Fellow humans,
I’m confused. I understand what’s happening, but I don’t understand how or why. Just one week ago, seems like the whole world was anticipating a BRICS (Brazil, Russia, India, China, South Africa) collaboration for the creation of a new gold-backed digital currency to replace the US dollar. Now, seems highly unlikely.
If BRICS isn’t moving towards a gold currency, then how and why did the narrative gain so much momentum? Rather than entertain conspiracy theories, we’re better served to imagine what’s likely to happen next. BRICS nations might want their own individual stablecoins or CBDCs (central bank digital currencies).
Stablecoins are popular in crypto, which naturally inspires all nations to want to popularize their own fiat currencies on the blockchain. According to CoinGecko, the stablecoin market cap is $124 billion. Nearly impossible for money-hungry politicians to see this number and NOT want a piece of the action.
Obviously, BRICS decisions are more complex than a single data point, but you know the saying — follow the money. I don’t know much about the situation, but I’ll be following BRICS as they make high-level financial decisions. Logically, the more powerful they become, the more vulnerable America becomes.
Here's the Insider article with a recap of last week's BRICS meeting.
Until next time,
Salvatore Norge
P.S. — The financial system is like a game of musical chairs. Fiat currencies are destined for failure because they’re backed by ‘faith in governments,’ so the last one holding the bag is like the player who doesn’t get a chair. Plan accordingly.
“Keep falsehood and lies far from me; give me neither poverty nor riches, but give me only my daily bread. Otherwise, I may have too much and disown you and say, ‘Who is the Lord?’ Or I may become poor and steal, and so dishonor the name of my God.” -PROVERBS 30:8-9
I’m not very wise. Never financial advice. Do your research.