> BRICS is already a serious challenge to the Western hegemony. A semi-joke-y observation: > Pretty straightforward really. You combine Brazil's history of mo

> BRICS is already a serious challenge to the Western hegemony. A semi-joke-y observation: > Pretty straightforward really. You combine Brazil's history of monetary stability, with Russia's respect for property rights, India's domestic tranquility, China's financial transparency, and South Africa's investment opportunities - and hey presto, you've got a new global money. * https://twitter.com/davidfrum/status/1665053372402081792 https://twitter.com/davidfrum/status/1665053372402081792 If the 'BRICS currency' is made up of only a small group, then it's not going to be useful, especially the restrictive countries that are in the name. But if you expand it, sure it could become more useful, but then you've got competing interests and desires and a coördination problem on policy and such. Further: I've yet to see an explanation of how this thing will actually work. Does each country given up their own currency, Euro-style? Is there a 'theoretical currency' that everyone pegs their own to? What are the consequences for de-pegging (if any)? Are bonds issued in BRICS or the country's own currency?