Peter St. Onge

So you're talking about that with China, for example.

Now for a couple of years, China and Russia had been floating, backing a BRICS currency with gold.

When they were doing that, I took it very seriously.

Now over the past year and a half, they've kind of watered that down to now they want to have like a currency basket where essentially they all throw some currency into this kind of like an IMF STR.

That I think is an absolute garbage idea.

Nobody wants it.

They'll use it for internal captive trade.

Yes, that's the transaction part, but nobody's gonna save money in that intentionally.

Why?

Because most of those countries are basket cases, right?

India had hyperinflation.

Russia had hyperinflation.

In fact, recently it had hyperinflation.

China is not freely traded.

The Chinese government can come in and cancel your yuan whenever it wants.

So I think that a currency basket

If they keep going down that path, then I don't think BRICS is a danger.

The question is, could some other currency?

Realistically, what currencies have the scale of the dollar could really hold that much as a store of value?

You've really only got the euro and possibly the yen.