Gold/Silver Run
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Well it isn't even sure they will pondering the BTICS over gold!
It may be to early to speculate in this direction!
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source:When Will the BRICS Currency Be Released? Plans and Potential Impact
It may be to early to speculate in this direction!
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
They can't back it by gold...
They can price it to the price of gold, opposed to the price of the $.
They can price it to the price of gold, opposed to the price of the $.
Last time a country tied to back their currency up in gold , Libya, to remove the entire African region from the US dollar, it ended in the destruction of the entire region as well as the end of Gaddafi.
I am guessing, introducing the BRICS+ currency backed by some sort of gold reserves , will certainly not be easy and will cause a similar political unrest in several regions thanks to our democratic friends.
https://millenium-state.com/blog/2019/05/03/the-dinar-gold-the-real-reason-for-gaddafis-murder/
https://africacheck.org/fact-checks...i-plan-introduce-african-currency-backed-gold
Whenever that will be 🙄
Even if it will happen at some point in the very distant future, who would want to trust such a currency, considering the current and potential future members of this "organization".
Btw., Not even it's own founding members are united when it comes to "de-dollarization" -> De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency
Indian would take the BRICS curreny any time but they are receiving now a lot of love from USA so they would be stupid to declare them as enemy.They are riding the train in the middle of both groups to get benefits from both sides.
Best choice they could make.
BRICS currency is only a tool to bring the new final multipolar currency system closer.
The question i only have is if USA is supporting this step which seems very likely else they would preper themself a new currency linked to gold and not offer the fednow garbage.They are fully aware that this will suck out wealth of normal people and lead many countries to leave the USD.So in my eyes they do it with full intention to create a multipolar monetary system however they are positioning themself for the best possible start after the final transformation.
In my eyes they clearly cowork on the new monetary system which also showed that china was considering libra as the blockchain for their digital yuan.
It is highly unlikely that there could be a so-called BRICS currency that would be trusted and used by many people or banks. The reason is simple: dictators don't trust anyone, including other dictators, so to agree upon something so important as a common currency can take ages. Even EU countries in the recent years returned home their gold reserves, so you can forget about gold backed currency. Anyway a currency that claims to be backed by gold but doesn't mint physical gold coins like sovereigns is a scam.
You don't understand the mechanics behind it.
BRICS currency does not need to actually be really backed with physical gold.
What it will cause is that the exports from BRICS countries which has a yearly excess rate of arround 9 trillion USD per year can't be taxed by USD inflation anymore.
Since BRICS currency will be officaly counted in gold it means that the western countries who have USD build in their currency (Reserves) will have to pay their import in gold which means at a 9 trillion USD excess export of all BRICS nation the US gold reserve would dry out within 3 years.
So what we will be forced is A) Reduce massivly imports from BRICS nation if you don't have their currency and secondly increase the price of gold massivly to reduce the amount of gold needed to pay the excess trade balance of the BRICS nations which have the BRICS currency.
Also once its implemented many nations will swap their USD Reserves into Yuan or BRICS currency weakening the USD and changing the world monetary system from an unipolar to a tripolar.
In the end it will cause a super cycle for commodities
You really don't understand the mechanics.
It's not about if the west accepts it or not.It's the west which needs resources which BRICS have.
Take an example like germany.ZERO own resources but a high effective industry which needs massive amounts of raw materials to keep its industry going.
If they don't buy raw materials they can't produce .Easy as that.
So they will be forced to play by the rules of BRICS.
Of course they won't give all their gold out so thats why you can expect the two points i already mentioned above.
There is a reason why many big resource intensive companies moved/moving out of europe .
Its the same with crypto which i try to explain for a long time.It's not the people who will decide which crypto will succeed in the end but the companies who control the resources people need for living.
What do you make of this @369
https://finance.yahoo.com/news/dollar-being-dethroned-india-just-201500390.html
https://finance.yahoo.com/news/dollar-being-dethroned-india-just-201500390.html
Yep, the outlook looks uncertain 🙄 Even if it materializes in the distant future, putting faith in such a currency with existing and potential members is still a matter of concern. suspect.
Sorry i wasn't online earlier.
BRICS are creating a market.Currently Russia has tons of rupees they got for selling their oil to india which they can't spent all on curcuma 😀 so there needs to be some countries added with diffrent products and needs so every currency can have in the end a considered even balance
You can't establish a fully working market with no USD involved in a single day.
BRICS active market is growing and they are already excepting non USD currencies officaly.
Which means at one point when the total market is big enough and balance sheet of their currencies won't have big abundance of another countries currency they will simply remove the USD completly.
Of course the process to this point doesn't take a day or even a single year but its moving fast forward.
Please also remember how USA acted when Iraq wanted to get EUR instead of USD for their Oil.
It's a major change on USD which can't be stopped anymore.
Last edited: Sep 6, 2023
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