Free Republic

QUESTION: Do you think the BRICS would create a gold-back currency as proposed by Russia? SJ ANSWER: The Neocon has directed the Biden administration to remove Russia from SWIFT. Their single-minded goal is destroying the world economy, but they do not care. They think they will conquer Russia and China and dominate the world so they will worry about the monetary system afterward. You have to understand that if the BRICS followed that directive and created a single gold-back currency, they would have to end any idea of international trade. This proposal is understandable given the hostility of the United...

In a move expected to fuel the ongoing de-dollarization trend, the BRICS nations (Brazil, Russia, India, China, and South Africa) have announced plans to introduce a new trading currency backed by gold. The official announcement is slated to take place during the BRICS summit in South Africa in August. This development comes as central banks worldwide have been increasing their gold reserves to diversify away from the U.S. dollar—especially those belonging to the BRICS nations. In fact, the Chinese and Russian central banks have purchased no less than 130 tons of gold in Q1 and Q2 2023 alone. In 2022,...