The warning signs were there (but most people missed them)

In August 2023, all eyes were on Durban, South Africa when the leaders of the BRICS alliance met behind closed doors. A few weeks before, Russia's top diplomat Sergey Lavrov made global headlines claiming the BRICS alliance was close to launching a "gold-backed currency."

Their intentions were clear: First to challenge, then to replace, the U.S. dollar. 

It was a bold claim – and for everyone who understood the role the dollar plays in the global financial system, it was a truly frightening moment. It would be an exaggeration to say the world held its breath – but I don't mind telling you, I certainly held mine!

The meeting came and went. BRICS held press conferences and announced new committees… 

But the gold-backed international BRICS currency never materialized.

Ever since, we've been wondering what happened. Did Lavrov overplay his hand? Was the foreign minister (or perhaps Putin himself) simply trolling the Biden administration? 

The election of President Trump seemed to put the final nail in the coffin. He swore instant, punitive sanctions on any countries that replaced the dollar in their global transactions. 

Trump understands that dollar dominance is a matter of national security. And he understands the consequences of losing – "If we lost the dollar as the world currency, I think that would be the equivalent of losing a war," he told The Economic Club of New York in September 2024.

The shared BRICS currency experiment was dead even before arrival. 

Or was it?

I've always had my doubts and my suspicions. As a result, over the last few weeks, I've called in every favor. Cashed in every chip I have with the movers and shakers in Washington D.C. Consulted analysts and insiders on three continents (trust me, it wasn't cheap!) – and I think I finally understand what happened.

In hindsight, the real story wasn't what Lavrov or any of the other BRICS officials announced – it was what they didn't say.

At the Rio Reset in July, BRICS will reveal their real plan

Back in 2023, BRICS never revealed their real plan. The threat of an international, gold-backed BRICSbuck was a brilliant distraction. The mainstream media laughed it off. The alternative media engaged in doom-mongering.