The death toll is over 100 and may increase significantly. Let's all hope the affected areas will recover.

Moving on, with so much attention focused on the U.S. presidential election, the war in Ukraine and the war in Gaza, which is spreading to Lebanon, it's easy to lose sight of other geopolitical developments that may be even more significant in the long run.

One of these developments is the rise of the new BRICS currency and its potential role in the global monetary system.

I've been warning readers about the collapse of the dollar for years and I was one of the first people to alert you to the rise of BRICS.

It's a monetary shock about to hit the global financial system, and something I consider the most significant development in international finance in over half a century.

The annual leaders' summit of BRICS nations is being held in Kazan, Russia from Oct. 22–24, and will include announcements moving the BRICS currency plans forward in material ways.

The Power of BRICS

The original BRICs membership from 2009 consisted of Brazil, Russia, India and China. South Africa was added in 2010 when the group's name was changed to BRICS.

That group expanded significantly at the 2023 leaders' summit in South Africa when Egypt, Ethiopia, Iran and the United Arab Emirates (UAE) were added. (Argentina and Saudi Arabia were also permitted to enter but Argentina withdrew its application, and Saudi Arabia deferred its membership saying it was still considering the matter.)

BRICS has been active over the years in institutionalizing its initiatives. In 2014, the BRICS created the New Development Bank (NDB), which functions along the lines of the World Bank to promote infrastructure development in emerging economies.

The NDB was capitalized with over $100 billion from its members and currently has 53 projects underway with commitments of over $15 billion to those projects.