Russia confirms roll out of BRICS gold-backed currency in August

Kitco Article on new gold-backed BRICS nations currency.

I think this is in large part due to the sanctions placed on Russia by the US. The BRICS member nations were all hurt by this force of fiat currency manipulation and now those nations want to move to protect their economies in the future by entering this banking system as a hedge against US currency manipulation and domination of world trade to use it as a political weapon. As one analyst mentions the member nations do not have enough gold reserves to have any sort of true gold-backed currency but it might stabilize the value of gold holdings against losses from these political manipulations using money as a weapon in a political battle. That is my view on this at the moment. If it helps stabalize the value of gold and ends the hegemony of the US petrodollar it might just teach the US a valuable lesson.

a reply to: machineintelligence

Remeber Gaddafi, he was about to do that same for Africa, when nato came down on him....

This ought to be interesting, especially the arguments against it. I can't think of one that doesn't undermine the dollar too...

With the Ruble down to 1.1 cents from a whopping high of 4 cents in 2010 they need to do something. Of course, that depends on if Russia even exists a year from now.

WW3 incoming then.

a reply to: machineintelligence
Wasn't it just in the last month BRICS were listed as the largest trading bloc in the world? Is there not evidence the 'sanctions' were completely toothless? With BRICS members China and India on the doorstep, why would current global bogey-man Putin need to trade with America or Europe or any NATO state? And with Saudi Arabia reaching peak oil, confidence in a fiat based WRC is at an all time low.

originally posted by: schuyler
With the Ruble down to 1.1 cents from a whopping high of 4 cents in 2010 they need to do something. Of course, that depends on if Russia even exists a year from now.

Why can't everyone just get along and live prosperous happy lives? Oh yeah that thing shhhhhhh!

a reply to: teapot I think the point of the BRICS nations is to counterbalance the West with a roughly equal economy. The Russians for one have the largest natural gas reserves of all other nations combined if I am not mistaken and with India which has a lot and all the Arab nations that actually hate America and the Chinese who have the largest manufacturing base in the world it is not hard to see how this BRICS currency will be a threat to the West that they can not stop short of WW3.

originally posted by: machineintelligence
political weapon.

Actually, I think it is used as a weapon because of war. Politics kind of left the field when the tanks crossed the field...

. If it helps stabalize the value of gold and ends the hegemony of the US petrodollar it might just teach the US a valuable lesson.

What valuable lesson would that be? We are trying to teach Russia a valuable lesson to not invade and try to add countries to them.

originally posted by: Xtrozero

originally posted by: machineintelligence
political weapon.

Actually, I think it is used as a weapon because of war. Politics kind of left the field when the tanks crossed the field...

. If it helps stabalize the value of gold and ends the hegemony of the US petrodollar it might just teach the US a valuable lesson.

What valuable lesson would that be? We are trying to teach Russia a valuable lesson to not invade and try to add countries to them.

That's strange, what country would ever invade other countries? I can't think of one.

originally posted by: v1rtu0s0

That's strange, what country would ever invade other countries? I can't think of one.

What is our 51st state?

originally posted by: machineintelligence
a reply to: teapot I think the point of the BRICS nations is to counterbalance the West with a roughly equal economy. The Russians for one have the largest natural gas reserves of all other nations combined if I am not mistaken and with India which has a lot and all the Arab nations that actually hate America and the Chinese who have the largest manufacturing base in the world it is not hard to see how this BRICS currency will be a threat to the West that they can not stop short of WW3.

You have a problem that India and China hate each other, and China and Russia are not the best of friends. China is the US #1 manufacturer and when that changes they are in trouble. India is also more connected to the US than any other country. Wasn't that what the EU was all about to create something close to equal to the US, so not working so well, is it?

a reply to: Xtrozero

What valuable lesson would that be? We are trying to teach Russia a valuable lesson to not invade and try to add countries to them.

The US has no business in Ukraine. The autocrats certainly have business there and Biden is a good example. He was personally making money along with his corrupt family and friends. All in the shadows doing some of the dirtiest business you can imagine. That said the people of the US will not now or ever have it in our interest to be actively invested in this mess. We reap no benefit but debt death and possibly oblivion.

The US invades nations worldwide and installs dictators using the CIA since before the Kennedy administration I know of at least. That is just recorded history. Using the dollar as a weapon against a uniquely powerful and resilient foe like Russia was a huge blunder that has led to this moment in history. If Trump had won and not dictator Joe we would not be in this position. Perhaps the lesson to the American people is to quit sending shortsighted war hawks to Washington to have us meddling worldwide in this way.

My perspective on this is different than most. I can speak Russian and have trained in all of the Soviet-era weapons and in fact, took contracts teaching little brown people to go and kill other little brown people several decades ago. I was in fact asked to accept a contract to teach in Ukraine just days before it started. I knew about the invasion about 2 days before it happened. I could not accept the contract even though the money offered was 6 digits. I was kind of startled at the invitation given I had not contracted at all since the early 2000s. I have moved on to developing technology and building out my inventions. I still pay attention and my opinions are my own I am not politically affiliated, I am philosophically a Stoic. Martial science was my area of greatest expertise for many years. Now I am more interested in solving the really serious problems that can be corrected by the technologies I work on. The world is not a nice place. People are mostly scratching out an existence worldwide. Emptying our stockpiles of weapons feeds the worst sort of globalist bunch of scoundrels. They will feed while everyone else bleeds and dies. The US should get out of the mass murder business then we will have some moral high ground to stand upon.

originally posted by: machineintelligence
The US has no business in Ukraine.

Neither does Russia...

The US invades nations worldwide and installs dictators using the CIA since before the Kennedy administration I know of at least.

So the justification of Russia is that the US has done it to some degree too? BTW the US kind of fails in the whole setup of a dictator part. Russia on the other hand just wants to expand their lands. It would be like the US taking a chunk of Candia or Mexico and making a 51st state.

I could not accept the contract even though the money offered was 6 digits.

My teams have taught the Ukrainians how to use some advanced drones during the winter...Russia is going to lose a lot in this war...

Just saying.

The world is not a nice place.

The world has never been a nice place, why start now... or better yet, is it even possible.

People are mostly scratching out an existence worldwide.

Once again, what else is new in the last 100,000 years...

a reply to: Xtrozero

I just think that the autocrats making money on this shtsho should use their own money and keep the US out of their games. They should use their mercs and their own money and accept the losses along with the profits instead of the US taxpayer picking up the losses and taking the political risk of being the target of other nations the autocrats and their spooks and mercs get us involved in. For instance why US funded Biolabs in Ukraine? WTF was our business there that the people of the US paid for? Why do the autocrats have all the drugs and sex workers they want anytime they go to Ukraine? It is the same kind of trash that use tax dollars to set up lucrative contracts over there that just keep getting more decadent and greedy. The people that caused this mess are still profiting from the huge taxpayer money going to support the war effort. I despise them all. They all are blood-soaked vermin. The people of Ukraine are under the control of some evil people. The Russians are not better that is not what I am saying. They are all run by oligarchs. Everyone in the business of war is not fit for human existence in my view. Part of learning Martial Science and Technology is you learn quickly just who should never be allowed to come near the levers of power. The closest I ever came to politics was as a Ron Paul Republican. That insurgency campaign was a hoot as I lived in SW Florida at the time and organized for Dr. Paul storming the country clubs. That was fun. Later in 2016, I enjoyed watching the Anti-War Bull in the China Shop storm the stage. Even more fun because he was funny and just a menace to their globalist plans to finish off the Republic. I knew they would pull out all the stops to derail the bull and try and call everyone who has no interest in endless war and porous borders as racist nazis. Now I am reduced to not giving a sh!t. I am not holding FRNs that is for certain. Only gold and other cheaper heavy metals. I also like carbon capture technology converting farm waste into graphene. My money is in that until the wheels fall off the commerce cart. I might even pick up some of this new BRICS cash if it ever becomes worth a crap. Not going to follow the lemmings into this WEF technocoin global control chips.

One should not forget BRICS also includes Brazil and South Africa, it's not just all about an Eastern based trading bloc. As to Ukraine, that country may or may not be aware they are just a tool for fomenting and foisting another war in Europe. Since the 2014 Azov coup and installed puppet government, ousted by Zelensky, ethnic Russians have been targeted, tortured and killed. Not all Ukrainians support nazi ideology and they, along with the ethnic Russians appealed to Russia for help. But I suppose, in the eyes of the truly indoctrinated, only governments can request authentic international intervention and even then, only from certain approved self-appointed 'saviour' states and extra-national conglomerates.

US is collapsing and US society is arguing over silly nonsense lol

a reply to: teapot

SA is not much of a country right now as far as I know. Rich in resources but still full of debilitating levels of hate and animosity. I would only work with well-funded church groups there. Brazil is lost to the drugs and rainbow people in the cities like Sau Palo mostly but the outback is full of nice folks. Again rich in resources but headed in a bad direction, unfortunately.

originally posted by: machineintelligence
I just think that the autocrats making money on this shtsho should use their own money and keep the US out of their games. They should use their mercs and their own money and accept the losses along with the profits instead of the US taxpayer picking up the losses and taking the political risk of being the target of other nations the autocrats and their spooks and mercs get us involved in.

The bigger picture you are talking about is whether the US should be the world's police or not. Hard question to answer because if we were not then Russia would still be the USSR and bigger, the EU would be Germany-controlled, China would take over much of Asia and still be expanding, and ME would just be a couple of countries with Isrial gone too.

Is that the world you want, or does that look kind of bleak to you?

For instance why US funded Biolabs in Ukraine? WTF was our business there that the people of the US paid for?

So after the fall of the USSR, many of the satellite countries were in disarray, US bio labs in Ukraine were just one of many propaganda lines Russia said as an excuse to invade, but they have long dropped that spin. First, we do not need or want US bio labs in Ukraine...lol What Russia was talking about was all about the 21 million dollars the US gave to Ukraine to clean up and repurpose older USSR labs into working bio labs for Ukraine. These are level 2 labs with maybe one level 3, so nothing like what Russa suggested. Every country needs bio labs, so there was no nefarious reason other than to not have old USSR labs be used wrong by groups within Ukraine.

Why do the autocrats have all the drugs and sex workers they want anytime they go to Ukraine?

What you suggest above is pretty much everywhere too whether it's here in the US, EU, Asia, South America etc. etc. Ukrainians are also basically Russians for all intents and purposes, so what goes on there is pretty much what goes on in Russia.

They all are blood-soaked vermin.

We can agree... The US military complex needs a war...

I knew they would pull out all the stops to derail the bull and try and call everyone who has no interest in endless war and porous borders as racist nazis.

Yep, it seems things are back assward. One really needs to wonder about the timing of Russia's invasion, like right on cue.

I also like carbon capture technology converting farm waste into graphene

graphene is some crazy stuff...

My thoughts on this are very speculative. Who in the hell has that much gold to back a nation state currency?? Granted the ruble is so low it takes, I don't know, 6 grand to buy a BigMac, hee hee@@ They say there is only enough gold in the discovered world to make the base of the Statue of Liberty. So where is it all going to come from. Do the Russians and there buddies already have tons of it and have been hording it?? Also the US, who bully the rest of the world btw, will have none of it.a reply to: machineintelligence

originally posted by: Xtrozero

So the justification of Russia is that the US has done it to some degree too?

I see this deceptive argument from quite a few Russian supporting members. It is called the 'Tu Quoque' logical fallacy. The statement above uses deflection rather than focusing on the here and now.