According to state-run Russian Television (RT), the Russian Government HAS CONFIRMED Brazil, Russia, India, China and South Africa, known as the "BRICS" nations, will introduce a new trading currency backed by Gold.
The official announcement is expected during the upcoming BRICS Summit in South Africa, this August.
If this takes place, it will likely mark the end of "fiat" currencies like the US Dollar, which is backed by nothing.
How fast nations around the world switch to using this new gold-backed currency for their foreign trade, is anyone's guess.
The more countries that choose to use this new currency, the more foreign-held US Dollars will come rushing back to the USA from those countries, which no longer need to hold US Dollars for their foreign trade. As those Dollars come back to the USA, it will cause inflation to spike in ways never-before seen here in America.
The US manufactures almost nothing here anymore. Almost everything we buy and sell in the USA is made overseas. As US dollars come flooding back from overseas, the value of the US dollar will plummet versus other currencies, which means it will take many more US Dollars to buy goods from foreign countries.
Hence, sudden and dramatic inflation here at home.
It is worth pointing out that the US has, on more than one occasion, gone to actual WAR to stop this exact thing from taking place in the past. Two recent examples would be Libya and Iraq.
In Libya, Mohamar Qadaffi wanted to create a gold-back Pan-African currency. Within a month of his announcement, there were riots and uprisings in Libya that ultimately resulted in Qadaffi being mobbed and brutally killed in the streets.
Iraq made a similar effort under Saddam Hussein. He announced that Iraq would begin selling oil in currencies OTHER THAN the US Dollar, which sent the US to Iraq War 2, toppling Hussein from power. Ultimately, Hussein was found hiding in a hole in the ground, was arrested, tried, and HUNG BY HIS NECK until dead.
The US takes it ___ V E R Y ____ serious when anyone around the world tries to do anything that would unseat the US dollar as the world's defacto Reserve Currency.
The US is already itching to go to war with Russia over the Ukraine conflict. With today's announcement about a Gold-Backed BRICS trading currency, it seems logical that the US "gloves" will come off.
If Russia and the BRICS Nations do what they have announced, it would mean the total collapse of US world dominance. There are many people inside the US Government that would rather burn the entire world to the ground, rather than lose control of it. Put simply, they will stop at NOTHING to maintain their financial control power; and will actively, viciously, brutally, destroy anyone and anything threatening their power.
(HT REMARK: This is gonna get ugly.)