Jim Rickards Western Economies About To Slam Into A BRICS Wall?

Jim Rickards: Western Economies About To Slam Into A BRICS Wall?

Wealthion:  8-8-2023

Macro analyst Stephanie Pomboy returns as a guest host on Wealthion to interview currency expert James Rickards about the highly-anticipated announcement of a new commodity-backed trading currency by the BRICS countries (Brazil, Russia, India, China, South Africa + a number of other resource-producing countries)

Collectively, these countries has as much or more land, population, GDP, nuclear weapons and other key strategic resources as America and its Western allies. What repercussions are most likely to ensue from a new competing currency issued by the BRICs to compete with the US dollar’s status as the world reserve currency?

To find out, Stephanie sits down with Jim for an insight-packed hour.


0:00 Introduction

1:05 A new competitor to fiat Western currency?

4:15 The definition of BRICS

9:21 Applications for membership

13:49 The importance of a common fiscal policy

18:14 What’s the value of the BRICS currency?

23:40 Debt to GDP ratio

29:24 Diversifying out of US Treasurys to gold

33:08 The dollar’s global reserve currency status in danger?

38:04 The beginning of the retail investing market in Brazil

42:31 Dawn of the age of digital currencies

 49:54 The Fed & recession risk

 53:48 How may political trends influence the situation?

59:43 Concluding remarks