Looks like the BRICS initiative is building towards this with an August announcement. But until it happens, this is still in rumor territory.
https://bmg-group.com/russia-confirms-brics-will-create-gold...
Looks like the BRICS initiative is building towards this with an August announcement. But until it happens, this is still in rumor territory.
https://bmg-group.com/russia-confirms-brics-will-create-gold...
A semi-joke-y take on BRICS:
> Pretty straightforward really. You combine Brazil's history of monetary stability, with Russia's respect for property rights, India's domestic tranquility, China's financial transparency, and South Africa's investment opportunities - and hey presto, you've got a new global money
* https://twitter.com/davidfrum/status/1665053372402081792
Of course more countries may enrol in the system, but that dilutes the influence of the five namesake nations of BRICS.
But then you have to choose an actual currency(s) to do transactions in, so will you trust them to be stable? Or perhaps go with a 'theoretical' currency likes Keynes' bancor?
* https://en.wikipedia.org/wiki/Bancor
* https://en.wikipedia.org/wiki/World_currency#Single_world_cu...
As for gold-based currencies, see perhaps "Why the Gold Standard Is the World's Worst Economic Idea, in 2 Charts":
* http://archive.is/https://www.theatlantic.com/business/archi...
* https://www.moneyandbanking.com/commentary/2016/12/14/why-a-...