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they are growing quantitatively and qualitatively. in the future, they will form a bloc of energy and resource strong states that may have more price control this alone means a geopolitical power shift
Have they had their meeting to start using their currency?
Or are they just going to use the chinese yuan?
they won't just set up a common currency because none of them trust each other and would give up their sovereignty like we did in europe. but what they will do is use baskets of currencies backed by gold and energy as a medium of exchanget. they already do that when they exchange energy, the volume of oil traded in roubles or yuan is growing steadily.
That is what they are doing?
Then it will never be better than the USD, since it is once currency.
They will have to up their game.
Who will hold the gold?
Their respective governments?
Exactly. Each one by its own
Then how can they even trust each other?
Are they going to audit each others holdings?
They need to audit their gold stacks
Just imagine all the tungsten bars that are covered with gold!
what they will do is use baskets of currencies backed by gold and energy as a medium of exchange
"Backing" your fiat with gold.... I wish them good fortune in the wars to come.
Its kind of weird, right?
Print a ton of bills to buy your gold.
Is brics getting anywhere?