At the recent 15th BRICS summit, Sergey Glazyev, Russia's former advisor to the president and economist-turned-politician, announced that the formation of the upcoming BRICS currency is almost complete.
Along with other recent comments made by Russian officials, it seems the plan is to unveil the new BRICS currency sometime next year, and probably at the 16th BRICS summit that is scheduled to occur next summer.
Keep in mind that at the recent 15th BRICS summit, six new countries joined the bloc, for a total of 11 countries that are now BRICS members.
"The induction of new countries is historic, as the group decided on expansion after more than a decade," one media outlet reported about all that has recently taken place.
"The expansion comes at a time when BRICS is working on the formation of a new currency to challenge the U.S. dollar."
(Related: Back in 2022, Russian President Vladimir Putin announced the new BRICS currency, which represents a death knell for U.S. dollar dominance on the global stage.)
New BRICS currency "almost ready," pending "political consent"
According to Glazyev, the new BRICS currency is "almost ready" to be unveiled for use. One of the only things left is for it to gain the "political consent" it needs to thrive.
"In order to launch this currency, we need the political consent of the BRICS countries, three of which have already expressed their support for the idea of introducing a new currency through their heads of state," the economist stated.
Right now, three of the original five BRICS countries are fully on board with the new currency, while the other two have not yet provided their opinion. If these two end up giving it the green light, it is expected that the new BRICS currency will be released in 2024.
Should all go according to plan, the introduction of this new BRICS currency will represent a major paradigm shift in the global financial sector. No longer would the U.S. dollar be king, as there will be a new buck in town.
Once that happens, the following 10 U.S. sectors will be affected:
1) The global financial system at large
2) The banking and finance sector
3) The energy and commodity markets
4) International trade and investment
5) Capital markets
6) Consumer goods and retail
7) Production and consumption
8) Technology and fintech
9) Government and policy
10) Travel and tourism
In other words, everything is going to change – and how timely this is, seeing as how the U.S. economy is heading towards a cliff.
All of these sectors are closely interlinked, of course, which means the entire U.S. economy will be affected by the change – and not in a good way as far as Americans are concerned.
Though the U.S. economy is in desperate need of reformation, that transition will not be a fun one for whoever is left behind in the wake of inevitable collapse that must first occur in order to make way for the new guy in town.
It has long been said that this transition to a new world order necessitates the complete demolition of the old world order. That transition will be ugly from the perspective of Western society and its respective economies, and from that will rise from the ashes a phoenix, or something along those lines.
"Once the financial markets are hit, the domino effect could roll over to all sectors leading to a financial catastrophe," is how one report explains it. "In conclusion, if the U.S. fails to fund its deficit, prices of all commodities could skyrocket or even reach hyperinflation."
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