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Is the dollar losing its status as reserve currency? - Robert Kiyosaki, Andy Schectman

The Rich Dad Channel・38 minutes read

The US dollar's decline and the rise of the BRICS alliance challenge Western dominance, focusing on shifting to a new economic and geopolitical system backed by gold. Countries like Mexico potentially joining BRICS could have major implications, including trade in the Chinese digital Yuan.

Insights

  • The BRICS alliance, including countries like Brazil, Russia, India, China, and South Africa, is challenging Western hegemony by promoting mutual cooperation in politics, economy, trade, and security, expanding to include more nations like Algeria, Argentina, Iran, and Saudi Arabia.
  • The world is transitioning towards a new financial system backed by real commodities like gold and silver, moving away from the US dollar dominance, with countries like China leading the shift through initiatives like the Belt and Road project and potentially utilizing the Chinese digital Yuan for trade, while also aligning with other nations for mutual prosperity.

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  • What is Gresham's Law?

    Gresham's Law states that bad money drives out good money.

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Summary

00:00

"BRICS Alliance Challenges US Dollar Dominance"

  • Robert Kiyosaki discusses the potential end of the American Empire and Gresham's Law, which states that bad money drives out good money.
  • In 1971, the gold backing was removed from the US dollar, and in 1964, it was removed from silver coins, leading to the current situation.
  • The US has been a dominant force due to having the world's reserve currency, but other countries are now uniting against this dominance.
  • The discussion focuses on the potential impact of Mexico joining the BRICS (Brazil, Russia, India, China, South Africa) alliance.
  • The BRICS alliance is significant as it stands against Western hegemony and promotes mutual cooperation in various aspects like politics, economy, trade, and security.
  • The BRICS alliance is expanding to include more countries like Algeria, Argentina, Iran, and Saudi Arabia, among others.
  • The BRICS countries are accumulating gold reserves, which will serve as the backing for their new system.
  • The Belt and Road Initiative is a massive infrastructure project connecting countries for trade and cooperation, challenging Western influence.
  • The Belt and Road Initiative includes various countries like Iran, Iraq, Syria, Lebanon, and the Gulf states, fostering economic cooperation and infrastructure development.
  • The Shanghai Cooperation Organization is a key player behind the BRICS alliance, aiming to establish a settlement currency backed by gold for the Eurasian landmass, challenging the dominance of the US dollar.

17:13

Global Shift: BRICS Nations Economic Union Expansion

  • Japan, New Zealand, Australia, and Mexico are rumored to be signing up for the BRICS Nations or their economic union.
  • The majority of the human population is joining together for prosperity based on mutual benefit, moving away from Western influence.
  • Countries like China are building infrastructure, refineries, and oil rigs in cooperation with others for mutual benefit.
  • Military cooperation is also a significant aspect of these alliances, as seen with Russia signing deals with Saudi Arabia.
  • Saudi Arabia, Nigeria, and other OPEC countries are aligning with BRICS and other nations due to concerns about the West's green initiatives.
  • The world is moving towards a new currency system, potentially using the Chinese digital Yuan and a distributed ledger for transparency.
  • The West's actions, such as sanctions and monetary policies, are pushing countries to align with others moving away from the dollar.
  • The BRICS countries are rejecting the dollar in favor of real commodities like gold and silver, aiming for a more stable financial system.
  • Countries like Iran and Saudi Arabia are finding common ground and cooperating against Western influence.
  • Mexico potentially joining BRICS could have significant geopolitical implications, potentially leading to trade in Chinese crypto Yuan.

32:31

Global Trade with Gold: Central Bank Concerns

  • Gold back international monetary fund special drawing rights used for trading globally
  • Janet Yellen's statement on bailing out regional banks based on systemic importance
  • Concerns raised about the safety of funds in smaller regional banks after Yellen's comments
  • Shift towards centralized banking resembling communism and modern monetary theory
  • Central banks accumulating gold as a high-quality liquid asset for a new system
  • Bank of International Settlements declaring gold as money in 2019
  • Importance of holding physical gold and silver over ETFs for protection
  • Details about Miles Franklin's precious metals sales, storage facilities, and customer service
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