Aside from the much-ballyhooed Vilnius summit earlier this week, the other big news – which seems to be flying largely under the radar at the moment – is the initiative from the BRICS nations to produce a new gold-backed currency, for international trade and wholesale financial settlements.
It is impossible to do the momentous nature of that kind of announcement justice in a short post. Let us just say that, if things evolve with BRICS the way I suspect they will, then it will represent a fundamental shift in world economic, political, and military power.
Such a currency will have a lot of issues to work out, for sure. Gold is a natural currency, but it earns no yield on its own and has limited economic applications – unlike many other metals. It is also wholly insufficient to meet international monetary needs in physical form.
However, these are problems that technology can help us resolve, through tokenisation and digitisation. And with the two largest gold producers – Russia and China – along with some of the world’s largest gold consumers (like India, the Gulf States, and several others) signing on, a gold-backed international basket of currencies stands a very good chance of providing a real alternative for trade settlements.
All of that is to explore for another time. For now, it is Friday, and we know what that means.
This week’s lovely lady is Anastasiya Aleksandrovna (Анастасия Александровна), age 20, from Bryansk, Russia. She won the title of “Grand Queen of Russia 2022” – whatever that means. Apparently it has something to do with a beauty pageant of some sort.
Enjoy the weekend, chaps.