A Russian official has admitted that BRICS is working to create its own currency to challenge the dominance of the United States dollar and potentially replace its hegemonic position in international trade.
BRICS, an international economic alliance of Brazil, Russia, India, China and South Africa, has received a boost in support of its de-dollarization efforts following the outbreak of the Russian special military operation in Ukraine. Moscow found itself reeling under an avalanche of Western-backed sanctions and restrictions against its ability to freely conduct trade in the global market. (Related: Potential BRICS expansion could mark end of dollar as world’s pre-eminent currency.)
Against this backdrop, Russia has taken the lead in strengthening ties between BRICS nations and laying the groundwork for the creation of a common currency to prevent Western economic warfare from affecting them.
During the two-day St. Petersburg International Economic Forum in India, State Duma (parliament) Deputy Chairman Alexander Babakov called for the creation of a joint Indian-Russian common currency to form stronger financial relations between the two nations.
“Our goal should be focused on writing new rules in the financial sphere in order to enable the use of an already common currency,” said Babakov. “It doesn’t matter whether it’s a digital ruble, a digital rupee, a digital yuan or some other currency. But this currency must follow the laws of our respective nations.”
Babakov noted that this proposed new currency should be backed by gold or other precious metals. He pointed out that the American dollar does not benefit the shared objectives of India and Russia, and their reliance on the greenback continues to give the U.S. an unfair amount of leverage over both nations.
Effort to create common currency part of ongoing de-dollarization campaign
The U.S. dollar has been called the “king of currency” due to it becoming the official reserve currency of the world in 1944, a decision made by a delegation from 44 Allied countries called the Bretton Woods Agreement.
Since then, the dollar has enjoyed a powerful status in the world as the most pre-eminent currency in use today, a status that has greatly benefited American elites and has caused a lot of pain to the U.S.’s foes around the world due to the disproportionate amount of influence the dollar has given the U.S. over other economies.
This influence has allowed America to use sanctions and other tools of economic warfare as a means for achieving its foreign policy objectives.
But in recent years, America’s main foreign adversaries, including Russia and China, have been calling for an end to the dollar’s hegemony. This process, known as de-dollarization, is the process of substituting the U.S. dollar as the currency used for international trade.
De-dollarization’s main proponents highlight how reducing other countries’ dependence on the dollar and the American economy would help mitigate the impact of economic and political changes in the U.S. on their own economies. De-dollarization also reduces the exposure of nations to fluctuations in the dollar’s value and to interest rate changes, which can help improve global economic stability and reduce the risk of financial crises impacting more nations.
De-dollarization moves have been gaining speed in the last few years, especially in 2022, when a paper by the International Monetary Fund (IMF) noted that the dollar’s share of global foreign-exchange reserves fell below 59 percent in the fourth quarter of 2022, extending its two-decade-long process of declining.
Furthermore, the IMF noted that the dollar’s decline has not been accompanied by an increase in the shares of its Western allies like the British pound sterling, the Japanese yen or the euro, which are “other long-standing reserve currencies.”
“Rather, the shift out of dollars has been in two directions – a quarter into the Chinese renminbi, and three quarters into the currencies of smaller countries that have played a more limited role as reserve currencies.”
Learn more about the emerging threats to the supremacy of the American dollar at DollarDemise.com.
Watch this episode of the “Health Ranger Report” as Mike Adams, the Health Ranger, interviews finance and precious metals expert Andy Schectman about BRICS+ and the new global reserve currency the alliance is developing that will bring about the demise of the dollar system.
This video is from the Health Ranger Report channel on Brighteon.com.
More related stories:
- Former Treasury official: If US dollar loses global reserve currency status, there will be a complete economic IMPLOSION.
- Analysis claims that covering all lost deposits in failed banks will only hasten dollar collapse.
- Biden’s destructive Russia sanctions are destroying decades-long dominance of dollar as world’s reserve currency; collapse will follow.
- India, Sri Lanka moving toward using Indian rupee for international transactions (while ditching the dollar).
- Egypt joins BRICS-owned New Development Bank, expresses interest in becoming full-fledged member of BRICS.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
