BREAKING NEWS - BRICS TO CREATE A SINGLE CURRENCY! - THE DOLLAR IS SCREWED!
the news this morning is that - State Duma Deputy Chairman Alexander Babakov said Thursday that ideas on creating a new form of currency will be presented at the organization's upcoming summit in South Africa.
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CONTINUED - They are basically creating a global reserve currency that will compete against the US dollar as the Global Reserve.
With the BRICS nations being some of the largest oil producers and Saudi Arabia joining the SCO, it will just be a short time frame for the kingdom of Saudi Arabia to become part of BRICS.
That in turn will give BRICS a lot of leverage over the world due to all the oil these nations produce.
This in turn will also cause countries to rush to this new global reserve that BRICS is creating and we could see T-Bills being dumped in lew of the DEBT RIDDEN DOLLAR.
IN FACT, it would not surprise me to see a BRICS currency being backed by oil and quiet possibly Gold. We could also see a basket of currency added to this so that will appear that this new currency is backed by substance and not backed by debt, which the dollar is based. Well, that and it still at the moment the Global Reserve propped up by the rule of law that oil is traded in dollars.
What we are witnessing is death by 1000 cuts and a slow demise of the Dollar and the strengthening of the new BRICS Currency / The YUAN.
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