BRICs are forming development bank to attack US dollar

Discussion in 'General Trading Discussion' started by Fredrick Jones, May 25, 2015.

  1. Fredrick Jones

    Fredrick Jones Well-Known Member

    Jan 2015
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    In another step to attack the US dollar as the global reserve currency, the BRICs (Brazil, Russia, India and China) have now put into motion their own development bank. The bank will not use US dollars but will use their own currencies. It was suspected before that China would attempt something like this, but most experts thought it would not happen for another five years. The next step will be for the BRIC nations to setup their own IMF, when they will be able to do this is unknown. China does not reveal its gold reverves, but it appears as if China is the world's largest producer of gold, and it is importing vast amounts of gold. Russia is also a large producer of gold. If their new currency is partially backed by gold or commodities this will be the end of the US dollar.

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