New BRICS Currency Boosts Gold & Destroys Dollar – Jim Rickards
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Seven-time, best-selling financial author James Rickards predicted in his most recent best-seller called “Sold Out” why broken supply chains would cause big inflation. He was right, and he still contends, “Supply chain problems and inflation are not over.” For an example of the supply chain still being in fragile shape, look no further than the failed grain deal between U*****e and Russia last week. Rickards points out, “P***n has been very patient about this. He had a deal. U*****e was not living up to their end of the deal. P***n says we are the ones getting attacked, so, s***w the deal. What’s that going to do to the price of grain? It’s going to send grain prices up, and it’s already up 10% just in a matter of days.”
This brings us the new BRICS gold-weighted currency (Brazil, Russia, India, China, South Africa) that might be announced in the middle to the end of next month. Rickards calls one unit of currency a “BRIC.” This is a competitor to the U.S. dollar, but Rickards says, “It’s not a reserve currency. . . .I think it may be 8 grams of gold to one “BRIC” (currency), but I don’t know. What I do know is it does not matter. What does matter is they are going to anchor it to a weight of gold. . . . It’s NOT redeemable in gold, it is anchored to it. . . . Let’s says a “BRIC” is worth one ounce of gold. Today that is $1,970 per ounce, except the “BRIC” is NOT anchored to the dollar. It is anchored to gold, which stands in the middle of this equation. So, the dollar price of gold is going to be going up and down all the time, which means the dollar/“BRIC” exchange rate is going to be going up and down all the time. They don’t have to defend the “BRIC.” They have gold, but they don’t have to back it up with gold. . . . They actually don’t need any gold. . . . If you have made your currency anchored to gold . . . do you want the price to go up or down? You want the price of gold to go up because that means the “BRIC” is worth more dollars, and the dollar is crashing. It’s a way to destroy the dollar. You don’t need dollars and you don’t need gold. You just need to be smart enough to anchor your currency to gold, and when dollar inflation starts to go up, your currency is going to be worth more because of how you pegged it, not to dollars, but how you pegged it to gold.”
Rickards goes on to say, “So, if I were a BRICS member, and I were Russia in particular, and I had this currency tied to gold, and I wanted my currency to be more valuable and your currency (U.S. dollar) less valuable, one of the ways to do that is mess with the supply chain and drive up the price of oil, gasoline, grain . . . which drives up pork prices and chicken prices, and the list goes on. That’s one way to do it.”
Rickards also talks about deflation this year and big inflation coming after that. Rickards is predicting big inflation coming for people using dollars, and with his track record, you would be a fool to bet against his analysis.
There is much more in the 52-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Jim Rickards, seven-time, best-selling author, including his latest called “Sold Out: How Broken Supply Chains, Surging Inflation and Political Instability Will Sink the Global Economy” for 7.21.23.
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