The BRICS gold backed currency is doomed to failure. Europe showed us that you can’t have a truly common currency without integrated finances. Eventually you have countries like Greece and Italy who don’t play by the rules, thereby unbalancing the system.
In a BRICS system, if countries are allowed to issue currency, they will have an incentive to cheat, to issue more currency than they can back with deliverable gold.
If most countries are not allowed to issue currency, then the benefits will accrue to those that can, creating rifts in the bloc.
They don’t really want a gold backed currency… they just want to exit the dollar and have hard money. Eventually they’ll figure it out. #bitcoin
techfeudalist /
npub1nz3…yxqu
2023-07-10 12:40:20
Author Public Key
npub1nz3cd3mx4jf9paxwrdgqvchaprjdge9pj9t58mkusw74q5saajkqu0yxquPublished at
2023-07-10 12:40:20Event JSON
{
"id": "cf1aaca81675c1b617a6789ef430c5b5223b86ceb2441773f3917f5d333a5ba3",
"pubkey": "98a386c766ac9250f4ce1b500662fd08e4d464a1915743eedc83bd50521decac",
"created_at": 1688985620,
"kind": 1,
"tags": [
[
"t",
"bitcoin"
]
],
"content": "The BRICS gold backed currency is doomed to failure. Europe showed us that you can’t have a truly common currency without integrated finances. Eventually you have countries like Greece and Italy who don’t play by the rules, thereby unbalancing the system. \n\nIn a BRICS system, if countries are allowed to issue currency, they will have an incentive to cheat, to issue more currency than they can back with deliverable gold. \n\nIf most countries are not allowed to issue currency, then the benefits will accrue to those that can, creating rifts in the bloc. \n\nThey don’t really want a gold backed currency… they just want to exit the dollar and have hard money. Eventually they’ll figure it out. #bitcoin",
"sig": "65c65451fcc8139aff6937eb9ee5bd5b2e86b0663aa2e843d2344356705b2d08d57d46caa47dc01a0a131eddff112cd1e8a47e7e35a732307f8430e6f3b84846"
}