Other thoughts on BRICS
https://www.youtube.com/shorts/kBhRwwKf1y4
https://www.youtube.com/watch?v=VENtvPspJhw&t=40s
China and India hate each other. Russia is at war with much of the world. True, Russia has gold. But they’ll invest it in a currency anyone can use from the goodness of their hearts? No. Each natin would need to give up their currency at the going rate of refined gold, plus some. This is a retail transaction so how will the country benefit? Nobody wants Yuan, Rupees, or Rubles. Neither South Africa or Brazil has an economy big enough to have a trade surplus needed to fund a currency. Everyone involved in BRICS is trying to get something from the others. Nobody wins. The BRICS currency is fear porn.
In order to have a currency you need a financial policy. Where will the gold backing the currency be held? How much currency will be printed? Any sovereign country can print a currency and the value of it relies on that country’s reputation. So now we have five or more countries who will print currency? That sounds stable. Or, maybe just one country will print currency. China wants it to be them. Ditto Russia, India, Brazil...I’m seeing a few problems here.
BTW, this is what the Euro was supposed to be. Less than 20% of the world’s trade is done in Euros and almost all of it is within the EU.
“The BRICS currency is fear porn.”
Lot’s of folks talk about BRIS but there is no one at the bank standing in line to covert their dollars to rands, reals and rubles.
I don’t see this helping any of the countries. Too many are poor. Too many have major conflicts within the group. Many would do better providing their citizens with potable water.