Greg Hunter – Analyst and financial writer John Rubino has a new warning about the fate of the U.S. dollar with the announcement next week (Aug 22–24) of the new BRICS (Brazil, Russia, India, China and South Africa) currency. There has been lots of speculation about it. Will it work? Is it gold backed? Will it immediately replace the U.S. dollar? 30 countries in all have signed onto the BRICS currency experiment.
Rubino contends, “No matter what shape it takes, the new BRICS currency is bad for the dollar. . . . You don’t want to be an enemy of the U.S., but neither do you want to be a target just because you are doing what you think is right in the world. . . then the U.S. comes in and destroys your banking system. That is now a real possibility for a lot of countries.