In this video, Jim shares his thoughts on the BRICS Summit happening this week. There’s rumors of a gold backed token for cross border trade to be announced between Brazil, Russia, India, China, and South Africa and how this will affect global currency and trade.
Jim Purnell
Treasure Coast Bullion Group
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4 Comments
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Interesting times to say the least. This week with Jackson Hole and the BRICS summit. Should be very interesting…
It appears that the future of the US dollar is uncertain due to the emergence of the digital dollar and the growing influence of BRICS.
The answer. A multilateral trading mechanism (system) that allows countries to settle trade imbalances Without using the U$D.
Whatever the BRICS "system" is, it won't be some "currency" (much less some "Gold backed" nonsense), as much as it will be a credit/debit clearinghouse.
Think of John Maynard Keynes and E. F. Schumacher's Bancor; NOT an international currency. Rather be a unit of account used to track international flows of assets and liabilities, which would be conducted through the International Clearing Union. Gold could be exchanged for bancors, but bancors could not be exchanged for gold. The core infrastructure for this system is Already in Place. Known as the BRICS Contingent Reserve Arrangement (CRA), and the BRICS source of development financing; the New Development Bank (NDB).
The BRICS Contingent Reserve Arrangement (CRA) is a framework for the provision of support through liquidity and precautionary instruments in response to actual or potential short-term balance of payments pressures.