Rickards Drops Bombshell: Rollout of a Major New Currency To Displace Dollar

• Rickards Drops Bombshell: Rollout of a Major New Currency To Displace Dollar
  by JAMES RICKARDS, https://dailyreckoning.com/
  On Aug. 22, about 2½ months from today, the most significant development in international finance since 1971 will be unveiled. It involves the rollout of a major new currency that could weaken the role of the dollar in global payments and ultimately displace the U.S. dollar as the leading payment currency and reserve currency.
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  It could happen in just a few years. The process by which this will happen is unprecedented, and the world is unprepared for this geopolitical shock wave. This monetary shock will be delivered by a group called the BRICS. The acronym BRICS stands for Brazil, Russia, India, China and South Africa.
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  This play for global reserve currency status by the BRICS will affect world trade, direct foreign investment and investor portfolios in dramatic and unforeseen ways. The most important development in the BRICS system concerns the expansion of BRICS membership. This has led to the informal adoption of the name BRICS+ for the expanded organization.
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  There are currently eight nations that have formally applied for membership and 17 others that have expressed interest in joining. The eight formal applicants are: Algeria, Argentina, Bahrain, Egypt, Indonesia, Iran, Saudi Arabia and the United Arab Emirates.
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  The 17 countries that have expressed interest are: Afghanistan, Bangladesh, Belarus, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Senegal, Sudan, Syria, Thailand, Tunisia, Turkey, Uruguay, Venezuela and Zimbabwe.
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  There’s more to this list than just increasing the headcount at future BRICS meetings. If Saudi Arabia and Russia are both members, you have two of the three largest energy producers in the world under one tent (the U.S. is the other member of the energy Big Three).
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