BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.

Well it's Time for the BRICS. New World Order lo come up with a default reserve currency or simply go back to gold as the reserve. Il will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rales.

The US has sanctions on 26 countries or about 1/3 of the world's population. The US has been given the privilege of being the reserve currency but acted irresponsible.

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

The problem is in the way in which the United States and Europe decided to relate to the rest of the world in an imperialist logic, the American does not know, does not study, does not understand and does not respect other cultures! The American thinks that his "culture" is superior and that should rule the world, countries like China, Russia, India have a millenary culture and tradition much earlier than the existence of the United States, the way of thinking of the people is different and must be respected. In addition, doing business with the United States is self-harm because they use all means to destroy you or make you accept conditions that are not good for both

It’s not only about Joe, it has been about all the presidents of the USA and fed heads since 1970s. As a non American not even living in the USA I can see that. You as a newsman must see it too.

As an African , people never realized all those wars the USA gets involved in really affects the African continent negatively, it is literally becoming unaffordable to even pay in US dollars for import goods I can assure you we wish no financial harm to the wonderful people of the USA but our people are starving while the land is being plunded or people live on a dollar a day while or lands are rich All Africans are hopeful for better control that the brics will bring , you are correct in saying the sanctions that was placed on Russia had a adverse effect on African countries and as some countries generate great wealth with wars we actually suffer tremendously. All Africans had a great deal of respect for Americans, but your policy, your law makers, and leaders has had a great impact on the whole world in the negative. And it's sad to say, and as the world will struggle more, your greatest debate is what is a male and what is a female which from our primitive minds is clear as the day.

Vietnam war was US first mistake and provoking Ukraine for war against Russia is US last mistake. Kaboom!!! Dollar gone, Europe in Recession. Now backbenchers will be come into power to punish bullies😂😅

The G-7 represent some of the largest former Empires. They extracted resources from their Colonies. The IMF now allows the G-7 to continue to extract resources from developing Nations. Loans are created that are way beyond the ability of thos Nations to repay. Taking Resources from the Nations as if it were Tribute Payment, is no different than the old method. The Nations who assemble in South Africa are asking to be respected for their right to ask for a fair price for their resources. The G-7 appears to be insulted that this idea would even be considered? Respect appears to be a Commodity that is essential. Respect now appears to be an endangered species?

It's interesting to learn more about the discussions and proposals around BRICS nations and their potential use of gold. There are several reasons why people may choose to buy gold, including its historical use as a store of value and means of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities. Additionally, gold can offer diversification benefits to investment portfolios, as it tends to have a low correlation with other asset classes like stocks and bonds. However, it's important to note that investing in gold carries risks and may not be suitable for evervone. and investors should carefully consider their investment objectives, risk tolerance, and financial situation before making any decisions.

The 15th BRICS Summit in Johannesburg, South Africa reflects the increasing expectations being placed on the BRICS cooperation mechanism by more and more countries. The theme of this summit is "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism." despite uncertain international environment have becomes the appeal and centripetal force of concepts such as openness, inclusivity, cooperation, and win-win. More than 40 countries have expressed desire to join the BRICS mechanism and over 60 global leaders and political heavyweights have been invited to attend. The Western media has been hyping up the China-India discord by fabricating rumors which are "baseless attempts to undermine the event" and bringing the "China threat theory" that they have been propagating into the context of BRICS countries, attempting to portray the BRICS mechanism as a geopolitical rival to the Group of Seven (G7). After 17 years, the BRICS is becoming has becomes even stronger and the BRICS’s mechanism itself has developed well and has adapted to and satisfied the needs and calls of the times. Many countries are disappointed with the G7 global governance system dominated by the US and the West and the serious shortcomings of the US-led global order. Dissatisfaction with the US-led global order was exacerbated by the degradation of US hegemony, weaponizing US dollar and the G7 dictating the global economic policy. The US global reserve currency and the SWIFT communication system for banks is used to impose sanctions and siphoned $600 billion of Russia sovereign wealth and $7 billion of Afghanistan foreign reserves by the US with impunity. Developing countries is eager to curb dependence on the US dollar for foreign trade and to reduce dependence on the US currency. The establishment and development of the BRICS cooperation mechanism is proof of the awakening of independent consciousness and the strengthening of autonomy of non-Western countries to pave a new path for the emerging economies of the Global South. The member states of the BRICS, the emerging market group of Brazil, Russia, India, China and South Africa, are widely anticipated to deepen financial cooperation in an upcoming gathering, in particular in the payment and currency sectors to counterbalance the hegemony of the US dollar, which has left emerging economies and developing countries struggling financially. The BRICS members and the increasing willingness of more countries to join the bloc, the process of de-dollarization, which has become an irreversible trend, will be accelerated. Since its establishment, the multilateral cooperation mechanism of BRICS has provided development tools based on partnership and joint growth, in comparison with the Western model that pursues its own interests. In the upcoming BRICS 2023 summit scheduled from August 22 to 24 in South Africa, discussion of financial cooperation including the use of more local currencies for trade settlements, exploration of a parallel payment system to counter the dollar's hegemony and a common currency is highly anticipated. The New Development Bank, created by the BRICS in 2015, has set a target to increase local currency lending from about 22 percent to 30 percent by 2026. China and Russia have taken a leading role in promoting local currency settlement. More than 80 percent of trade settlements between Russia and China have been conducted in Russian rubles and the yuan. There has been an ongoing discussion within the BRICS to accelerate the rollout of a payment system, and the need became particularly urgent after the US removed some Russian banks from the SWIFT global interbank payments system and forced other economies to pay for its economic problems with sizeable financial tightening. The BRICS members could move to establish a version of their own monetary fund on the basis of the existing BRICS emergency reserve arrangement mechanism. Although it's not possible to shake the dominant status of the dollar in global trade and settlement at the current phase, more countries are seeking to reduce reliance on the currency. Saudi Arabia, Iran, the United Arab Emirates and Venezuela having expressed interest or applied to join the BRICS bloc. The chance of de-dollarization in global oil trading will be much higher and US dollar will no longer be the dominant currency of choice. President Ramaphosa said more than 40 countries have expressed interest in joining BRICS. The BRICS members represent nearly 42 percent of the global population and account for about 26 percent of the global economy.

You don't brag about going to war. You brag about avoiding war...well said.

Seems like our own “leadership” have done a great job of “blunting” us

Bring us down to earth Peter . Sad as it is

BRICS and creative international trading is going to put a big hurt on the fiat U.S. dollar. For example, why couldn't India buy grain from Argentina with a mix of non-dollar currencies and gold?

IT IS SO FUNNY TO SEE THE HOST COMING BACK TO THE FEAR OF BRICS CHAT, AFTER PETER CLEARED THAT US ECONOMY IS BEING DESTROYED NOT BY THE BRICS BUT BY DESIGN OF US GOV

Peter is 100% correct

go BRICS! whish the people in the global south peace and prosperity. Stop US wars

It's worse than nonsense, it's insanity!

Peter tells it like it is.

Britain killed 4 million Indians in Bengal in 1943 by imposing a famine

I live in Canada and bought my first house in 1991 and the interest rate was 11%, so high interest rates were kot just for the late 70’s and 80’s.🤦🏻‍♂️

When there is no mercy from the northern side, expect the monetary weaponisation to be blunt by the southern and eastern side

The truth is ugly

If you cant beat them...join them..im talking about the BRICS 🙂

🇬🇲 BRICS 💪🏾

US dollar definition: The US dollar is a protection racket not a currency.

FUTURE IS IN BRICS➕

Finally someone who speaks the truth !

Good news host, except all roads lead back to 100+ years of overspending.

Remember Gaddafi wanted currency backup by gold and we know what happened to him( granted he was a brutal dictator) but that was the last straw

Interest rates may be going up, but government can always make up for it by currency printing. And often stupidly do.

They didn't just punish Russia, they also punished Russian nationals living in other countries

A weak dollar can signal an economic downturn, making me to ponder on what are the best possible ways to hedge against inflation, and I've overheard people say inflation is a money-eater thus worried about my savings around $200k.

When. trump and every president talks or threatens with tariffs and sanctions on countries like India, we may look for alternatives

When the sales start, who's going to want to hold on to the last dollar? Go BRICS+

Watching many streamers leaving the U.S. So many better places to live now.

I like the truth of the Peter Schiff Show. !!!!!

You could see Biden come alive in one of the presidential debates.. Suddenly he was invigorated by hatred when he described what he would do to Russia and China.

Thomas Sowell said If biden becomes president we may never recover.

I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Maria Reyes.

Excellent report 💯

Excellent info !

The Founding Fathers would have been proud members of the BRICS Nations.

Who want to trade will countries who sanctioned you when you don't follow what they said.

Go Brics go!

Peter is the MEN ! Poland here ! He knows what he talk about .

America dream to American nightmare....

DE-Dollarization a path to HYPERINFLATION! As the reliance on US dollars diminishes, central banks will begin dumping their dollar reserves. This will result in hyperinflation, a spike in interest rates, similar to Germany from 1921 to 1924!

Blessed are the Peace Makers for they will be called children of God.

My first mortgage in 2000 was 8.7%

If I was the President of the USA, leader of the free world- I would sit down with all of the Nations in the BRiCS summit find a way to hash things out through dialogue, hopeful reach a conclusion really to stop the WAR in Europe. There’s no way USA is going to win this Economic war long term because Saudi Arabia & Russia are sitting in the same Table in the BRICS summit. Not to mention we have Iran sitting in the door step waiting to join the Summit🤯 I mean all of the Global Oil Supplies are singing the same Tune, that is to shift away from the dollar 😢. Oh, lastly don’t forget the USA needs those countries to Settle down and sing the “same tune” or else y’all might end up as the next “UK” My views from South Africa 🇿🇦

32.7 trillion debt 😂😂 action starts on 33 trillion

That was great interview, Peter

Our interest rates were held WAY too low for decades and is responsible for the lack of saving-BAD! It should be raised to more than 14 percent, honestly.

Glad to see the poorest people of the world, through Bricks, gaining a possible chance to allow the more progressive countries to advance. As those marginalized by the pre- Bricks powers.

More people need to watch.

You are a great economist/analyst, Peter. But more than that, you are a person with morals. Thank you for highlighting the need for peace talks. If only the powers that be think like you! Both the Russian and Ukrainian people deserve peace. Thank you.

All the World is a Balloon🎈 and Peter is a Sharp 📌Pin. 😂

How is this a problem for USA? Being the reserve currency has weakened our young college kids. Tough times are needed.

I believe Peter is a little older than his 50s, just saying some of us wouldn't mind being in my 50s again

As a commerce graduate, my advice for citizens of American and Western nations is to consider investing their money in Indian INR by opening an account in India or exploring investment options as per their liking. In comparison to China or Russia, India's friendly relations with American and Western countries further strengthen its position as a viable investment destination.

The Kings 👑’$ of the East

THANKS YOU FOR TRUE 💯💯💯💯👍🏻

Hahahahahahaha. Welcome to your own medicine 😂

Well said amen!😎

Well said 👍

Brilliant points and spectacularly splendid presentation, Peter. 😳 The BRICS nations coming together and strategizing to take over the world and screw over the West is a cause for concern, as they supply us with goods and have loaned us a lot of money. 00:32 Treasury bond yields hit the highest level in 16 years, making it more expensive to finance the $32.7 trillion national debt. Mortgage rates are expected to hit eight percent soon, significantly higher than the rates in recent years. The nation is broke and the inflation is on the rise due to years of reckless money printing. 🌍 The speaker believes that the sanctions imposed on Russia have accelerated the process of de-dollarization and pushed Russia to cozy up to China, which could lead to an economic war with BRICS nations. 02:54 The sanctions on Russia have given the world a reason to de-dollarize and move away from the dollar payment system. Punishing Russia for holding dollars sends a contradictory message to the rest of the world. The speaker is concerned about the potential economic war with BRICS nations and emphasizes the need for peace and reconciliation with Russia.

Great interview 👍

❤❤❤😂😂😅😅😊😊 love the host and Peter ..both if hilariously funny :)))...😂😂😂

Some things are sacred, you don't touch them. Dollar and SWIFT was a privilage and power, by using them as a weapon we hit the axe on our own feet. Dedollarization is becoming a reality. It would be slow, but the mighty dollar will have a great fall.

Bidenomic vs Bricks things are turning interesting.

i see something good. everyone's going gold and asset backed amen

Scary stuff

Can you blame those nations for coming together?????? Also, why would a nation hold another nation's debt????????

One advantage of the USA is that it can print dollars. If things are so bad why is the S&P up 16% since the beginning of the year?

Rise and win BRICS

10% mortgage is okay... when housing prices are normal. They are beyond 100% increase, inflation adjusted. A house should cost 230k now

Timely review

Whats this guy talking about? Rates were the primary reason why assets like houses sky rocketed. Insanley delusional to ask for rates to come down.

Voodoo economics cannot be stopped

The Hegemonic US in general must or will be forced anyway to relearn how to live within its means and mind its business in the rest of the world. As in the new multipolar world, the rest of the world can longer be forced to buy free lunches for the Hegemonic US

Just imagine not having the economy to keep with the maintenance of the military ships airplane jetfigthers, nuclear facilities, submarines payroll etc not having enough money to maintenance all the infrastructure. America is about to be humbled in a day, 🙏 pray , repent

There is no such thing as a free lunch. Base currency values have to be linked by necessity to allow for global trade. A Brics alternative currency isn't some magic wand that will take away your country's debt or hyper inflation

Yeah like the anchor says, are we fucked? Yeah and it’s about time the US realises the rest of the world also has the right to the same

Peter's single minded view point as a global economist makes a lot of sense when he talks about the economy but making sense has little to do with predicting the future economy.

YOU SEE PEOPLE OF DIFFERENT NATIONALITY COMES TO AMERICA TO EITHER WORK OR LIVE THE QUESTION IS WHY. THE ANSWER IS THEY WANT TO EARN DOLLAR BECAUSE OF ITS VALUE. BUT IT SEEMS LIKE THAT IS GONNA STOP VERY SOON. AND THAT MIGHT JUST BE THE END FOR AMERICA AS THE NATION WHERE EVERYONE WANT TO BE. That is the real threat

It's too bad Larry didn't get into the debate!

Biden still sleeping

Hahahaha 😂 this is just great! People are really scared they finally losing power and control 😂

😂nice

Peter all ways circles back to gold.

He’s 100% right

With the rise of BRICS, whether it's G7 or AUKUS, as long as the US is involved, the US and EU will continue prioritizing their interests. This means actions aligned with national security, rule-based order, and more. They will respond to geopolitical shifts, technology, trade, and economics in their usual manner. When dealing with 'unfriendly' countries, they will criticize BRICS in bringing BRICS down.

US days od power are over, new age coming. Chinese navy in Brazil

NOTHING TO WORRY PEOPLE. GDP RANKING 2050 1- CHINA 🇨🇳 2- INDIA 🇮🇳 3- AMERICA 🇺🇸 YOUR FAULT IS YOU JUST SELECTED JOE BIDEN😂 YES JOE BIDEN. 🤣

What do you expect from it? The greatest discussion in Socialist Republic of Murica is what definition of male and female while in other hands, China's greatest concern is about mega-project on infrastructure, science and technology advancement

Okay, not all roads lead back to Joe and I am sure Peter Schiff wouldn't agree with that statement either. America's problems started long before Joe became president. It is annoying when the announcer only wants Peter Schiff to agree with his statements and twists what Peter is getting at. We want the truth, not partisan propaganda.

BRICS+ 🥳🥳🥳

Can someone please talk about what inflation rate will the US have once the dedollarization happens? It seems they just talk about hyperinflation but 50% inflation isn’t the same thing as a million % inflation