Niger’s military authorities, who took power in a coup last week, have banned uranium and gold exports to France, with immediate effect.Continue reading Africa Rising: Niger Bans Uranium and Gold Exports To France
The choice of St. Petersburg to host last weeks Russia-Africa summit was no accident. It was a symbolic move.Continue reading Russia is Making Its Biggest Geopolitical Shift in 300 Years
The geopolitical chessboard is in perpetual shift – and never more than in our current incandescent juncture.Continue reading Geopolitical Chessboard Shifts Against US Empire
The largest steel mill in the African nation was constructed through a collaboration with the Soviet Union. Over the years, Russia has remained a reliable ally for Nigeria, and the two countries have developed a strong government-to-government relationship.Continue reading Russia To Assist Nigeria in Revitalizing Its Steel Industry
This is very significant because the CIA, considered to be the Puppetmaster, used to be content playing its game from behind the scenes. However, now it’s front and center, which indicates how significant the threat of losing US hegemony really is for the Deep State, especially under a demented administration facing a lot challenges, nowadays.Continue reading Biden Makes the CIA Director Member of His Cabinet
A significant diplomatic effort aimed at countering Beijing’s influence in the Indo-Pacific region is currently in progress, and it is evident from the simultaneous visits of Western leaders to the once-neglected islands in the area.Continue reading Western Deep State Panics They Might Lose Indo-Pacific
Moscow has something extremely valuable to offer countries across the continent.Continue reading Here’s what Russia can offer Africa
On July 27–28, St Petersburg will host the second Russia-Africa Summit and Russia-Africa Economic and Humanitarian Forum.Continue reading Putin: Joining Russia and Africa Efforts for Peace, Progress and a Successful Future
It was a photo op for the ages: a visibly well-disposed President Xi Jinping receiving centenarian “old friend of China” Henry Kissinger in Beijing.Continue reading Neocons Want War with China
Joe Biden is a criminal and is compromised! And he is leading us into WW3 because Zelenskyy has proof of more Biden crimes.Continue reading Is this Why Biden Has America Involved in the War in Ukraine?
On Monday, while delivering the keynote address at the annual China Business Summit held in Auckland, New Zealand Prime Minister Chris Hipkins weighed in on the power dynamic in the Indo-Pacific.Continue reading Multipolar Maneuvering in Indo-Pacific
The news regarding the BRICS (Brazil, Russia, India, China, and South Africa) implementing their plan to create a new international currency has gained momentum. The currency will be backed by gold, as announced on July 7, 2023.
In a recent meeting in Cape Town, South Africa, the foreign ministers of the BRICS countries, along with representatives from more than twelve nations, emphasized their intention to establish an international trading currency.
This undertaking, involving countries representing around 40 percent of the global population and a combined economic output comparable to that of the United States, has the potential for significant consequences.
Additionally, several other countries, such as Saudi Arabia, United Arab Emirates, Egypt, Iran, Algeria, Argentina, and Kazakhstan, have expressed interest in joining the BRICS alliance.
The main objective of the BRICS countries is to decrease their economic and political reliance on the US dollar, challenging the influence of the US dollar on the global stage. They aim to introduce a new international currency for commercial and financial transactions, replacing the US dollar as the standard means of transaction.
The motivation behind this initiative is clear. The US administration has frequently used the US dollar as a “geopolitical weapon” and engaged in what some refer to as “financial warfare.” Through sanctions and cutting off access to the US dollar capital market and international payment systems, the US has exerted control over enemy nations.
These actions have raised concerns in many non-Western countries, highlighting the political risks associated with holding US dollars. As a result, these countries have started restructuring their foreign reserves by reducing US dollar holdings, diversifying into other currencies, and increasing their gold reserves.
According to the search results, the latest data on gold holdings of BRICS member countries is as follows:
- The BRICS countries have a combined gold reserves of 5,452.7 tons as of the first quarter of 2023, with a market value of around 350 billion US dollars.
- China has quadrupled its gold reserves over the past twenty years, and Russia announced in March 2022 that they were linking the ruble to gold at five thousand rubles per gram and requiring payment for their exports in rubles.
- Several sources suggest that the BRICS countries are exploring the possibility of a gold-backed currency, with a more specific framework potentially being announced during the BRICS summit in South Africa.
- In addition, there have been reports of the BRICS countries mulling the formation of a single gold trade system.
- While the BRICS countries are the second largest owner of gold reserves after the US, it’s unclear whether they have increased their gold holdings in recent years or if there have been any significant changes in their gold reserves.
While specific details about the structure of the new BRICS currency are not yet available, it is worth speculating on potential scenarios. One possibility is the establishment of a new bank, the “BRICS Bank,” funded by gold deposits from central banks within the BRICS alliance. The physical gold holdings would be recorded as assets on the balance sheet of the BRICS Bank and could be denominated as “BRICS gold,” with each unit representing one gram of physical gold.
The BRICS Bank could then provide loans denominated in BRICS gold to exporters and importers. These loans would be funded through credit contracts with holders of BRICS gold, who would transfer their deposits to the BRICS Bank for a designated period in exchange for interest. The BRICS Bank could also accept additional gold deposits from international investors, allowing them to hold interest-bearing BRICS gold deposits.
BRICS gold could potentially serve as international money, an internationally recognized unit of account in global trade and financial transactions. This new de facto gold currency could exist solely as an accounting unit and be redeemable on demand, without the need for physical minting.
However, the successful transition to using BRICS gold as an international trade and transaction currency would likely have significant consequences:
- The demand for gold would likely increase sharply, impacting gold prices not only in US dollars and euros but also in the currencies of the BRICS countries.
- The surge in gold prices would devalue the purchasing power of official currencies, including the US dollar and the BRICS currencies. Prices of goods denominated in these currencies would likely skyrocket, leading to a depreciation of all existing fiat currencies.
- The BRICS countries would accumulate gold reserves, particularly if they maintain trade surpluses. They would be the primary beneficiaries of this currency shift, while countries with trade deficits, particularly the US, would face losses.
The aforementioned points demonstrate the potential disruptive nature of the proposal to create a new international trading currency backed by gold.
The actions taken by the BRICS countries could have a profound impact on the global economic and financial framework, resembling a landslide in terms of changes.
It remains intriguing to observe the approach that the BRICS nations will adopt during their meeting in Johannesburg, South Africa, scheduled for August 22-24.
Discussions at the recent SCO Summit in New Delhi now point to the inevitable: The merging of new multipolar organizations and their collective reorganization of global finance.Continue reading Finance, Power, Integration: The SCO Welcomes A New ‘Global Globe’
The addition of Iran as the ninth full member of the Shanghai Cooperation Organization (SCO), an influential security and trade alliance, has been welcomed by Russian President Vladimir Putin, Chinese President Xi Jinping, and Indian Prime Minister Narendra Modi.Continue reading Iran Becomes the 9th Member of Shanghai Cooperation Organization
The legislation recently approved in Beijing aims to restore the principles of equality and fairness among all nations, bringing back a system governed by the rule of law.Continue reading China’s Bold Move: Unveiling the Game-Changing Foreign Relations Law that Defies Hegemony
The secret of a perfect psyop is that no one really understands it. A perfect psyop accomplishes two tasks: it renders the enemy dazed and confused while achieving a set of very important goals.Continue reading A Matryoshka of Psyops
For months, mainstream media across the Western world – in particular English-language outlets based in the constituent members of the ‘Five Eyes’ global spying network – have been rabidly awash with terrifying news of secret “Chinese police stations” operating the world over.Continue reading Exposing the CIA Connection in the ‘Chinese Police Station’ Narrative
Following Wagner’s ‘rebellion’ – which was nothing more than a blatant coup attempt, and a PR stunt demonstrated by Prighozin’s top-notch theatrics – NATO and the Collective West’s excitement over the possibility of Russia descending into chaos and civil war were quickly turned into utter disappointment.Continue reading What Happens in Russia After The Longest Day?
When the lightning of History strikes, better cut to the chase in our first draft. Here we go.Continue reading When The Lightning Of History Strikes, Better Cut To The Chase in Our First Draft
Although the specific details of US-initiated indirect talks with Iran are unknown, Tehran is already reaping billions of unfrozen dollars in rewards. In return, Iran may have promised to temporarily stop enrichment at 60%, a number it already had no plan to exceed.Continue reading Why the US Sought Secret Talks with Iran
A former White House official has acknowledged the reality of growing resistance to the country’s imperialismContinue reading American Elites Conceding The World is Rebelling Against the US
If you’re counting on Asia’s many new power centers to compete and clash – don’t. The Greater Eurasia Partnership is set to integrate them all – from the SCO, EAEU, and BRICS, to emerging new currencies – in order to replace the ‘rules-based order.’Continue reading Greater Eurasia Replaces “Rules-Based Order”
The St. Petersburg International Economic Forum is not only the premier platform for discussing everything that matters in business and geoeconomics concerning Russia and the wider Eurasia.Continue reading Russia’s New Roadmap for Multipolar World
The Hybrid War 2.0 against the Global South has not even started. Swing states, you have all been warned.Continue reading The Hegemon Will Go Full Hybrid War Against BRICS+
What can you expect from a government headed by a comic actor named Zelensky? We see the answer to that question day by day in the way the Ukrainian armed forces are carrying out their much-anticipated spring counter-offensive: it is being stage managed by the Public Relations team with scant regard for their cannon fodder army.Continue reading The Ukrainian Army is Run Not by the Generals But by the PR Department
At 11:15am on July 7, 1919, a US Army convoy consisting of 81 military vehicles departed Washington, DC for a perilous journey to San Francisco.Continue reading Once upon a time there were actually adults in charge…
Orthodox economics is the ideology of the rich and powerful, writes Dian Maria Blandina. Poor countries such as Sudan, that are trying to develop, cannot afford a regime of free trade.Continue reading The Hidden Hand of the IMF in Sudan’s Crisis
The move comes just days after Damascus was reinstated to the Arab League, following a decade-long suspension.
Syria and Saudi Arabia have agreed to resume diplomatic relations nearly 10 years after cutting ties, both countries have announced.
The move marks yet another rapprochement between Riyadh and its former foes, after the Gulf kingdom also restored diplomacy with Iran under a deal brokered by China.
The Syrian Foreign Ministry confirmed the decision in a statement on Tuesday, saying the renewed diplomacy would strengthen “bilateral relations between Arab countries to serve joint Arab action.”
“Based on the deep bonds and common affiliation of the peoples of the Syrian Arab Republic and the Kingdom of Saudi Arabia, and the embodiment of the aspirations of the peoples of the two countries …The Syrian Arab Republic decided to resume the work of its diplomatic mission in the Kingdom of Saudi Arabia,” the ministry said.
The Saudi Foreign Ministry issued a similar notice on Tuesday, stressing “the brotherhood ties that unite the peoples of the Kingdom of Saudi Arabia and the Syrian Arab Republic.” While neither country specified when they would reopen their respective embassies, the kingdom added that the move would “enhance security and stability in the region.”
Riyadh initially broke relations with Damascus in 2012, not long after the Syrian war kicked off, during which Saudi Arabia supplied millions of dollars in weapons and gear to jihadist rebel factions seeking to oust Syrian President Bashar al-Assad. Saudi officials were among the first to condemn Assad’s handling of anti-government protests at the time, later shuttering the Saudi embassy in Syria and expelling the Syrian ambassador.
However, following a normalization deal between Saudi Arabia and Iran mediated by China in March, the region has seen renewed efforts to mend ties between former adversaries, with the United Arab Emirates also voicing willingness to improve relations with Syria. Tehran and Riyadh have also taken steps to end the conflict in Yemen, which has raged since 2015, taking a devastating toll on Yemeni civilians.
On Sunday, the 22-member Arab League agreed to lift Syria’s 12-year suspension from the organization, yet another step toward reconciliation. That decision followed a high-level meeting in Amman between Syria, Saudi Arabia, Jordan, Egypt and Iraq, where all parties agreed to improve cooperation on combating terrorism and pledged to “support Syria and its institutions to establish control over all of its territory and impose the rule of law.”
Foreign Minister Sergey Lavrov’s New York moment performed the diplomatic equivalent of bringing the house down.Continue reading Mr. Lavrov’s New York Shuffle
On March 17, the Prosecutor General of the International Criminal Court, Karim Khan, introduced an arrest warrant for Russian President Vladimir Putin and his Commissioner for Children’s Rights, Maria Llova-Belova.Continue reading ICC’s Putin Arrest Warrant Based on State Dept-funded Report that Debunked Itself