In April BRICS nations formally announced that they were working to “provide the circulation of digital or any other form of a fundamentally new currency.”
As noted in that report, unbeknownst to most, the BRICS bloc has already surpassed G7 in total global GDP output.
As the dollar continues to rapidly lose its purchasing power, and with interesting rates forcing it’s relative strength higher (making it more costly for other nations to hold and trade with), in tandem with the world’s disdain for the U.S. and their antics – the Eastern world and many other nations are looking for a way out of the U.S. hegemony, and are now considering joining or at least allying with BRICS.
There has already been growing number of nations that have already applied to join BRICS; and now according to Watcher.Guru, 69 nations have been formally invited to attend this year’s summit, including Western allies such as Israel, New Zealand, Australia, and others, though it is unknown if all will attend. Most of those invited are from Africa.
Ambassador Anil Sooklal said on behalf of South African President Cyril Ramaphosa:
President Ramaphosa took a decision to invite the entire (African) continent to the BRICS Plus (summit). As well as all of the political heads of the major Global South bodies. So, in total about 69 leaders have been invited.
InfoBrics reports that 40 nations have formally asked to join.
It should be noted that the United States and other European have been banned from attending. France asked for an invitation earlier this year but was denied request.
The ascendance of BRICS has become a legitimate threat to the United States and the Western power structure, and the way things are going it could easily result in almost 9 out of every 10 nations ditching the dollar.
Andy Schectman, President and Owner of Miles Franklin, articulated in an interview with Kitco News that at some point he feels most of the world will dump the dollar, roughly 85%, he said.
There is this cohesion of countries that have joined together to break free from the Western hegemony. And I look to Saudi Arabia as the linchpin of all of the issues surrounding the de-dollarization and the dollar hegemony.
[…] The deal we struck with Saudi Arabia and, by extension, OPEC, who has for almost 50 years [conducted] about 90% of all the oil sales across the globe in dollars. And this has created a synthetic demand for the dollar.I see Saudi Arabia as a very important cog in that [de-dollarization] movement because when Saudi Arabia accepts other currencies for oil, the lack of settlement in the dollar will have substantial effects. The glue that will make all of this work is indeed having a currency backed by commodities, presumably gold, using distributed ledger technology or blockchain.
If you put together the Belt Road Initiative, the BRICS, the Shanghai Cooperation Organization, and the Eurasian Economic Union … it is a very big deal.
This is a very big deal. The Shanghai cooperation organization is the largest regional military and financial organization in the world. It represents about 60% of the Eurasian landmass and 40% of the global GDP. We can see how they are pushing away from the Western influence and getting very close with some powerful entities.
Then you see all of this settlement outside the dollar, that’s significant. It creates less demand for the dollar and an environment where the dollar has to fall, and interest rates have to rise to compensate.
It’s like a game of Jenga. You keep pulling out these pieces of the dollar hegemony one by one. At what point does it tumble? It’s not going to happen overnight, but you can see the acceleration. So little by little, and then all at once.
He said
AUTHOR COMMENTARY
There has definitely been a lot of confusion as to whether or not BRICS will be announcing a new currency. Last month Sooklal said in a statement:
There’s never been talk of a BRICS currency, it’s not on the agenda. What we have said and we continue to deepen is trading in local currencies and settlement in local currencies.
Nevertheless, we do know that they are working on one: BRICS-affiliated politicians have said as much.
Moreover, it is unknown if it will be gold-backed. A lot are saying that it will but that remains to be seen. Lynette Zang of ITM Trading explained in an interview with Stansberry Research that a gold-backed BRICS currency was overblow, and that a gold-backed CBDC in general may just be a ruse and in name-only. Zimbabwe is trialing a gold-backed CBDC at the moment, but according to Zang the whitepaper never once indicates that it is convertible. In other words, the central bank says it’s backed by gold by residents cannot trade their CBDC from the physical asset. This is something I have warned about, about these CBDCs and the tales of backing it with gold: I think that is a ruse and trap, but we shall see. The whole interview is good to watch.
He increaseth the nations, and destroyeth them: he enlargeth the nations, and straiteneth them again.
Job 12:23
Look, America has had its fun in the sun but it’s over. America will lost its hegemony, guaranteed. This will not happen tomorrow, but within the next few years it will. When that happens, it will be Mad Max out in the streets.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Jacob. What you say about how it’s possible that people may not be able to get exchange their Gold into Ditigal because the elites will not allow it… is the reason I have held off on buying any gold. My wife and I do not have much saved ( not in the bank though), and so we have been praying about it to purchase any Gold/Silver at all or use our reserves for more items to get even more independent from the system. We live off grid now with no debt. Your comments at the end of this article has started to sway me away from any Gold/Silver. Would appreciate your thoughts
Honestly I have been meditating on it and praying about it. I think precious metals have their place, but I think it would be prudent to reverse the order of preparation. Establish debt-free, then work towards food and water security, and weapons and protection, then off-grid living and sustainably; and then maybe invest in gold and silver as a hedge against inflation. That’s kind of my thoughts on it right now.
Jacob, Thank You So Much!
Two years ago, we sold our beautiful home of luxury. Which got us out of debt. We then took most of our 401Ks out and paid cash for our land, 500 SQ FT cabin and garage the same size. We live totally Off Grid with autos now totally paid off. GOD Blessed us with this land and No Debt. Also two years ago. We started purchasing supplies, dry food items where we now have two years worth. We can hunt n fish for our meats. So now… we have limited savings and at that point of “ by precious metals with some or purchase more dry foods, supplies, other items to make is even more dependent from the Evil system!! The thing is… will we have to succumb to the digital system for a while until JESUS CHRIST takes us out of here! That’s where the idea of Gold May come into play, to then exchange that Gold into the digital system. That is assuming the Dollar Collapses. Thank You Again!