BRICS gold backed currency

[Song Hong]

https://twitter.com/x/status/1676720110353137664

 

[kankan326]

China will lose a lot of profit to support that currency. And other BRICS members will make profit from it. But if China loses 1 dollar, as long as USA loses 3 dollars, it still meets China's national interest.

 

[Skull and Bones]

The BRICS economy is more than $24 trillion USD and growing, while there is only $12 trillion dollar worth of gold ever mined. So how does that work?

 

[jhungary]

The BRICS economy is more than $24 trillion USD and growing, while there is only $12 trillion dollar worth of gold ever mined. So how does that work?

I can do you one better

46% Of all gold mined is now in private procession, its in your jewellery, your phone, your computer and even ur sushi or in you (if you ate that sushi)

How did government regulate gold price when almost half of them are in private citizen hand?

 

[REhorror]

Hmm, should Vietnam join BRICS?

 

[Skull and Bones]

I can do you one better

46% Of all gold mined is now in private procession, its in your jewellery, your phone, your computer and even ur sushi or in you (if you ate that sushi)

How did government regulate gold price when almost half of them are in private citizen hand?

I guess they will float Digital gold on blockchain.

 

[kankan326]

The BRICS economy is more than $24 trillion USD and growing, while there is only $12 trillion dollar worth of gold ever mined. So how does that work?

Banks lend more money than deposit it has. Let alone if necessay, China can use its huge foreign exchange reserves

 

[Viet]

https://twitter.com/x/status/1676720110353137664

RT is Russia’s cheap propaganda piece. That will never work. Currency is backed by economy and standing, not credit or gold.

 

[Skull and Bones]

Banks lend more money than deposit it has. Let alone if necessay, China can use its huge foreign exchange reserves

Currency backed by 'Gold' my friend, do you understand English?

 

[kankan326]

Currency backed by 'Gold' my friend, do you understand English?

"Backed by gold" is ideal status. China's foreign exchange reserves can be used for emergency. Every one knows this currency can exist is not because of gold, but because of China. China doesn't have much gold either.

 

[Skull and Bones]

"Backed by gold" is ideal status. China's foreign exchange reserves can be used for emergency. Every one knows this currency can exist is not because of gold, but because of China. China doesn't have much gold either.

Are you proposing dual standard of currency operating in parallel?

 

[kankan326]

Are you proposing dual standard of currency operating in parallel?

The history of currency backed by gold is long gone. I believe at first China wants Yuan as the BRICS currency. Other countries rejected China's proposal. But China doesn't want to bear unlimited liability for new BRICS currency. It means China will become other countries ATM. They can exploit China's fortune through it. So gold is just a compromise. But currency is not really reliable if only gold is accounted.

 

[REhorror]

The history of currency backed by gold is long gone. I believe at first China wants Yuan as the BRICS currency. Other countries rejected China's proposal. But China doesn't want to bear unlimited liability for new BRICS currency. It means China will become other countries ATM. They can exploit China's fortune through it. So gold is just a compromise. But currency is not really reliable if only gold is accounted.

Sounds bad tbqh.

 

[Skull and Bones]

The history of currency backed by gold is long gone. I believe at first China wants Yuan as the BRICS currency. Other countries rejected China's proposal. But China doesn't want to bear unlimited liability for new BRICS currency. It means China will become other countries ATM. They can exploit China's fortune through it. So gold is just a compromise. But currency is not really reliable if only gold is accounted.

So BRICS currency is just for media consumption without any substance.

 

[kankan326]

So BRICS currency is just for media consumption without any substance.

Depends on China and other countries will. If some countries join in BRICS for pure personal interest and has no intention caring other's interest. It will not have good end. Especially India, who always acts as an organizations destoryer.