THE NEW MAP OF BRICS – That’s nearly 70% of global oil production and they’re all moving away from the USD – because if they don’t, they can someday be sanctioned, just like Russia. See? Talk about shooting yourself in the foot.
You know, back in the days, the global economy used to run on something called the “gold standard.” It was a system in which a country’s currency was linked to the value of gold. For instance, in those days (about early 20th century), US$1 meant 1/20 of an ounce of gold, which implied it would take 20 dollar notes to purchase an ounce of gold, and if you had an ounce of gold, you automatically had US$20!
Great right? But they ended it. It started with Roosevelt who forced Americans to convert their gold coins into US dollars during the Great Depression and president Nixon who, under the influence of colonial Europe, ended the practice permanently in 1971. Others followed.
But guess what? Just two years after ending the gold standard, in 1973 the petrodollar system was created through a deal between the US and Saudi Arabia. The two countries agreed to price and trade oil in U.S. dollars. With oil standardized in terms of dollars, any country that purchased oil from Saudi Arabia would have to use the U.S. dollars to make that happen.
Given that Saudi Arabia is the world’s largest oil exporter, many other oil producing countries also standardized their own oil prices in U.S. dollars. So, it was no longer Saudi Oil that you had to buy with US dollars, it was now oil from virtually all the member states that make up OPEC – and so, the petrodollar system was born.
Nations abandoned their own currencies and traded oil/energy and so much more in U.S. dollars. The dollar kept swelling in popularity and dominance, unchallenged, until recently. But keep in mind that the new dollar that replaced the one backed with gold is now regarded as FIAT. Fiat in Latin is “fieri” which means arbitrary act or decree.
It means that your paper money went from being backed with gold to being a legal tender backed only with government signature. That’s it. So basically, people who have abundance of gold, say in AFRICA who could’ve been able to use their gold to purchase any kind of good life they desire or pay off any debt they owed, will no longer be able to do that.
Rather, a worthless piece of paper is printed, backed with nothing, yet used to purchase the gold that’s actually the real treasure from Africans. Oil and all manner of Treasure’s are purchased with the same useless piece of paper that you call money. The colonial exploiters of these Treasures store them in their own lands, build an army around the Treasures in our own lands, and all we have is their worthless pieces of paper in our lazy banks.
This is topic for another day but gives you a glimpse of how they conquered us. I guess the conquest has now expired. Today, BRICS is taking the global South and indeed our world back to Gold-Backed currencies, and in this case the proposed BRICS currency that’ll serve as an alternative to the dollar.
As you already know, BRICS + Six will be the greatest undoing of the American Economic might by the Petrodollar. With about 70% of global oil production now set to dump the dollar, I don’t see the US dollar standing a chance against the BRICS currency that’ll be backed with gold, whenever it shows up.
I can see the United States hit with the kind of inflation the country hasn’t seen in many decades. I can see AMERICA returning to something close to the days of the Great Depression as the dollar finally sheds its glory and returns to the place of mourning.
Granted, this is a journey but it has just gained an unusual speed that even CNN admitted they didn’t see coming. I can confidently tell you that we’re now truly living in post-colonial days, and i am even more confident that my Africa’s freedom from colonial stranglehold will happen in my lifetime.
A warm welcome to the Multipolar World Order.
J.C. Okechukwu, Filmmaker|Media Consultant|Actor|Author|Activist|Conservative|Pro Life|Hater of Wars|Lover of HUMANITY, wrote on X, formerly Twitter, @jcokechukwu
