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07-07-2024, 08:07 PM
The US dollar would not have become a global currency just after the WII if it was not backed by Gold. When Nixon came into power in 1971, he unilaterally canceled the direct international convertibility of USD to gold. USD continues to be a global currency after that.
https://www.investopedia.com/articles/fo...rrency.asp
Therefore, for BRIC to nominate or create another global currency, it would have to go through a similar path as the USD. As BRIC is known to start up as an organisation to champion Western power, most likely they are linked together by the benefits of cheap Russian oil rather than other benefits. If that being the case, it would be unlikely for them to agree to use a common currency without any strong backing such as gold or other precious metals.
https://www.investopedia.com/articles/fo...rrency.asp
Therefore, for BRIC to nominate or create another global currency, it would have to go through a similar path as the USD. As BRIC is known to start up as an organisation to champion Western power, most likely they are linked together by the benefits of cheap Russian oil rather than other benefits. If that being the case, it would be unlikely for them to agree to use a common currency without any strong backing such as gold or other precious metals.
