Brazil, India, China, and etc. are not going to backstop the ruble.
All of the nations on that list are gold bugs. Opinions as to whether it would go that direction in some manner?
I could create a currency between my neighbors. In august we can use it to buy tomatoes from each other. Other than that, we don’t produce much else.
So?
Good luck BRICS! Shatter the IMF, the FED, the Biden crime family!
“BRICS Could Create Its Own Reserve Currency, Russia’s Medvedev Says”
sure, why not ... in fact go ahead and make it crypto/DeFi/digital and call it BRICScoin ... i’m sure it’ll be a smash hit!
China already buys oil from Russia using their yuan, and I just saw an article yesterday that India has begun using its own currency to buy oil from Russia. So neither country needs dollars for that purpose as they once did, so the value of the dollar over time will diminish. BRICS will have a competing currency soon, there’s no doubt about that. Actually at its core, our proxy war with Russia is about this very thing. The bankrupt and overly indebted Western democracies will experience a monetary crisis before long, no question about it.
LOL Russia wants a return to the COMECON barter system. How many tons of Chinese tractors or Brazilian sugar for 10,000 barrels of Russian crude? Plus, having shown themselves to be politically unreliable suppliers, how many countries are willing to become dependent on Russian exports of raw materials?
The issuer(s) of a reserve currency must by definition be net importers of goods. I’d love to hear the particulars of how this Rube Goldberg Machine gets built.
GMAB.