20 sats \ 0 replies \ @xz 7 Jan \ on: BRICS: How are people into bitcoin and still push the BRICS narrative? bitcoin
I like that. It's accurate. I suppose that the idea is that Au has a place to play at the table of international chit finance, further down the road. To regurgitate what I just read somewhere.
- Russia will move to a gold-backed Ruble.
- Others in the group follow in the pursuit of internationalizing their own chits.
- They all point to their own backing as it being a much more legit chit for trade.
I do see problems in this. Mainly, that could again play a significant role is as a redeemable asset. For a national economy, there's not much worth in selling your high-value/scarce products or resources, unless it was redeemable for the underlying asset (and changes hands) as opposed to the basket of currencies your trading against. So, again you have inflationary pressures.
I know I'm not saying anything new here. Just writing more as an exercise to clarify my understanding.