Renowned Author and Financial Expert Robert Kiyosaki, has sounded the alarm on an expected collapse of the US Dollar, just as the BRICS summit looms on the horizon. Kiyosaki anticipates that the economic bloc will introduce a new currency, and approximately 41 nations are keen to join the BRICS group in their de-Dollarisation efforts.
Kiyosaki, famous for his best-selling book ‘Rich Dad Poor Dad’, co-authored in 1997, holds a distinguished position in the financial world. Having sold over 32 million copies in more than 51 languages across 109 countries, his insights carry weight.
In a recent tweet, Kiyosaki revealed that on August 22, a momentous event will take place in South Africa. Representatives from about 41 nations will convene to discuss the de-Dollarisation of the world economy. The much-discussed BRICS nations – Brazil, Russia, India, China, and South Africa – are expected to introduce a new currency named “bric”, where each unit will be backed by 1 ounce (30 grams) of gold.
The upcoming BRICS summit is slated for August 22-24 in Johannesburg, with South Africa playing host. The BRICS relations will be overseen by Anil Sooklal, the South African diplomat. He claimed that more than 40 nations have expressed interest in joining the economic bloc, and 22 of them have already submitted applications.
A notable absence on the guest list is that of Western leaders, including French President Emmanuel Macron. Although Macron expressed a desire to attend the BRICS summit, Russia objected to his invitation. Instead, the summit will see 69 leaders in attendance, including all African heads of state and major Global South bodies.
However, it is worth noting that a common BRICS currency will not be on the summit’s official agenda. Sooklal emphasised that the focus will be on de-Dollarisation efforts and promoting the use of national currencies for trade settlements.
In referring to the proposed BRICS currency as “bric”, Kiyosaki draws inspiration from his friend and financial expert, Jim Rickards, renowned for his book “Sold Out: How Broken Supply Chains, Surging Inflation, and Political Instability Will Sink the Global Economy”. Rickards predicts that the new BRICS+ currency will be backed by gold, adding further intrigue to the unfolding situation.
This isn’t the first time Kiyosaki has raised concerns about the US Dollar’s fate. Earlier this month, he made similar predictions about its impending demise, speculating that it would coincide with the launch of a gold-backed currency by the BRICS nations.
As the BRICS summit approaches, the world watches with bated breath, as potential changes to the global financial landscape could have far-reaching consequences. While the specifics of a new currency or de-Dollarisation efforts remain to be seen, it’s clear that the concerns expressed by influential figures like Kiyosaki and Rickards warrant attention.
Investors, governments, and individuals must prepare for potential shifts in the financial paradigm, as the balance of power in the global economy continues to evolve.