There is a lot of talk about BRICS starting their own gold backed currency. According to some, this will be announced at this meeting they are having. Unfortunately, this shows a completely misunderstanding of how to create a monetary system.
In this video I discuss the components and why BRICS has a challenge on many levels in pulling something together. There is a major component that is tough to pull off when it is under one umbrella let alone a multute of countries that tend to have ill-feelings towards each other.
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