There are currently 40 nations expressing interest in joining BRICS, with 20 or so VERY interested in joining...as in already filing paperwork! The G7 will soon be a footnote in economic history books, and nobody reads those! Part of the appeal is that BRICS membership carries none of the moral baggage (human rights, civil rights, women's rights, gay rights, etc.) that the G7 demands, so countries like Saudi Arabia, Venezuela and the UAE are welcome to join, but a good part is the desire to stick it to the West, especially the USA and Western Europe. A number of countries have already been using their own currencies for international trade for some time, and it is only natural that they would create a currency to compete with the USD and EURO. We have had a good run, but we are entering an entirely new race now!
Commonly referred to as the gold old days. They should have seen that these countries were never going to give up their cask systems, tolerate uneducated diseased immigrants flooding into their country, let women drive or stop throwing gays off tall buildings.
The countries joining BRICS will be scammed. The two biggest players have extreme issues. Russia, for being in an unpopular was is toxic, and China for having a failing economy. China is still a major powerhouse, but the face plant is inevitable as they leak their market share to India, Indonesia, and Mexico. Even if that were not happening, they face a critical looming lack of workers due to the one child policy and their banking crisis continue to pick up steam. IMO is a transfer of wealth strategy by China similar to the loans they made to third world countries that require them to spend the money on Chinese goods and labor then are forced to side with China politically. IMO is a sign or Chinese desperation. This doesn't mean that the USD is in great shape or will retain it's status.
Any group with such disparity of goals and philosophy is doomed to fail. Does anyone believe a contentious group containing Iran, Egypt, UAE, and Saudi Arabia is ever going to be unilateral in anything? Argentina and Ethiopia can surely be bought. However, it is hard to put a lever against independent minded countries like Brazil, South Africa and India. Russia doesn't give a shit about anyone except Russia. China probably wants to find new ways to launder the yuan into real currency.
They have absolutely nothing in common, except the love of money (whatever name it goes by) and a simmering hatred for the USA and the European colonial powers....religions have been founded on less!
Love, religion, money and wars are what the history of mankind is all about! Life wouldn't be worth living without them...much less recording...weather data would be more interesting!
