Home Forums Hunting & Shooting Hunter's Campfire BRICS gold backed currency

This currency is being rolled out in August. Apparently 40 other nations have applied for BRICs membership. Will this destroy the US dollar?


https://www.kitco.com/news/2023-07-07/Russia-confirms-BRICS-will-create-a-gold-backed-currency.html#:~:text=Friday%2C%20according%20to%20state%2Drun,in%20August%20in%20South%20Africa.

If not it, something else. The USD is on the way out.
CBDC’s have to be adopted and forced en masse for them to take total control so inevitably any other currency standing in the way will be taken out.

The proof will come when Brazil, say, wants the amount of bric’s currency that they hold converted to gold and it’s then delivered to them.

But will it be set up to exchange the Rubles for gold or will it simply be "gold backed"? Either way its far superior to FIAT money

Dont worry, many in here laughed this off and said nothing will unseat the dollar. We have said this was coming for months now and herw we are. Waiting on the nay sayers to chime in and tell us how its time for us to grab our tin foil hats

The reason Bretton woods failed was countries wanted to repatriate their gold holdings, the reason they wanted to repatriate them was uncontrolled debt and spending by the USA.
Then the petro dollar was born... just to extend the ponzi scheme...
Gold backed currency has many limitations, but it is far better than fiat.
Expect the worlds gold to flood to the BRICS and the price to reach real value, the West will lose control of the manipulation of P.M. values...

Depends on what they mean by gold backed. If it's just theoretically pegged to a fixed unit of gold, but no one can actually exchange their notes for actual gold, it won't mean much at all. If the notes are actually convertible into gold at a fixed rate, then it's the return of the international gold standard. I won't hold my breath waiting for the latter, though.

This is a major milestone in dethroning the USD as the worlds reserve currency.... fiat throughout history has had a 50 yr lifespan , Nixon took us off the gold standard in 1971.
EVERY fiat in history has failed, no exceptions!

I read an article on it a week or so ago. It said that you can't exchange your BRIC for metal.

If true then it's not a gold backed currency.

Isn't it far superior to FIAT either way?

YUUUUUUUUP!

Or when African dictatorships insert themselves, e.g., Zimbabwe.

The E.U. is having a tough time with Greece. BRICS will be much less capitalized and there will be plenty of applicant members with poor economic policy.

I would love to see a viable, gold-standard currency, but I am not holding my breath.

And Russia remembers subsidizing their partners during the USSR, they will go into this fully informed. They are in no position to subsidize nations right now.

Well then it's fiat currency.

Others on this forum know much more than I about the money system and economics but in my opinion, Ray Charles and Stevie Wonder both could have seen the dollar collapsing when the feds starting creating them with nothing to back them up. Nixon took us off the gold standard. The magic knee grow started quantitative easing and the proliferation of dollars in circulation has been expanding for years. BRICS may or may not be successful long term but the days of the dollar as the world currency are numbered. I don’t think the Euro is poised to displace the dollar so it will probably be something else.

Just recreates Bretton Woods, which inevitably led to 1971.

OK

With inflation roaring back in the US and Europe later this year should make this interesting when the fed is forced to raise rates again by a few more basis points.

And we're printing billions and billions more fiat currency to fund democracies in Ukraine, Syria, Afghanistan, Iraq while our standard of living crashes and personal debt climbs....



wonder when the tipping point comes?

The US dollar didn't die, it was murdered by corruption.

40 nations involved in this.

There are 43 nations in Africa. By that I’d ask what heavy hitters are involved that could hold sway? China maybe?

The GDP of Texas is larger than Brazil’s GDP.

How many people here would invest in it and play the currency markets with it? Might want to ask Hastings how his venture with the ruble turned out .