“6 new nations are set to join BRICS. As the G7’s political counterweight grows, is the dollar at risk to a new rival?”
August 25, 2023
“On the final day of the annual BRICS summit in Johannesburg on Thursday, leaders of the group announced Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) will join their ranks starting Jan. 1…
But Gregory Daco, chief economist at Ernst & Young’s global strategy consulting arm EY-Parthenon, questions whether BRICS can really compete with the West on the global stage in the near term, given the differing priorities of its constituent nations…”
https://finance.yahoo.com/news/6-nations-set-join-brics-205647314.html
A BRICKS currency will never replace the dollar in my opinion and here’s why. Ignoring the problem of infrastructure, BRICKS nations would have to create a currency backed by gold. This is highly unlikely to happen. Why? Major powers in the world want a CBDC. [Central Bank Digital Currency] Basically They want to be able to track and trace all transactions. This is not possible with Gold.
Also a currency backed by gold would benefit the people and help fight inflation. All this rustle and bustle about a new currency is non-sense.