But despite an official clarification, the Russian embassy in Kenya said in a tweet, "The BRICS countries are planning to introduce a new trading currency, which will be backed by gold."
Alright so the official story is that BRICS is not working to issue a currency in a bid to compete with USD dominance, but yet the rumors fly anyway. I mean it would make sense (kind of). We all know that central banks and other institutions have been stacking gold pretty hard lately, but that the same time that can be explained simply by the market cycle and the "threat of recession".
The Biden administration full-on tried to change the common definition of what a recession even is, constantly denying that we are in one. More recently the narrative has shifted a bit. We still "aren't in a recession" but "a recession is right around the corner". It's a narrative that's being pushed so hard and fast that at this point I don't even believe it anymore. Something else is going on.
In addition to the recession narrative another big story being pushed on purpose by the propaganda machine is this idea that USD is losing dominance. We see this news EVERYWHERE, and this type of propaganda seems to be extremely effective, especially within the crypto circle. It ticks all the boxes about what we already want to hear.
We already want USD to fail due to the intrinsic blatant corruption of it all, so when the liars come out and say "USD is failing" we believe them. Why would they lie? lol. Exactly what are we being buttered up for? What is the point of pushing this information to the public if it was actually true?
Certainly, it could be a variant of predictive-programming. Repeat the same narrative over and over again to justify the power-grabs coming down later. If everyone believes that USD dominance is being threatened then it's much easier to justify drastic measures that consolidate more power to the already powerful. Being alarmist about a gold-backed BRICS currency makes it easier to justify the adoption of FEDnow, which everyone seems to think is a precursor to CBDC.
FEDnow is an account based system. The only way to use FEDnow is to be issued what is called a master-account directly from the Federal Reserve. Unsurprisingly the only way to get a master-account is to have a banking license. The FED is, after all, a central bank (IE a bank for banks). They do not service the public directly, and there's no reason to think that's going to change anytime soon.
This idea that FEDnow is going to seamlessly transition into some into some Dystopic CBDC nightmare is just flat out comical. CBDCs are wallet-based. Anyone with a wallet can use the system the same as anyone else. How are they going to magically convert an account based master-node system into a wallet-based one? Again, it's magical thinking. And also: who cares. The entire premise for all of this is that the government is going to make everything else illegal and legally force everyone to use their brand of technology, which again isn't going to happen. Literally has never and will never happen.
I would love to see that. Let Peter Schiff do his happy dance before the entire thing crashes into the mountain. It's like these people have learned absolutely nothing from history, and history is by far my least favorite subject. If gold-backed currency is such a good idea then why did they all get phased out of existence? We're going to bring them back like it's a retro fashion trend and act like this is the future? Make it make sense.
The very concept of a gold-backed currency evokes a singular overriding message: YOU CAN'T TRUST US! Right? Because if you could trust the entity issuing the currency then it wouldn't need to be backed by gold in the first place. lol.
So where is this gold being to be stored and secured? How will that be paid for? What assurances do we have that the conversion rate will remain constant and always be available? Who's going to audit the reserves to make sure they exist? The answer to all these questions is simple: 'no'. Fail fail fail fail fail. Every metric is a fail. It's a dumb idea that only had any relevance whatsoever before the Internet existed.
But again I'd love to see this gold-backed currency become a thing because that just paves the way for a crypto-backed currency narrative. Assuming we continue on the 4-year crypto market cycle we'll get a bull run in 2025 and 2029, each with a unique narrative. I suppose at this point I wouldn't be surprised if the narrative of 2029 was the collateralization of crypto assets on a nation-state level.
It's only a matter of time before countries realize they can print assets out of thin air using Bitcoin and other cryptocurrencies as collateral for the derivatives they're making. Presently it's quite obvious that the market cap of crypto is comically tiny and could never accomplish such a feat at this stage of the game... but hell with Blackrock jumping in and a full market-cycle later we might be singing a different tune. Don't forget that if Bitcoin keeps doubling every year on average that puts it at a market cap of $128T at the end of 2029, which actually is enough for nation-states to collateralize it in such a fashion. A single BTC would be worth over $6M a token, which isn't necessarily something to be celebrated. It just is what it is. Mainstream adoption what-have-you. Honestly if my net worth was only $6.5M in 2029 I'd be pretty disappointed. Seems low considering the stakes and timelines.
The difficulty of transferring a billion dollars worth of gold is infinitely more complex and inefficient compared to a billion dollars worth of Bitcoin. And while were at it, let's point out that we're still measuring everything in dollars. Unit of account matters. The entire world will be irreparably changed when crypto itself becomes the unit of account. Of course Bitcoin will never accomplish such a feat, but don't try to tell a maxi that. In all likelihood Hive won't either, and that's fine. Technically we only need one.
All I can say is that it's going to be pretty weird when the most wealthy nations in the world per capita end up being South Korea and El Salvador. On a cultural level we are about to see some pretty big shakeups. It's quite impossible to say how those developments will materialize and cascade outwardly, but it's sure to be quite the spectacle.
Is BRICS creating a gold-backed currency? Who cares? How is that more trustworthy than the systems we already have? It's not. Bankers have been hanged for stealing gold and printing fake money since of the concept. It's an archaic method of value storage that has absolutely no place within the digital age.
Is USD under attack? Is the "world reserve currency" threatened? Again no. You know how I know? Because the propaganda machine is shilling me the exact opposite story. They're not being subtle. Don't believe the information just because it aligns with the crypto narrative. And also don't forget that a weak dollar pumps markets, not the other way around. These speculators trying to price in events ten years from now are going to get wrecked, plain and simple. Weak hands continue to be flushed.
