Perhaps BRICS, the acronym for a proposed currency union between Brazil, Russia, India, China and South Africa, wasn’t on the official agenda at the 2023 trade meeting of these nations in Johannesburg, but South Africa is already paving the way for a more localized currency union of its own.
Prior to the 2023 15th annual trade summit between the so-called BRICS nations, British economist Lord Jim O’Neill told the Financial Times newspaper the group “never achieved anything since they first started meeting.”
O’Neill added, “It’s just ridiculous. They’re going to create a BRICS central bank? How would you do that? It’s embarrassing almost.”
O’Neill should be careful when he uses the word “almost.” It is true the BRICS intention of developing a currency system that can challenge the U.S. dollar…
