Posted on 07/12/2023 3:09:39 AM PDT by RomanSoldier19
As tensions with Russia and China escalate, the so-called BRICS countries (Brazil, Russia, India, China, and South Africa) are preparing to strike a blow against U.S. dollar hegemony.
Last week, the Russian Embassy in Kenya declared, "The BRICS countries are planning to introduce a new trading currency, which will be backed by gold.”
Although any claims coming from Russian sources invite skepticism, independent analysts expect BRICS to continue to pursue de-dollarization and for gold to play a role in that process.
A more specific framework for a gold-backed BRICS currency could be announced during the BRICS summit being held next month in South Africa.
(Excerpt) Read more at fxstreet.com ...
So true, children at play.
The Russians better watch out or the West will increase those scary sanctions again.
That China will control?
With full and verifiable transparency?
bkmk
First, how much gold will Russia have left after this debacle, they are blowing through their reserves as fast as their soldiers and equipment, and of the four Brazil, South Africa and now Russia are economic basket cases, which leaves China and I would argue not the economic giant some say.
Mankind’s technology may have “evolved”, but man is little different than the guy with the club all those years ago. More bling, better ways to wage war…., but the mentality has not changed
p
The only valid expression of worth is amount of work (energy) required for any product or service.
That is the BTU.
The BTU numbers can accurately be converted from electricity, heat, just about everything. The BTU does not change like gold can if there is sudden hording, a discovery of a new massive mining vein of gold, etc.
It’s not a petroleum or carbon based energy unit. However every life form generates BTUs and that can be bastardized to attach a price tag worth to a human, not just the work (as BTUs) they output.
I think there’s 14 additional countries that are lobbying for entry.
The dollar is by far the strongest, but flipping the Swift switch sent a message.
Many are in the state of if it never has happened, it won’t happen.
“...currency will be run a central bank with voting board members from each of the BRICS and a rotating chief or president, like the ECB”
When is man going to learn that controlling everything from a central point by humans who are full of faults and agenda ideas is nothing more than adding another government to force us to their standards and argue with? We have that already on a local (U.S.) scale. Why add another point to answer to? Isn’t that why we separated from European countries in the 1700’s?
wy69
The BRICS are China and it’s vassal states. China has no significant gold mines, and will never except a gold based currency.
The advantage of gold-backed currency is that nobody is going to be it control.
If different principles are applied then China is going to dominate because their economy is like 70% of the whole BRICS.
Same are Bretton Woods, except with China in charge.
First, these people need to have sufficient gold to back their currency.
Second, their currency must be redeemable for gold or its just another fiat currency.
Investigate more….not only “ backed” by gold , but also stated -Commodities, in which Russia emerges as a big winner.
They are sitting on 11 time zones chocked full of everything the collective West needs.
If the currency is not convertible to gold, it is useless. The only way this works is if the countries involved set a target price of gold much higher than the current market price.
There isn’t a group of countries that could afford to do that.
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