American Economic “Doom Loop” Meets Feared Gold-Backed BRICS Currency
By: Sorcha Faal, and as reported to her Western Subscribers.
An informative new Security Council (SC) report circulating in the Kremlin today first noting the virtual Shanghai Cooperation Organization (SCO) summit, which was hosted by India on 4 July, brought the focus onto geopolitical tectonic shifts, global threats and new opportunities for Eurasian powers, says The New Delhi Declaration of the Council of Heads of State of the Shanghai Cooperation Organization placed special emphasis on the need to boost economic cooperation and remove barriers in international trade amid the socialist Western colonial powers sanctions spree, and this morning, the Reserve Bank of India unveiled its roadmap to take the Rupee global.
Along with the Shanghai Cooperation Organization moving against the socialist Western colonial powers, this report notes, the BRICS Alliance of Brazil, Russia, India, China and South Africa announced today that it’s 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's summit in Johannesburg—an announcement that follows American economic experts assessing last week: “The initiative, principally driven by Russia and China – the world’s largest gold producers – aims to link the new currency to a specific weight of gold…This strategy leverages their gold-rich status and presents a formidable challenge to the dollar’s pre-eminence”.
With Deputy Chairman Alexander Babakov of the State Duma hinting last month that a gold-backed currency could have a digital component, and be supported by other commodities, including rare-earth elements, this report continues, in order to facilitate the historic change of global finance, CEO Andrey Kostin of Russia’s second-largest bank VTB observed today: “We’ve all faced the Euroclear and Clearstream problem...We believe that one of the Persian Gulf states could host the new financial depository, given the concentration of the capital in that region...The entire financial infrastructure is built in the West...We propose to create new instruments which would respond to the needs of national currency and market regulation”.
