Are the BRICS Ready to Trade One Master for Another?

July 17, 2023

by Chris Powell GATA.org

Dear Friend of GATA and Gold:

Prompted by the confiscation of Russian assets by the United States and its Western European allies, governments, central banks, and even mainstream news organizations are acknowledging what they should have known all along: that the more you use another nation’s currency, the more subservient to that nation you become.

Hence the various recent moves away from the U.S. dollar and the money-transfer systems controlled by the U.S. government, and, perhaps most dramatic, the idea of the BRICS nations to create a currency of their own for international trade, a currency that would be “backed by gold,” the monetary metal already abundantly held as financial reserves or produced by some of the BRICs countries.

Such a currency is expected to be on the agenda of the BRICS conference next month in South Africa.