BRICS GROWS TO SHRINK USD

THE RISE OF THE BRICS NATIONS

E1vis.Eth

1/16/20231 min read

Unless you've been living in a Cave, you should know the BRICS Group and their desire to form a new currency to move away from the USD. But if you haven't, let me give you a quick run-through.

The BRICS nations are a group of five major emerging economies: Brazil, Russia, India, China, and South Africa ( Nearly ΒΌ of the global GDP ). They were established as a forum for cooperation on issues of mutual interest and to promote economic development in their respective countries. The BRICS nations are some of the largest and fastest-growing economies in the world, and they represent a significant portion of the global population ( 40% to be exact ), making their cooperation and collaboration important for international economic and political issues.

The new CDBC, which is rumored to be backed by Gold, will allow them to own their financial infrastructure, including a joint payment network. Some nations have already switched to trade in local currencies to reduce dependence on the US dollar and the euro. So it's happening, though not widely reported in the mainstream.

China has been very active in securing trade deals with Saudi Arabia. They inked 34 agreements to invest in green energy, information technology, cloud services, transportation, construction, and other industries. While value of these agreements was not specified, a previous report stated that the two countries would sign contracts worth $30 billion. No wonder the US isn't happy.

So with Europe dropping their dependence on Russian Oil from 40% to 9%. Plus, the closure of their Nuclear power plants and then having to pay triple for LNG to be shipped from the US, I'm starting to wonder what kind of strategy our Commodities Traders will play in this broken world.

Let's see. 2023/24 is going to be interesting