Editor’s Note: There has been a lot of talk in recent weeks about this topic. Invariably, any time I talk about economic collapse or post articles such as the one below by Michael Snyder, I get called a “fearmonger” who’s just trying to sell gold or prepper food. The funny part that many do not realize is that I was the one calling others fearmongers for the same reasons just three years ago and for two decades prior. I wasn’t issuing warnings during the first year of the Plandemic. I wasn’t screaming for people to head for the hills or buy gold during the rise of Obamacare or the 2009 economic downturn. I didn’t promote prepper food ahead of Y2K. I’ve always been against fearmongering. It wasn’t until the last couple of years that I’ve started issuing warnings because now, unlike “emergencies” in the past, I’m truly concerned. With that said, here’s Michael’s article…
Is the global dominance of the U.S. dollar in danger? In recent weeks, there has been lots of speculation about the introduction of a new BRICS currency that would be backed by gold. In this article, my goal is to sort through what is true and what is not true.
From August 22nd to August 24th, the 15th BRICS summit will be held in Johannesburg, South Africa. Back on July 5th, RT sparked a firestorm of rumors when it reported that a decision to introduce a new BRICS currency that would be backed by gold would be made prior to the upcoming summit in Johannesburg…
BRICS is set to introduce a new currency backed by gold, in contrast to the credit-backed US dollar, with the decision coming a month ahead of the bloc’s summit in Johannesburg. With the growing initiative, more and more countries are lining-up to join the group.
In the aftermath of that report, many prominent voices were warning that the U.S. dollar was in big trouble.
For example, author Robert Kiyosaki boldly declared that the U.S. dollar “will die”…
The end of the U.S. dollar is near, said the best-selling author of ‘Rich Dad Poor Dad’ Robert Kiyosaki, citing an upcoming BRICS summit in South Africa as a trigger.
Kiyosaki is projecting that the BRICS group, comprised of Brazil, Russia, India, China, and South Africa, will announce their new gold-backed digital currency during its summit on August 22-24, and it will have dire consequences for the U.S. dollar.
“August 22, 2023, in Johannesburg, South Africa, BRICS nations announce gold backed crypto. US $ will die,” Kiyosaki tweeted last week. “Trillions of US $ rush home. Inflation through the roof.”
Without a doubt, the dominance of the U.S. dollar is under threat from multiple directions.
But a new BRICS currency will not be introduced during this upcoming summit.
During an interview with Bloomberg, one of the top executives at The New Development Bank publicly admitted that the creation of a new BRICS currency is “a medium to long term ambition”, but he also confirmed that such a currency will not be introduced right now…
The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn’t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said.
While the members of BRICS – Brazil, Russia, India, China and South Africa – are pushing to conduct more trade between each other in local currencies, they aren’t ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV’s Haslinda Amin.
“The development of anything alternative is more a medium to long term ambition,” he said. “There is no suggestion right now to creates a BRICS currency.”
But that doesn’t mean that really big things aren’t happening.
In addition to the core BRICS nations, Bangladesh, the United Arab Emirates and Uruguay are apparently getting very close to joining The New Development Bank.
Those are relatively minor players on the global scene, but if Saudi Arabia also joins, that could change everything.
There is lots of chatter that this could happen soon, and during a recent interview Lobo Tiggre said that such a move would be “a watershed event”…
Saudi Arabia joining BRICS would be “a watershed event,” he said. “I think if we wake up and Saudi Arabia joins the BRICS alliance, the world would be a different world in a meaningful and significant way.”
I agree. If Saudi Arabia joins BRICS, it would represent an enormous shift.
And that would probably greatly accelerate the transition to trading Middle Eastern oil in currencies other than the U.S. dollar.
Even without a new currency, it appears to be inevitable that BRICS is going to continue to accumulate more power and more influence.
According to South Africa’s ambassador to BRICS, over 40 different nations “have indicated an interest in joining the bloc”…
Anil Sooklal, South Africa’s ambassador to BRICS, told reporters on Thursday that more than 40 countries have indicated an interest in joining the bloc of major developing economies, but there is no gold-backed currency announcement planned for next month’s summit.
And Sooklal also told reporters that a whopping 69 global leaders have been invited to attend the BRICS summit next month…
Sooklal said that “Argentina, all the major Global South countries,” have applied for membership, and that other economically significant countries have expressed an interest in joining, including Bangladesh, the United Arab Emirates, Iran and Saudi Arabia, and even some European countries. “They are quite weighty countries,” he said.
He added that South Africa has invited 69 global leaders to attend the BRICS summit, demonstrating the bloc’s interest in increasing its global influence.
When BRICS was formed in 2009, many western leaders didn’t take it very seriously.
But now it has become a powerhouse.
And during this upcoming summit, finding more ways for BRICS countries to settle trades “in their own national currencies” is something that will be on the agenda…
Sooklal says BRICS, which is made up of Brazil, Russia, India, China and South Africa, is looking to strengthen economic ties among member nations by settling trades in their own national currencies.
“What we have said and we continue to deepen is trading in local currencies and settlement in local currencies.”
Sooklal adds that the decision of the US and its allies to impose financial and economic sanctions against Russia for the war in Ukraine has catalyzed the move of the economic bloc to shift away from the dollar.
They really do intend to move away from using the U.S. dollar. This is a process that will take time, but the dominance of the U.S. dollar in global trade is definitely starting to erode.
So whether the BRICS countries choose to establish a new currency or not, the truth is that things are changing. The U.S. dollar will never again be as dominant as it once was, and great economic chaos is ahead of us.
The western elite had dreamed of uniting the entire globe under one economic and financial regime, but right now the very deep divisions between east and west continue to grow with each passing day.
Leave a comment about this post on my Economic Collapse Substack.
Michael’s new book entitled “End Times” is now available in paperback and for the Kindle on Amazon.com, and you can check out his new Substack newsletter right here.
Article cross-posted from The Economic Collapse Blog.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
China and Russia will cheat every chance they get. South Africa is in it for the diamonds they own and lease. The Russia have a massive storage of diamonds. India and Brazil will end up on the short end of the stick. Saudi Arabia may enter and will cheat and steal as well.
BRICS can be a force for good. If the USA gov’t wasn’t so corrupt, we could get rid of the Federal Reserve central bank and stop the printing of fiat funny money. Then, go back to the gold standard and silver too,