reply on: BRICs Currency: Can Gold Close The Confidence Gap? \ stacker news ~econ

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58 sats \ 6 replies \ @0xbitcoiner 9 Jul \ parent \ on: BRICs Currency: Can Gold Close The Confidence Gap? econ

I believe that gold alone will not be sufficient. Who guards the gold? How do they mutually control their reserves? It is difficult to find a solution that everyone will accept.

45 sats \ 5 replies \ @TomK OP 9 Jul

In the end, it will be like Bretton Woods: there will be one or two major powers to which the others will have to submit. otherwise they will simply be excluded.

58 sats \ 4 replies \ @0xbitcoiner 9 Jul

So, it seems to me that Brazil and India are about to be excluded. Will China 'control' Russia? I think this is doomed to fail, at least in the way it's being planned.

45 sats \ 3 replies \ @TomK OP 9 Jul

India to be excluded? Do You have any info on that?

58 sats \ 2 replies \ @0xbitcoiner 9 Jul

I don't have any specific information, but we all know the history of China-India relations. Do you think India would trust China to lead and safeguard their gold?

45 sats \ 1 reply \ @TomK OP 9 Jul

Never. But maybe they'll find more than one storage (Singapore as neutral state) and can establish bilateral audits? for example, more and more oil and gas between Russia, China, Iran and other countries in the region is no longer transacted in dollars.

45 sats \ 0 replies \ @0xbitcoiner 9 Jul

There must be some solution, and I think it could be what you're saying, but I don't believe they'll reach a consensus anytime soon. Only time will tell!