2024-04-04
It looks like we will get one or the other.
The BRICS countries have already started the process of stabilising the global currency base by linking their currencies to hard assets, which makes them interchangeable at (relatively) stable exchange rates. A bit like (but not the same as) the old Bretton Woods system where participating currencies were linked to the US Dollar which in turn was linked to gold - and which started to fall apart when certain countries started to suspect that the gold which the USA was supposedly holding for them might not actually exist ... and demanded it be delivered back.
Bretton Woods was replaced by the "petro-dollar" whose value was supported (but not fixed) by other countries' need to use dollars to pay for middle east oil (from Saudi Arabia most famously).
Now that much of the world's oil is traded in other currencies in place of the dollar, financial stability is become polarised - the BRICS (based on hard assets) are reasonably stable, and the rest (based on western central banks holding baskets of free-floating fiat currencies and a little gold) are in deep doodoo.
