“If Russia is not to be isolated internationally, it needs an international currency it can trade with. Just last month Putin said, ‘The issue of creating an international reserve currency based on a basket of currencies of our countries is being worked out.’” So wrote MoneyWeek’s Dominic Frisby last week. (https://moneyweek.com/investments/commodities/gold/605354/could-gold-be-the-basis-for-a-new-global-currency )
Frisby quotes Sergey Glazyev, whom he cites as the one “supervising a new money system for the EAEU and China,” as saying: “The world’s new monetary system, underpinned by a digital currency, will be backed by a basket of new foreign currencies and natural resources. All interested countries will be able to join. The weight of each currency in the basket could be proportional to the GDP of each country, its share in international trade, as well as population and territory size. In addition, the basket could contain an index of prices of main exchange-traded commodities: gold and other precious metals, key industrial metals, hydrocarbons, grains, sugar, as well as water and other natural resources.”
Frisby points out that the West has ignored the June St. Petersburg International Economic Forum, which was attended, he writes, by key representatives from China, India, Iran, Turkey and many Arab nations, and “the recurring theme was trade between non-Western powers in a U.S. dollar-controlled world of sanctions and a new, non-Western international currency.” Also, he cited the Shanghai Cooperation Organization’s Samarkand summit as a follow-up, describing the SCO as “covering 40% of the world population and over 30% of global GDP.”
