-backed currency to settle international trade payments to challenge the global reserve status of the US dollar.
The bloc of the five nations is projected to decide on introducing the new BRICS currency during its next summit in Johannesburg, South Africa, in August.
“A tremendous change is taking place in the international economy,” Rasoul Mousavi, the head of the South Asia Department at Iran’s Foreign Ministry, said on Sunday.
“The BRICS’s introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase,” Mousavi added.
The Russian government confirmed a day earlier that Brazil, Russia, India, China and South Africa would introduce a new trading currency backed by gold.
The state-run RT also reported that the initiative was adding new momentum to the ongoing de-dollarization trend unfolding in the global economy.
The BRICS alliance with Brazil, Russia, India, China and South Africa recently announced that they were planning to float a gold-backed currency to settle international trade payments to challenge the global reserve status of the US dollar.
The bloc of the five nations is projected to decide on introducing the new BRICS currency during its next summit in Johannesburg, South Africa, in August.
“A tremendous change is taking place in the international economy,” Rasoul Mousavi, the head of the South Asia Department at Iran’s Foreign Ministry, said on Sunday.
“The BRICS’s introduction of a gold-backed currency, which is supported by 41 countries with large and influential economies, will weaken the dollar and the euro and will benefit countries such as Iran, while Iranians in possession of gold will experience a wealth increase,” Mousavi added.
The Russian government confirmed a day earlier that Brazil, Russia, India, China and South Africa would introduce a new trading currency backed by gold.
The state-run RT also reported that the initiative was adding new momentum to the ongoing de-dollarization trend unfolding in the global economy.
I am of the opinion that the War in Ukraine is but the first step of the BRICS vs US dollar central banking war.
I think when Obama invaded Libya when they were our allies was the first step.
All US commerce to/from must remain in US dollars and we should bar any US company from trading or using BRICS currency. Maybe cut off commerce with any company that uses it period. Kill this now.
Western sanctions and outright theft are blowing up in the Biden Regime’s face. What an incompetent bunch of assclown fags.
Oh yeah! Let's double-down on stupid!
All currencies have issues, the dollar notwithstanding. It's just the prettiest of all the uglies at present.
Really, who in their right mind would trust anything to do with China, Iran and Russia as far as their currency is concerned? Who cares if it's backed by gold? That means absolutely nothing at present.
Considering how China manipulates their currency, anyone dumb enough to fall for this nonsense will get their just rewards.
The only way this could actually be a problem is if China insisted in having all of their transactions in the “new” BRICS currency. That would be a major issue for the U.S. as decoupling from China will not be something that can happen quickly.
That is very difficult now with US national debt bigger than the next 7 economies combined. Next fiscal year US Treasury will be paying out more to service the debt than defense budget.
Have you ever seen any country or company or individual do well with crazy high debts? Debt works great until the interest payments become unaffordable.
Decoupling from cheap imports from China will cause much bigger riots by middle class than anything BLM can do.
Maybe we should really limit to how many countries we sanction. Plus “asset forfeiture” where the government just steals someones money seems like an overall bad idea.
The United States holds more than twice more gold than all the BRICS countries combined.
That’s actually not a big deal either. Monetary exchange is the norm even now. What’s not going to be correct is having manipulated currencies being forced upon us at illegitimate exchange rates determined by the CCP, not the market.
That will necessitate the decoupling, and that will take time.
This has been warned against for decades, but when it truly hits home, it’s going to be ugly for several years.
Trump tried to start us down the correct path, but the left refuses to heed his warnings and is determined to do what is best for the left, the rest of us be damned!
Flipping the Swift switch sent a message to every country on Earth.
There will be repercussions for years.
A few years of hyper inflation will clear up the debt. /s
What is stupid about protecting the US, our dollar, and our leading relationship in the world. Or, do you prefer Obama and Biden’s surrender?
> All US commerce to/from must remain in US dollars… <
I’m not a fan of even more laws. Anyway, I think if enacted your suggestion would be pretty easy to beat. Just set up a shell company between the US company and the BRICS company. Then even more laws would be needed to investigate the shell companies.
Oh, and what about retaliatory laws other nations might enact?
Kind of a mess.
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