The BRICS — a consortium of eleven countries, with 22 more in application stages, led by China, Russia, India and Brazil — declared in October the building of a new “gold settlement architecture as a strategic safeguard against global financial volatility.” This is a fine goal, which can take many specific forms. The quickest and easiest way (although not necessarily the “best” way) to get this done is to introduce “gold checking accounts”… Read More ›
The "BRICS" is now a consortium of ten countries, with 22 more countries in application stages, led by Russia, China and India. Events since 2022 have lit a fire under the BRICS members to establish a new global financial and currency architecture that is wholly independent of the US dollar system, which has been the main focus since the Bretton Woods Agreement of 1944. Read More ›
After months of debate about various currency and commodity baskets, a Russia- and China-led consortium has apparently settled on using gold as the basis of a planned new international currency system separate from the US dollar and euro. Read More ›
The U.S. dollar is getting perilously close to losing its status as the world’s reserve currency, and there is less room than ever for error on the international stage. Read More ›
Recently, we took a look at the Central Bank of Turkey’s balance sheet, to get an idea of what has been going on, and what to do about the sudden decline in the foreign exchange value of the Turkish lira. Read More ›
