BRICS 2023 Summit: Gold standard currency threat to the U.S Dollar

The BRICS Alliance which consists of Brazil, Russia, India, China and South Africa is meeting In south Africa in South Africa and very high on the agenda is the creation of the new joint BRICS Currency. It is reportedly said the currency will be backed by gold, oil and rare earths. And this idea is garnering so much interests with over 20 more nations applying to join the Brics including Saudi Arabia. This comes at a time when the trends for dedollarization is on the rise. BRICS summit will be held in-person despite Putin arrest warrant, says South African president South African President Cyril Ramaphosa said Sunday that next month’s BRICS summit, which Vladimir Putin has been invited to, will be held in-person despite an arrest warrant on the Russian leader. A lot has been going on since the creation of Brics over the years all in their move to achieve a rebalancing of power Dedollarisation. In 2001, 73 percent of global reserves were in the dollars but that had now down to 58 percent. Also many other countries are now normalising bilateral trade agreements without using the dollar. Meanwhile, China and Brazil, South America’s biggest economies have reached the deal to trade in their own currencies dishing the U.S dollars as an intermediary. Argentina is paying for Chinese imports in yuan, India and Malaysia now use Ruby to settle trade. India has been paying oil in Rubbles, rupees and diran. Among its allies, France is starting to complete transactions in yuan. Deep Dive into Geopolitics, Business, Economic History Related to World Affairs, Climate crisis & Green Mobility. Expect New Fascinating Videos Every Week. ‼️ Disclaimer:‼️ Some of the videos, songs, images, and graphics used in the video belong to their respective owners and this channel does not claim any right over them. Copyright Disclaimer under Section 107 of the Copyright Act 1976. The information on this channel shall not be understood or construed as financial advice. We are not an attorney, accountant or financial advisor, or claim to be. The content on this channel is not a substitute for financial advice and serves for entertainment purposes only. | DISCLAIMER Reminder | The Copyright Laws of the United States recognizes a “fair use” of copyrighted content. Section 107 of the U.S. Copyright Act states: “Notwithstanding the provisions of sections 106 and 106A, the fair use of a copyrighted work, including such use by reproduction in copies or phono records or by any other means specified by that section, for purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research, is not an infringement of copyright.” Any information on this channel shall not be understood or construed for any other purpose except for entertainment purposes only. #russia #china #brics