BRICS Top Banks Just SOLD OFF Entire US Assets To Collapse US Economy | Peter Schiff
Expert Investing : 12-1-2022
Emerging giants in their fields The group of countries known as BRICS, which consists of Russia, Brazil, India, China, and South Africa, is becoming an increasingly influential economic bloc.
Reforming the global financial system is one of their top priorities. In April, Russia became the first nation to ratify an agreement to establish a “reserve pool” for the foreign currency worth one hundred million dollars.
This arrangement, known as the Contingent Reserves Arrangement, is essentially a reserve of foreign currency that any of the BRICS countries can access if they have an urgent requirement.
Vladimir Putin, the current President of Russia, recently gave a speech at the BRICS Business Forum, where he mentioned that the member states of the multilateral organization were Creating a global reserve currency.
It is generally believed that this global reserve currency, which will include the national currencies of the countries that make up BRICS, will serve as an alternative to the Special Drawing Right issued by the International Monetary Fund (SDR).
Putin’s announcement, which came at a time when Russia is facing unprecedented global sanctions in the wake of the invasion of Ukraine, has highlighted the importance of recognizing the heterogeneous motives of the BRICS nations to not only facilitate intra-BRICS trade in local currencies but also to firewall their global financial interests.
This is because Russia is currently facing unprecedented global sanctions as a result of the invasion of Ukraine.
The BRICS nations have shown increased cooperation and intend to alter the current financial system dominated by the dollar. In the context of BRICS, Russia and China are taking the initiative to de-dollarize their economies to protect the interests at stake due to their geopolitical competition with the United States and considering the possibility that they will be subject to future sanctions.
India, Brazil, and South Africa have all expressed their support for BRICS’s statements regarding modifying the current international monetary system and expanding opportunities to encourage the use of national currencies in international trade.
The members of BRICS have taken action to de-dollarize their economies and increase their autonomy within the global financial Ukraine
The primary objective of the BRICS nations in creating a currency that functions similarly to the SDR is to challenge the dominance of the US dollar while simultaneously constructing their sphere of influence and a monetary unit that can be used within it.
To diversify their economies and lower the risk of exogenous shocks and currency shocks caused by the US dollar, all of the BRICS nations have identified de-dollarization as a shared interest and priority.
De-dollarization can take many forms. However, although the member states of BRICS collectively and individual intend to protect their global financial interests by creating a reserve currency, over-reliance on the United States dollar presents challenges that may prevent such an idea from becoming a near-term reality.
Rafi Farber: The Fed is $1.125 Trillion in the Red And Silver Makes a U Turn
Arcadia Economics: 12-3-2022
The Federal Reserve has “earnings”? Yes it does, and the issuer of the US Dollar itself is in the red, year to date, to the tune of $1.125 trillion.
Here’s what that means for silver, and gold too.
As for other dying megabanks, there’s Credit Suisse, stuffed with over $17 trillion of derivatives and currently suffering the worst bank run in its history. Financial crisis, anyone?
Sounds super, assuming you have your metals stacked and ready. To find out more, click to watch the video now!
