Renaud Adorno
@RenaudAdorno
Aug 20
Very interesting week ahead indeed. We just need to be very clear about the expectations of a BRICS currency and not take headlines as if the dollar is already d--d for the 99th time. This process will take time!
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Gold Telegraph
@GoldTelegraph
A TRANSFORMATIONAL WEEK IS AHEAD?
“There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar” – Janet Yellen, US Treasury Secretary Janet Yellen. This week, we will learn about the potential expansion of BRICS, which represents over 40% of the global population.
40 countries have expressed interest in joining, which include:
‣ Saudi Arabia
‣ Iran
‣ The United Arab Emirates
‣ Turkey
‣ Argentina
‣ Egypt
‣ Indonesia
What to expect this upcoming week?
– Clarity on expansion and economic cooperation
– Discussion of a potential common currency
– More news about trade conducted in local currencies
– Developments at the New Development Bank
– How they envision a n-------------r Fifty-two years ago this week, the United States defaulted on its promise to let individuals exchange their paper dollars for gold. Today, numerous countries within BRICS have openly voiced their concerns about the dollar’s weaponization. Many are now opting to use local currencies for trade as a countermeasure. Iran, a country seeking to join BRICS, has indicated that they are in discussions to issue a gold-backed stablecoin with Russia for foreign trade, aiming to bypass economic sanctions imposed on them.
Two other notable countries interested in joining BRICS? ‣ Venezuela ‣ Cuba. They are also heavily sanctioned countries.
We learned in early August from South Africa’s ambassador to the bloc that we should expect an announcement this upcoming week regarding the expansion of BRICS that will mark a tectonic change in the global order. The South African President said today that an expanded BRICS will represent a diverse group of nations that share a common desire for a more balanced world. Additionally, we learned that China is advocating for the BRICS group of emerging markets to position themselves as a full-scale rival to the G7 this week, with a Chinese official saying that: “If we expand BRICS to account for a similar portion of world GDP as the G7, then our collective voice in the world will grow stronger.” Undoubtedly, this will be a pivotal week. I have been extensively covering this topic for years, and seeing the pieces come together now in real-time is remarkable. The summit kicks off this Tuesday in Johannesburg. I’ll be delivering real-time updates and publishing an increased number of in-depth articles in the days ahead to delve into significant developments. It is shaping up to be a busy yet insightful week as we learn about into the future paths of these developing nations.
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