My wonder now is the 'how' the BRICS currency system will be backed. Obviously local curriencies are being used to not centralize and dodge the dollar. There is news as well that they would be working on a payment system that is not SWIFT to 'strength exchange in local currencies'. They are definitely looking into something digital to bypass US markets. Perhaps it is a digital gold exchange system? Who knows.
At least it looks like they want infrastructure/further US weakness before they put up a full asset backed system.
So having listened and read more I am not hearing anything on an asset backed currency system having been announced. Though obviously things will gain more traction with oil cornered. However, my thoughts are now that they are going to look at creating/using msrket tooks for alt markets to be made first. My guess being each of these first nations currently let in in addition to BRICS will get these tools to be the centers of trade for their regions on their continents
BRICS boys having lunch. BRICS+ Is a thing officially now. The suez is essentially via land under control/influence. Largest Oil producers of Middle East are in BRICS, Iran w/ their military and market tech is joining officially. As of now they have key players joined. I will slepe before I report more certain news. Very good developments though.
BRICS+ Openly confirmed to be 'discussed' essentially just sounds like a formality. This will be all active applicants.
@Tfmonkey Do you think they can pull another lockdown? I think they may try, but they have no room for error if they do. If they do it (Assuming BRICS is somewhat coherent) they could get slapped with an embargo at the moment they do and things would get ugly. Who knows perhaps andeal was made as well.
Another cope I am getting now is that BRICS is just China and they're all somehow Chinese puppets. The BRICS system looking like gold backed local currencies of several different Nations all regional types of powers at least are somehow all just going to be beholden to China. I can understand a trade deficit argument IF CHINA DIDNT RELY ON SO MANY OF THEM TO FUEL THEIR EXISTENCE. This is somehow more centralized or more dangerous than entirely centralized USD system (irredeemably corrupt btw).