Let's count the ways this financially and geopolitically illiterate screed errs:
1. China won't internationalize the Yuan to allow it to become a trade finance currency. If it did capital would fly out of China faster than a hypersonic missile.
2. The Saudis and the Iranians in the same bloc? About as durable as the Molotov-Ribbentrop Pact. Any organization expanding membership will find it exponentially harder to reach consensus on anything. Think of the EEC 6 fifty years ago vs the EU 27 now. Having a disparate collection of countries that don't trade with each other in the same bloc makes as much sense as the British Commonwealth countries in the same currency and trading bloc.
3. Putin didn't even show up and Xi Jin Ping views the BRICS as a BRI trojan horse and talking shop.
4. Any BRICS bank backing a new currency would be 90% funded by China. If you think the $ is debased by an expanding money supply, look at China, which makes the USA look like a prudent monetarist by comparison. The chart is at minute 2:07 of this video: https://www.youtube.com/watch?v=ovvQdCmnCLo
Think the Saudis and the Emiratis will agree to subsidize Argentina, US client state Egypt and Ethiopia? Think Russia will return to the Ukraine grain deal so Egypt's poor don't starve? Really?
5. An India with an old border dispute that occasionally flares into violence and that's now drifting toward the Quad joining a bloc with China? Really?
6. De-dollarization? A fantasy pushed by the gold bug libertarian right and the Leninist fossils on the left in which the extremes on our political horseshoe meet in deluded and Russified Whataboutistan. Already debunked here: https://medium.com/illumination-curated/russian-useful-idiots-financial-illiteracy-9cef68e82f2c
If you believe it, short the $ against the BRICS' currencies and publish screenshots of the trades. If you don't put your money where your mouth is, you're a non-credible phony.
7. The Russians have no idea what to do with the 40bn rupees India has paid it for under break even discounted crude oil. Then Indian companies refine it and underprice their Russian suppliers in the global refined petrol market, converting Russian crude into $. Neither the RBL nor the Rupee are convertible currencies. No BRICS currency has the deep and liquid forex, bond and equity markets that can handle the $30tn in trade volumes the $ does. Neither does the JPY, GBP, CHF, NOK, SEK, AU$, CDN$.
8. From the Reuters' article cited by another Medium de-$izer fantasist, Corinne Nita:
"“global yuan adoption is unlikely, given expectations that Beijing will want to keep a tight grip on the currency. China has long sought to increase the yuan’s undersized 2.2% share of global payments, but seemingly without being willing to open its capital accounts and allow the sort of free-flowing movement that makes dollars, euros and yen so convenient….World trade flows are dominated by dollars, euros, sterling and yen because those currencies are freely available and connected to open economies in ways the capital-controlled yuan is not. To be sure, there are no signs that is changing.”
