Is the global dominance of the U.S. dollar in danger? In recent weeks, there has been lots of speculation about the introduction of a new BRICS currency that would be backed by gold. In this article, my goal is to sort through what is true and what is not true. From August 22nd to August 24th, the 15th BRICS summit will be held in Johannesburg, South Africa. Back on July 5th, RT sparked a firestorm of rumors when it reported that a decision to introduce a new BRICS currency that would be backed by gold would be made prior to the upcoming summit in Johannesburg\u2026<\/p>\n
BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc\u2019s summit in Johannesburg. With the growing initiative, more and more countries are lining-up to join the group.<\/p>\n
In the aftermath of that report, many prominent voices were warning that the U.S. dollar was in big trouble.<\/p>\n
For example, author Robert Kiyosaki boldly declared that the U.S. dollar \u201cwill die\u201d\u2026<\/p>\n
The end of the U.S. dollar is near, said the best-selling author of \u2018Rich Dad Poor Dad\u2019 Robert Kiyosaki, citing an upcoming BRICS summit in South Africa as a trigger.<\/p>\n
Kiyosaki is projecting that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, will announce their new gold-backed digital currency during its summit on August 22-24, and it will have dire consequences for the U.S. dollar.<\/p>\n
\u201cAugust 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die,\u201d Kiyosaki tweeted last week. \u201cTrillions of US $ rush home. Inflation through the roof.\u201d<\/p>\n
Without a doubt, the dominance of the U.S. dollar is under threat from multiple directions.<\/p>\n
But a new BRICS currency will not be introduced during this upcoming summit.<\/p>\n
During an interview with Bloomberg, one of the top executives at The New Development Bank publicly admitted that the creation of a new BRICS currency is \u201ca medium to long term ambition\u201d, but he also confirmed that such a currency will not be introduced right now\u2026<\/p>\n
The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn\u2019t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.<\/p>\n
While the members of BRICS \u2013 Brazil, Russia, India, China and South Africa \u2013 are pushing to conduct more trade between each other in local currencies, they aren\u2019t ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV\u2019s Haslinda Amin.<\/p>\n
\u201cThe development of anything alternative is more a medium to long term ambition,\u201d he said. \u201cThere is no suggestion right now to creates a BRICS currency.\u201d<\/p>\n
But that doesn\u2019t mean that really big things aren\u2019t happening.<\/p>\n
In addition to the core BRICS nations, Bangladesh, the United Arab Emirates and Uruguay are apparently getting very close to joining The New Development Bank.<\/p>\n
Read more at: themostimportantnews.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"