BRICS Nations To Issue NEW Currency BACKED BY GOLD To Further Weaken The US Dollar

So much for the USD as the world reserve currency, it seems.
We live in interesting times.

 

Im in the process of transitioning much of my own savings to a gold backed currency as well. Gold.

 

Lets see what happens. This sounds an awful lot like the kind of thought bubble that doesn't survive in the real world. We will see.

 

Its what Russia wants, but they are beginning to look like a fish trying to survive on dry ground. A basket of soft currencies will never replace USD in anything.

 

So, MY OPINION on this. The US of A will go to war (and it would be justifiable under the world and national stability since WWII, again IMO) with ANY nation that tries to undermined the greenback. I would never want to live in a world dictated by Russia, China or the ME.

 

I've been around long enough to see the concept of alternate currencies pop up many times.

'Nuf said.

Regards, stay safe 'n well 'n solvent.

 

USD will be international currency for the well foreseeable future.....others can keep dreaming.

 

https://www.youtube.com/@lenapetrova/videos

lol...

 

I think if anything replaces the USD as a global reserve, it is going to be something blockchain-based and probably formally agreed to by more than a handful of angry little dictators.

 

That will put an end to Chinese exports to the U.S, assuming they will no longer take payments in dollars. I imagine they don't care. Good for us, though.

 

People have been talking about the collapse of the USD for as long as I can remember. When Euro came out, people were certain it was the end of USD, but it wasn't, and unlike this basket of funny-money, the Euro is hard currency.

 

Currency that is backed by gold instead of faith is anything but funny money. It makes me believe that they intend to say it is backed by gold without the actual gold. Just an opinion. It takes a lot of gold to back a currency.

 

I doubt it would be backed by anything. Besides, it does not seem like any of the other nations have said anything about this, so it sounds like the whole thing is Russia's wishful thinking.

 

This is China’s brain fart modeled after them draining the English treasury selling them tea back in the 1600’s (?). In essence, they seek to trade oil for gold and when the gold runs out you die andvthey move in.
This is what happens with a missing American president than can only carry out simple face to face tasks in front of friendly audiences.
This is a lousy time to be a European.
Amazing thought: we trade our gold reserves to China through Amazon selling their cheap crap. Then we die… okay, Xi. Put down the Bong.
There is not enough gold to run a world economy.
But in their sympathetic defense, yes, we are exporting our inflation.

 

Our money became fiat currency the moment the Federal reserve abolished the gold standard.

I like how coins betray inflation. Look at the Roosevelt dime in the Washington quarter and the Kennedy half dollar. From 1964 and earlier years they were I believe 90% sterling silver.

That stopped happening in 65 and later because the melt value of the coin far exceeded the face value. Today a silver Washington quarter is worth roughly $4 just for the value of the silver content.

The penny from some point in 1982 and earlier is 95% copper. From about halfway through 1982 up until the present the penny is now 97% zinc.

The government wants to make sure that the melt value of a coin does not exceed the face value because if it does there's really nothing to stop people from melting them down and earning money simply by selling the raw metal.

No wonder they hate the concept of actual physical money and want to get rid of it.

 

The real reason is that they can't track cash transactions. They can print paper quarters and dimes if they wish.

 

You might not have noticed, but through poor policy and management, the US dollar has been debased over decades, quantitative easing and the like, by poor policy and management.

That coupled with the dishonest avarice of the federal government has resulted in people fleeing the $

 

Debased compared to which currencies? Euro? Sterling?

Its actually doing pretty good, so I am not sure why you think its debased.

 

Re: China

Macron Tries to Reason with a Failing China || Peter Zeihan

 

Does anyone have any actual articles about this or is it just crazy youtube videos?

 

There are a few, but none are especially credible sources and none have anything more than a rumour:

https://www.indiatimes.com/worth/ne...her-brics-nations-on-new-currency-598088.html

Of course, a rumour about a new currency backed by gold is all it takes to get every conspiracy theorist & nutter foaming at the mouth, as this thread has already displayed.

This is going to involve China, Russia, Brazil, India & possibly others investing a fair bit of trust and money in each other. Lets see how far that goes.

 

republicans want to sell all our oil overseas... see why it's important to buy from overseas and save our oil for our children

 

Losing reserve status for Americans will make foreign imports more expensive and domestic products, consumed here and exported relatively less expensive. Conducting business in foreign nations more expensive, conducting business in the US relatively less expensive. Foreign exchange rates will then be set according to the needs of trade with foreign nations, instead of being set by the needs of storage of value around the world. Our trade deficits would likely be eliminated over time. On balance a positive in my mind. A gradual transition would be preferrable to a sudden shift. With Biden both spending like crazy and all the current sanctions, both diminishing the lure of the US dollar as a reserve currency and encouraging a sudden shift.

 

LOL-- you're going to take the word of closed societies like Russia & China, as to how much gold they have in their reserves? Good luck!

 

What are you saying-- that we can't implicitly trust China's & Russia's words?