Let me fix that...
There will be are nasty repercussions from this folly throughout the monetary systems of the western world.
Yes, already! BRICS, BRICS, BRICS, and other countries selling of US bonds -- on steroids (who wants to hold them?).
There goes our "printed money" scam.
BRICS are all talk, little action. The actions that they have taken are, laughable:
1. The New Development Bank (NDB), also called the BRICS Development Bank was created as an alternative to the World Bank.
The few loans that the NDB actually gave out have by the way been in … US Dollars as currency.
2. They had meetings to talk about an alternative to the dollar, but no way is India going to take the yuan, leave alone the rouble, as an alternative.
3. India has more tariffs and legal bans on Chinese trade than the USA and European countries have put on China - combined.