11 sats \ 10 replies \ @kristapsk OP 9 Nov \ parent \ on: The BRICS Are a Scam and Will Never Beat the Dollar econ
No country in the world nowadays backs it's money by anything apart from it's military, police and other institutions. Central banks buying gold (or Bitcoin) doesn't mean it's currency is backed by those reserves.
If they are doing commerce in it, isn’t it being backed by something other than guns and hot air? If cross-boarder transactions are settled in those “currencies” aren’t they money.
BTW, money is what the people say it is, not the state.
reply
Biggest of BRICS currencies is CNY and it's irrelevant at global scale.
reply
If they start backing it with gold, silver, BTC and oil, it will be the most relevant. With the SWIFT system being shut out of BRICS or becoming just another choice for transfers, I think the dollar will be toast and all the treasury bills dumped like hot potatoes.
reply
If they start backing it
They won't.
reply
OK, I take your word for it, not theirs.
reply
theirs
Has there been promises about unified currency backed by something?
reply
Not yet. However those countries have been buying gold and have the commodities to commodify their currency.
reply
Doesn't mean they will.