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Alasdair Macleod: The bell tolls for fiat
By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 13, 2023
The importance of Russia's announcement that a new gold-backed trade currency is on the BRICS meeting agenda for August 22—24 in Johannesburg seems to have gone completely over everyone's heads, with mainstream media not even reporting it.
This is a mistake. China and Russia know that if they are to succeed in removing the dollar from their sphere of influence, they have to come up with a better alternative. They also know they have to consolidate their trade partners into a formidable bloc, so plans are afoot to consolidate BRICS, the Shanghai Cooperation Organisation, and the Eurasian Economic Union along with those nations that wish to join. It will be a super-group embracing most of Asia (including the Middle East), Africa, and Latin America.
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The groundwork for the new currency has been laid by Sergei Glazyev and is considerably more advanced than generally realised.
This article explains why Russia and China are now prepared to fully back Glazyev's expanded project.
For Russia, it is also now imperative to destabilise the dollar as a deliberate escalation of the financial war against America and NATO.
China's priority is no longer to protect her export trade but to ensure that her African and Latin American suppliers are not destabilised by higher dollar interest rates. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/the-bell-tolls-for-fiat?gmrefcode=gata
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