by Quoth The Raven, QTR’s Fringe Finance:
Remember back when the Russia/Ukraine war had just started, and I predicted that Russia and China would launch their own gold backed currency?
At the time, this idea sounded completely foreign, and I was ridiculed for bringing it up. Today, it just become reality. 41+ countries look like they could be returning to a gold standard.
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The images plastered all over RT this weekend had headlines like “New Money, New World” and “Gold Standard Will Be Of Great Benefit To Strengthening New Singly Currency”.
“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.
“At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar’s hegemony,” Thorsten Polleit, chief economist at Degussa, said.
He continued: “For making the new currency as good as gold, a truly sound currency, it must be convertible into gold on demand. I am not sure whether this is what Brazil, Russia, India, China and South Africa have in mind. Using gold as money, the unit of account would be a true game changer, no doubt about it. It could lead to a sharp devaluation of many fiat currencies vis-à-vis the yellow metal (including the BRICS fiat currencies), and it could catapult up goods prices in terms of fiat currencies. It could be a shock to the global fiat money system. I am not sure that this is what the BRICS wish to achieve.”
The official announcement of the new currency is expected in August during the BRICS summit in South Africa.
Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:
“I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.
I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”
That’s one she’s going to want to take back at some point, I’m certain.
Meanwhile this announcement from BRICS is a key waypoint in a larger map of dethroning the U.S. dollar as the world’s global reserve currency. Not only does it solidify what we already know — that gold is real money — but it is also the most pronounced public challenge to the U.S. dollar on the global stage in recent memory.
It’s also a serious waypoint in a much larger map of U.S. de-dollarization that I laid out in full just 2 months ago in a length, multiple hour longform interview.
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