For months, if not years now, the BRICS (Brazil, Russia, India, China, and South Africa) nations have been floating the idea of creating a new global reserve currency that some claim will overtake the U.S. dollar.
Given the current global economic turmoil, coupled with an America that is fading from the status of a lone hyper power into an increasingly multipolar geopolitical environment, the idea of a BRICS common currency has led to renewed interest in the corporate media and through government communication channels.
South Africa will host the XV BRICS Summit in Johannesburg in late August, during which the issue of a BRICS common currency will surely be discussed. There remains only vague details about the structure of such a currency, but lots of rumors have surfaced about this “dollar killer” being backed by commodities such as gold and oil. So is America doomed? Are we going to be enslaved […]
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