Gold is hitting new all-time highs as BRICS countries continue to stack against the U.S. dollar. Gold will continue going up as long as countries keep printing money and running huge deficits.
Central banks are also buying and dumping U.S. bonds, as they don’t want to be sanctioned like Russia was in the future.
The economic bloc BRICS is the heart of these reasons: No, not the masonry kind. The economic kind.
It’s an acronym for Brazil, Russia, India, China, and South Africa, and for 14 years now these countries have united to challenge the hegemony of the United States with a new world currency: BRICS.
BRICS: The New World Currency
In 2014 Russia was booted out of G8 — the group of the world’s wealthiest nations — for their aggression in Crimea. G8 became G7.
No biggie, said Putin, he said, and I quote, “Bon appetite.”
Because he knew what was coming. The New World Order, with China, India, and Brazil at the helm.
Independently, these countries are dwarfs to the U.S., but together, they represent 40% of the world’s population and, according to the IMF, 50% of the world’s GDP by 2030.
Here’s what the BRICS president Marcos Prado Troyjo had to say a few years about no longer needing the U.S. dollar: “We have implemented the mechanism of mutual settlements in rubles and rupees, and there is no need for our countries to use the dollar in mutual settlements. And today a similar mechanism of mutual settlements in rubles and yuan is being developed by China.”
BRICS: Why America Has Reaped What It Sowed
BRICS really started putting things into motion 14 years ago. Do you know what event happened 14 years ago? Think really hard. I’ll give you a clue: it involved collateralized debt obligations, toxic subprime mortgages, and a lot of number crunching by “quants” on Wall Street.
The financial crisis of 2008.
The U.S. dollar is the settlement layer of the world, meaning that when two nations trade, they don’t do it in Euros or gold, they do it in U.S. dollars.
So when 2008 happened, a crisis that was completely avoidable and was brought about by the cupidity and stupidity of banks in the U.S., what happened?
Everyone WORLDWIDE felt the pain. Most unnecessarily, we might add, due to cupidity from American banks.
The Future of the US Dollar
Meanwhile, besides Saudi Arabia, multiple countries have all expressed interest in joining BRICS. And they’re also thinking of making it a gold-backed system which will make it tantamount to a new world reserve currency.
If we were you, we would start paying attention.
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