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BRICS alternative is a temporary bridge to a post-US imperium reserve currency. That will be just like the Dollar except it won't be under the control of USA an
by 36706292thrw 3y ago
BRICS alternative is a temporary bridge to a post-US imperium reserve currency. That will be just like the Dollar except it won't be under the control of USA and its stakeholders. All the talk about viability of a gold backed currency is missing this aspect of even the existence of BRICS, SCO, etc.
The future reserve currency will be a CBDC and BIS has already a basket of currencies for this purpose. The transition period, as seen lately, also promises the incumbent RC issuer to weaponize its control of reserve currency. The dilemma for various contenders is how to navigate the financial waters until a new global regime is established. So agreeing to use a gold backed currency amongst themselves is a step up from direct barter. The fact that it may be capped is not significant unless that cap is lower than total trade they require. This currency is not supposed to last.