BRICS MONETARY MULTIPOLARITY

Recently, conversations surrounding the new emerging monetary multipolarity as potential replacements for the USD in global trade have been making the rounds. Some of these stories focus on the inevitable end of the USD as global reserve currency. Most understand that this will not happen tomorrow, if at all, over the next five years or so citing various sensible reasons for that opinion. So, if this is not the end of the USD as GRC, then what exactly are the BRICS doing? That is the focus of today's video.

Simply put, the BRICS are setting up the ability to trade their key natural resources amongst each other in local currencies. Here, previously from Why are Central Banks really buying Gold?  the problem of replacing the USD as Medium of Exchange (MOE) is outlined and theoretically solved.

Without an agreed upon currency to replace the dollar, and broken trust for any one nation to guarantee it, what to use as a universal MOE? What can we use as a physical MOE that is both contractually reliable, and keeps our Gold safe from others occasional bad behavior?