BRICS Summit – No Gold-backed Currency Will Be Announced
On August 22, 2023
BRICS is certainly exploring an asset/gold-backed common currency monetary system to divorce it’s allied members from US Dollar and fiat currency dependency. However, all of the prognosticators claiming that BRICS will “announce” a new common currency this week will be severely disappointed.
The truth is, the BRICS Alliance is far from ready to execute such a bold plan. The most we can hope for is that several new member nations will be accepted into BRICS+ block. They will potentially announce an expanded intent to conduct cross-border trade in their local currencies as well.
What will be significant is the inclusion of Saudi Arabia, Venezuela and Iran into the BRICS+ block. This would tip the scales in favor of BRICS regarding control of the majority of global natural resources.
The distribution of global natural resources has long played a pivotal role in shaping geopolitical dynamics and economic influence on the world stage. Historically, key Western nations have held significant sway over the availability and control of crucial resources. However, a potential shift in this balance is on the horizon, driven by the prospects of new entrants joining the BRICS alliance. This article explores how the inclusion of “potential BRICS nations” – Saudi Arabia, Venezuela, and Iran – into the BRICS alliance could lead to a notable redistribution of global natural resource power.
The BRICS Alliance: A Natural Resource Powerhouse
The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, has emerged as a formidable economic and geopolitical force. With their combined economic strength, population, and resource endowments, BRICS nations have already disrupted the established global order. Russia, for instance, holds the world’s largest proven natural gas reserves and significant reserves of gold and oil. China dominates in rare earth metals and coal reserves, while Brazil boasts substantial reserves of iron, gold, and hydroelectric power potential.
Potential BRICS+ Nations
As of today, Saudi Arabia, Venezuela, and Iran stand as potential BRICS alliance members holding vast natural resource endowments. Saudi Arabia is a leading exporter of oil and holds significant reserves of copper, silver, and sulfur. Venezuela, despite its economic challenges, possesses vast oil reserves and valuable resources like iron ore and natural gas. Iran, another resource-rich nation, ranks as a key player in global crude oil and natural gas production, while also holding reserves of copper, zinc, and sulfur.
Significant Global Resource Redistribution
The inclusion of Saudi Arabia, Venezuela, and Iran into the BRICS alliance could drastically alter the balance of global natural resource distribution. Currently, key Western nations such as the United States, Canada, and Australia hold substantial reserves of resources like coal, oil, natural gas, gold, and uranium. However, the potential BRICS nations collectively possess a staggering estimated value of $76 trillion in natural resources. This influx of resource-rich nations could reshape the global resource landscape.
Implications for Geopolitics and Economy
The shift of resource power from Western nations to the BRICS alliance would not only influence geopolitical dynamics but also impact global economic strategies. The increased resource clout of the BRICS alliance could strengthen their bargaining position in international trade negotiations, bolstering their economic independence and influence. Additionally, the alignment of resource-rich nations could potentially reduce their reliance on traditional Western markets and currencies, fostering new economic alliances and trade partnerships.
The global balance of natural resources is poised for a seismic shift as potential BRICS nations eye membership in the alliance. The inclusion of Saudi Arabia, Venezuela, and Iran as potential BRICS alliance members has the potential to significantly reshape the balance of global natural resource power.
Reference Data (from 2021 statistics): The Top-10 Nations with the highest value in natural resources
Top 10 Nations (not currently BRICS members) Natural Resources
- Estimated Value of Natural Resources: $45 trillion
- Resources: Timber, coal, copper, gold, oil, natural gas, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, arable land
- Estimated Value of Natural Resources: $34.4 trillion
- Resources: Oil, copper, feldspar, phosphate, silver, sulfur, tungsten, zinc
- Estimated Value of Natural Resources: $33.2 trillion
- Resources: Oil, industrial minerals (gypsum, limestone, rock salt, potash), energy minerals (coal, uranium), copper, lead, nickel, zinc, gold, platinum, silver, natural gas
- Estimated Value of Natural Resources: $19.9 trillion
- Resources: Coal, timber, copper, iron ore, gold, uranium, oil, natural gas, alumina, nickel, rare earth elements, mineral sands, lead, zinc, diamonds
- Estimated Value of Natural Resources: $27.3 trillion
- Resources: Crude oil, natural gas, coal, chromium, copper, iron ore, lead, manganese, zinc, sulfur, arable land
- Estimated Value of Natural Resources: $15.9 trillion
- Resources: Petroleum, natural gas, phosphates, sulfur
- Estimated Value of Natural Resources: $14.3 trillion
- Resources: Iron, natural gas, oil, iron ore, gold, bauxite, hydropower, diamonds
Current BRICS Nations Natural Resources
- Estimated Value of Natural Resources: $75 trillion
- Resources: Coal, oil, natural gas, gold, timber, rare earth metals, industrial diamonds
- Estimated Value of Natural Resources: $23 trillion
- Resources: Coal, rare earth metals, timber, arable land, rice, oil, natural gas, metals (gold, aluminum), minerals
- Estimated Value of Natural Resources: $21.8 trillion
- Resources: Gold, iron, oil, uranium, bauxite, platinum, copper, tin, timber, hydroelectric power
Summary of BRICS Nation Resources Value (2021)
- Russia: $75 trillion
- China: $23 trillion
- Brazil: $21.8 trillion
- Total for BRICS Nations: $119.8 trillion
Summary of Potential New BRICS Member Natural Resources Value
- Saudi Arabia: $34.4 trillion
- Venezuela: $14.3 trillion
- Iran: $27.3 trillion
- Total for Potential BRICS+ Nations: $76 trillion
Non-BRICS Nations Resources:
- United States: $45 trillion
- Canada: $33.2 trillion
- Australia: $19.9 trillion
- Total for Developed Nations: $98.1 trillion
The Only Top-10 Natural Resource Nation is IRAQ
- Iraq: $15.9 trillion
- THE ORPHAN CHILD caught in the crosshairs between the West and BRICS…
If Saudi Arabia, Venezuela and Iran are granted membership in the BRICS Alliance, 7 out of the Top-10 nations would represent a BRICS control of over $195 Trillion in global natural resources compared to the Western Top-10 nations only controlling $98 Trillion in natural resources.
A global game-changer indeed…
If you wish to contact the author of any reader submitted guest post, you can give us an email at UniversalOm432Hz@gmail.com and we’ll forward your request to the author.
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © 2022 Dinar Chronicles