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Great King’s Days Are Numbered
by James Rickards Daily Reckoning
As I’ve been warning my readers, the most significant development in international finance since 1971 will be unveiled just over one month from today.
A new BRICS gold-linked currency will be announced on Aug. 22 at the BRICS Leader’s Summit conference in Durban, South Africa (the BRICS are Brazil, Russia, India, China and South Africa).
The fact is the global desire to move away from the dollar as a medium of exchange for international trade in goods and services has gone from a discussion point to a novelty to a looming reality in a remarkably short period of time.
The new BRICS currency has the potential to displace the U.S. dollar as the leading payment currency and reserve currency from a standing start in just a few years. It won’t happen overnight, but it could happen much faster than many realize.