Post by blackfeather on Jul 10, 2023 14:57:49 GMT
“The official announcement is expected to be made during the BRICS summit in August in South Africa,” Kitco reported over the weekend.
"At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar's hegemony," Thorsten Polleit, chief economist at Degussa, said.
.......
Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:
“I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.
I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”
That’s one she’s going to want to take back at some point, I’m certain.
........
Andy Schectman told me: “When you look at countries that have expressed interest in joining BRICS, they all have substantial gold holdings. The numbers are increasing among those who want to join, there’s over 60 countries they have lined up in a queue [to join BRICS].”
"At first glance, a new transaction unit, backed by gold, sounds like good money – and it could be, first and foremost, a major challenge to the US dollar's hegemony," Thorsten Polleit, chief economist at Degussa, said.
.......
Even more shocking than the announcement is the cavalier attitude that United States Treasury Secretary Janet Yellen appears to be taking to the news. In statements I can only describe as completely delusional, Yellen said this weekend:
“I just want to reiterate what I’ve said in the past, which is I think the United States can rest assured that the dollar is going to play the dominant role in facilitating international transactions and serving as a reserve currency in the years ahead.
I don’t see that role being threatened by any development including the one that you’ve mentioned [BRICS common currency].”
That’s one she’s going to want to take back at some point, I’m certain.
........
Andy Schectman told me: “When you look at countries that have expressed interest in joining BRICS, they all have substantial gold holdings. The numbers are increasing among those who want to join, there’s over 60 countries they have lined up in a queue [to join BRICS].”
They have been chatting about this for a while, but now it is official. They will announce the new currency in August. This spells the end of the dollar as the global reserve currency. How long will it take for the transition to occur? I don't think anyone knows but it will be faster than some think. The dollar is already becoming toxic for some, this will only make the dollar toxic to more.
another development...
www.globaltimes.cn/page/202306/1293344.shtml?id=12 This article is also more important than it looks, right after this law was passed the Chinese restricted gallium and germanium exports. www.msn.com/en-us/money/markets/what-are-gallium-and-germanium-china-curbs-exports-of-metals-critical-to-chips-and-other-tech/ar-AA1doGnn I'd expect more export restrictions are coming.