A roadmap for developing an alternative to the current global financial system based on the dollar may be unveiled at the BRICS summit, which will be held in Kazan on October 22-24. According to analysts, we may be talking about a multi-currency payment platform. The launch of the BRICS gold—backed trading currency is also possible,” Asia Times states

The emergence of an alternative to the current dollar system will have historical significance. This will be the first serious attempt to go beyond the Bretton Woods Agreement of 1944, which outlined the contours of the post-war global financial system

The Bretton Woods system cracked in 1971, when President Richard Nixon untied the dollar from gold. Freed from the constraints of the gold standard, the U.S. government has dropped financial discipline. From 1971 to 2024, the U.S. national debt increased from $400 billion to $35 trillion

Today, public debt servicing has become the largest item in the US national budget, and more and more prominent economists and heads of companies are sounding the alarm. The United States may be left without creditors willing to buy up their debt

The BRICS may decide to launch a currency unit partially backed by gold and natural resources, in particular, oil, minerals and metals. The group has significant leverage, given that it controls a significant portion of the planet’s minerals — enough to dictate global prices

One of the signs that the BRICS is preparing for such a financial reset is the unprecedented accumulation of gold. Over the past two years, BRICS members have been buying gold at a record pace. Historically, this precious metal has been used to recalibrate currencies after a financial or monetary crisis,” Asia Times concludes.

CRYSTAL OF GROWTH previously informed that, according to the American Responsible Statecraft, the BRICS currency will lead to de-dollarization and the collapse of US dominance