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Macro analyst Stephanie Pomboy returns as a guest host on Wealthion to interview currency expert James Rickards about the highly-anticipated announcement of a new commodity-backed trading currency by the BRICS countries (Brazil, Russia, India, China, South Africa + a number of other resource-producing countries)
Collectively, these countries has as much or more land, population, GDP, nuclear weapons and other key strategic resources as America and its Western allies.
What repercussions are most likely to ensue from a new competing currency issued by the BRICs to compete with the US dollar's status as the world reserve currency?
To find out, Stephanie sits down with Jim for an insight-packed hour.
To learn more about Jim's work, go to wealthion.com/rickards
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TIMESTAMPS
0:00 Introduction
1:05 A new competitor to fiat Western currency?
4:15 The definition of BRICS
9:21 Applications for membership
13:49 The importance of a common fiscal policy
18:14 What's the value of the BRICS currency?
23:40 Debt to GDP ratio
29:24 Diversifying out of US Treasurys to gold
33:08 The dollar's global reserve currency status in danger?
38:04 The beginning of the retail investing market in Brazil
42:31 Dawn of the age of digital currencies
49:54 The Fed & recession risk
53:48 How may political trends influence the situation?
59:43 Concluding remarks
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