>>>
Neither China nor Russia use a gold-backed currency, which is what BRICS toyed with doing.
>>>
Sure . . but will China and or Russia go along with a strict gold backed currency?
Decomposed > the collapse of the two (if that's even happening, though I am unconvinced)
I suspect China can 'weather the storm' - unless there are severe problems in their financial structuring (and there are rumors that there are). But Russia has taken some serious losses in Ukraine. Plus the problems the sanctions are causing. With a little luck Russia will find itself having to give it up.
However, as I think I tried to point out, the American Currency is also going down the tubes. When a currency is suffering high inflation . . . just how much of that debasement will the worlds 'movers and shakers' put up with?
My opinion.
The only way for Russia to 'improve' will be to give up and return all of Ukraine and give up 'empire building'. Get the sanctions lifted and then they can begin rebuilding their economy and invite back all the Russians who fled Russia to keep from getting conscripted.
China? They might be able to weather or get around their problems. I would not care to bet either way. It is possible 'BRICS" might TRY to get the rest of the world to go with the Yuan for the worlds reserve currency . . .
And it looks like China and Brazil are already working on something . . .
>>>
Feb 7, 2023 BEIJING, Feb 7 (Reuters) - China's central bank has signed a memorandum of understanding on setting up yuan clearing arrangements in Brazil,
>>>
But that does not sound like a 'gold backed currency'.
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