It is interesting to see how the BRICS countries sought their escape into gold at the beginning of the Great Financial Crisis (GFC) which quickly turned into a massive sovereign debt crisis. It is obvious that the political leaders in this room no longer expected the G7 countries and the Western economies to be able to free themselves from their debt spiral. Incidentally, it was also assumed that the West would show itself to be capable of using the established against the renegade. If you look at the massive sanctions regime of the USA, you can say: they weren't entirely wrong!
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I do not believe that there will be tangible, results-oriented intra-Brics cooperation, whether in the economic or political field. This is mainly due to weak or strained bilateral relations between member countries – especially between India and China.20 Apr. 2023. I think India and Brazil will be the biggest obstacles within the BRICS
Our lovely neocons are pushing this emerging cartel together.
They might say they are backing their currency with gold, but when you try to claim it, they wont allow it.
They will only give you worthless fiat.
Of course they are shitbags too
In the US, at least you could convert you fiat into gold when we were on the gold standard.
Soon You can convert the commie-euro into geman potatoes
Has Brics put out any plans on their "reserve" currency?
This only really makes sense if these countries get themselves off the debt spiral. Even then, the West won't just go along with making massive net transfers to the BRICS.
My guess is that this will end with massive defaults on the US/EU debts held by BRICS members. Obviously, they'll pretend it's because of some sort of human rights violations.
Russia's debt is below 25%. India far below of the EU'S or US. China could be the sinker. What an irony after 20 years of hype
Yeah, China's printer go brrrrrr and BRICS goes as China goes (at least for now).