World leaders are currently negotiating an agreement to create a new global currency, backed by gold and various precious metals, that would replace the U.S. dollar. The BRICS nations, which stands for Brazil, Russia, India, China, and South Africa, are leading this movement as U.S. sanctions have caused a decline in trust for the American currency. With 19 additional nations looking to join the group, the new currency appears to be forthcoming.
At a conference held by Russia’s Parliamentary Newspaper, Anatoly Aksakov, the Chairman of State Duma Committee on the Financial Market, explained the progress being made to create the new currency and that an agreement may be done by the end of the year. This would completely change the dominating global currency landscape and provide a much-needed shield from financial limitations imposed on members of BRICS by American economic policies.
The introduction of the new currency is understandable, given the damage that has been wrought by the politicizing of the dollar. Aksakov stressed this, saying "By linking its economy and currency to politics, the US is practically undermining the foundations of its dominance. I am sure that the share of the dollar will steadily decline in world trade.”
The BRICS nations have long been pushing for their own currency and it appears to be nearing fruition. The currency is expected to be secured by the gold reserves of the members, with gold being considered the most reliable reserve asset. This would provide for a much needed stable currency and assist BRICS in achieving true autonomy from global finance.
The new global currency has the potential to become a multi-trillion dollar project and open the doors to opportunities not just for BRICS nations but for the entire world. By supporting the currency with gold, BRICS nations are ensuring the new currency will not be able to be manipulated by politicians. This could mean that the implications of a major currency move in the future could not only be dampened but also avoided.
Gabrielle Cook
- 2023-05-02
World Leaders Seeking To Replace US Dollar With New Global Currency
Leaders from the BRICS nations are leading a movement to create a new global currency, backed by gold and various precious metals, to replace the U.S. dollar. Anatoly Aksakov, the Chairman of State Duma Committee on the Financial Market, reveals that an agreement to create the new currency may be done by the end of the year.
