Why a BRICS Gold Standard Is a Fiction
For the past few years, we have seen claims that the BRICS countries were going to develop a gold-based trading currency and push the dollar from its reserve currency perch. However, none of the economies of these countries can operate with a currency as good as gold.
Source: Mises Institute
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DW NOTE
Russia devalued the ruble 47% in three months last year and now fires missiles funded by oil sales priced in dollars. China intervenes daily to prevent yuan appreciation and holds $775 billion in U.S. Treasuries. A gold standard requires you to honour redemptions when it hurts — precisely what no BRICS government will do.