Andy Schectman, President and Owner of Miles Franklin, believes that a common settlement currency for the BRICS (Brazil, Russia, India, China, and South Africa) is an unavoidable outcome. In a recent interview with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, Schectman expressed his conviction that the BRICS will introduce a currency backed by a tangible asset.
“While the timing of the currency’s launch remains uncertain, the increasing alliances within the BRICS group indicate that it is on the horizon,” Schectman stated. He emphasized that the sheer size of the population represented by the BRICS alliance makes the introduction of a common currency a significant event, regardless of the specific timeline.
There have been conflicting reports leading up to the BRICS summit taking place in Johannesburg from August 22-24. Anil Sooklal, South Africa’s Ambassador at Large to Asia and BRICS, stated last month that a BRICS currency was not on the summit’s agenda. He clarified that the focus of the summit would be on trading and settling in local currencies.
Although the immediate goals for the BRICS group revolve around sidestepping the SWIFT system and avoiding Western sanctions, one event in the upcoming summit that investors should closely monitor is Saudi Arabia’s participation. This is because Saudi Arabia’s involvement could have a significant impact on the global de-dollarization movement.
Schectman sees Saudi Arabia as a crucial player in the transition away from the U.S. dollar. He predicts that eventually, 85% of the global population will abandon the greenback. This possible shift is rooted in the petrodollar system, where countries need to hold dollars to purchase oil from Saudi Arabia.
Schectman referred to the deal made between the Nixon administration and Saudi Arabia in the 1970s, which established that Saudis would exclusively trade oil in dollars in exchange for U.S. security guarantees. This agreement also led to a shift within OPEC to conduct oil sales in dollars, creating a synthetic demand for the dollar.
The recent actions of Saudi Arabia, including its decision to join the China-led Shanghai Cooperation Organization (SCO), indicate a growing departure from the influence of Western powers. The SCO is a political, security, and trade alliance created in 2001 as a counterbalance to Western influence. As Saudi Arabia aligns itself with such powerful entities, it further lends credibility to the de-dollarization movement.
Schectman believes that the movement against the dollar extends beyond the BRICS bloc. If all these new alliances come together, it would represent a staggering 85% of the global population. He highlights the significance of merging initiatives such as the Belt Road Initiative, the BRICS, the Shanghai Cooperation Organization, and the Eurasian Economic Union.
The trend of de-dollarization has been rapidly accelerating and is now seen as irreversible. “We are at a point of no return – ‘past the Rubicon,'” Schectman asserts. The settling of transactions outside the U.S. dollar diminishes its demand and puts pressure on its value, leading to rising interest rates.
Schectman paints a vivid analogy to describe the process: “It’s like a game of Jenga. You keep pulling out these pieces of the dollar hegemony one by one. At what point does it tumble? It’s not going to happen overnight, but you can see the acceleration. So little by little, and then all at once.”
The introduction of a BRICS currency, backed by a tangible asset, seems inevitable according to Andy Schectman. The shifting alliances within the BRICS group, the potential involvement of Saudi Arabia, and the growing trend of de-dollarization all contribute to this movement away from the U.S. dollar. The world’s reserve currency faces challenges as various countries seek to trade and settle transactions using their own currencies, potentially leading to a substantial impact on the global financial landscape.
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Independent Journalism Is Dying
Ever since President Trump’s miraculous victory, we’ve heard an incessant drumbeat about how legacy media is dying. This is true. The people have awakened to the reality that they’re being lied to by the self-proclaimed “Arbiters of Truth” for the sake of political expediency, corporate self-protection, and globalist ambitions.
But even as independent journalism rises to fill the void left by legacy media, there is still a huge challenge. Those at the top of independent media like Joe Rogan, Dan Bongino, and Tucker Carlson are thriving and rightly so. They have earned their audience and the financial rewards that come from it. They’ve taken risks and worked hard to get to where they are.
For “the rest of us,” legacy media and their proxies are making it exceptionally difficult to survive, let alone thrive. They still have a stranglehold over the “fact checkers” who have a dramatic impact on readership and viewership. YouTube, Facebook, and Google still stifle us. The freer speech platforms like Rumble and 𝕏 can only reward so many of their popular content creators. For independent journalists on the outside looking in, our only recourse is to rely on affiliates and sponsors.
But even as it seems nearly impossible to make a living, there are blessings that should not be disregarded. By highlighting strong sponsors who share our America First worldview, we have been able to make lifelong connections and even a bit of revenue to help us along. This is why we enjoy symbiotic relationships with companies like MyPillow, Jase Medical, and Promised Grounds. We help them with our recommendations and they reward us with money when our audience buys from them.
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Even our faith-driven precious metals sponsor helps us tremendously while also helping Americans protect their life’s savings. We are blessed to work with them.
Independent media is the future. In many ways, that future is already here. While the phrase, “the more the merrier,” does not apply to this business because there are still some bad actors in the independent media field, there are many great ones that do not get nearly enough attention. We hope to change that one content creator at a time.
Thank you and God Bless,
JD Rucker
