A BRICS Economy Emerging

A monopoly on money is a monopoly on power and influence. The UNIT monetary ecosystem is challenging the USD hegemony which will likely prove a good thing in the long run.

James Roguski writes …

Substack writer James Roguski is like a dog with a bone. He relentlessly alerts anyone who will listen about the World Health Organization (W.H.O.) and the attempts of its member states to create a de facto global monopoly on authority over all matters related to human health. Recently he wrote about BRICS_PAY which is sure to have an impact on the global economic health if it spreads as intended.

TRUST is in short supply.

The UNIT ecosystem (of BRICS_PAY) is proposed as a solution to the basic lack of trust problem stemming from the politicization of the use of a single global currency ( the US DOLLAR) and constraints on its use for valuation and settlement of trade and capital flows.

The UNIT fractal monetary ecosystem introduces a practical approach to creating essentially “apolitical money” that can be freely used as a storage of value or currency for payments via any open payment and clearing system, while providing long-term purchasing power stability.

My Libertarian opinion

I generally favour competition.

Competition in markets enables freedom on informed choice for all suppliers and consumers whenever many actors are allowed to participate in minimally regulated market exchanges. Competitive producers understand that every consumer is unique and each one makes choices based on a myriad of factors. With this understanding and some investigation into market characteristics, producers seek a profitable niche within the sea of unique consumers to “mine gold”.

Payments systems are “infrastructure”.

Money is the medium of exchange for transactions between suppliers and consumers of market goods or services. Like roads, bridges, sanitation systems and the like, payment systems enable exchanges to be transacted in a more convenient way than our ancestors experienced in the local market square.

American has too much power.

This is an understatement in the eyes of many, especially by the leaders and inhabitants of countries that have felt the boot of American power on their economic necks.

Americans like to think of the USA as the global policeman and home of moral superiority over everyone else. This explains why their politicians, media spokespersons, senior officials, ambassadors and globally-influential institutional representatives are forever wagging their American finger of righteousness at every nation that falls afoul of their preferred doctrines of justice, ethics and morality.

Arrogance and Power are a bad combo.

Western nations like America, whose leaders claim to operate on models of democracy and capitalism, often interact with other nations that feature goversncr elements of dictatorship, communism, socialism and/or theocracy. All national leaders believe that they are operating in the interests of their nation, even Vladimir Putin and Xi Jinping.

Putin, for example, is a Russian nationalist schooled in Russian history. He demonstrates pride in his nation and its storied past. American leaders likewise display their national pride with every chance they get. One is not better than the other. They are both just different.

When national leaders meet to negotiate political or economic terms between their nations, they do so from their own personal LIFE LENS acquired through a lifetime of knowledge and experience as a citizen.

EVERY man or woman can only REALLY understand things from their own life experiences. These are always unique to their past and current circumstances.

Decentralized power is the most democratic.

Ayn Rand famously stated: "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities."¹². This quote reflects her philosophy of individualism and the importance she placed on individual rights.

National leaders who negotiate inter-national agreements never speak on behalf of their individual citizens. It’s not possible. They can only speak in terms of the collective power of the state that they are expected to represent. The “forest” is always the topic of negotiation, never any individual “tree”.

If this is true, I wonder why any citizen would bother to vote for a politician who they know cannot represent them.

Digital Currencies.

Bitcoin is a decentralized digital currency.

Bitcoin works because it is GROUNDED IN TRUST by well-informed participants.

All currencies have risks, but Bitcoin is the least risky of all currencies due to its many positive attributes. Of special value is the fact that Bitcoin is beyond manipulation by central authorities like the federal government. the national central bank and the International Bank of Settlements (IBS).

BRICS_PAY is a semi-centralized digital currency.

Like all fiat currencies under the control of central authorities, the UNIT fractal monetary ecosystem is sure to suffer from distrust like the USD. Ironically, it was created and/or embraced by over a dozen nations who deeply distrust of the USD as the current global reserve currency.

As a centrally controlled currency, the UNIT fractal monetary ecosystem suffers from the same design flaws. Nonetheless, those nations who adopt the BRICS_PAY system evidently distrust the known problems of the USD global hegemony more than the inevitable risks of BRICS_PAY.

A few nations have declared Bitcoin as an official currency.

Many poor countries are trapped by the IMF (International Monetary Fund) in debt financing schemes that erode their national sovereignty and purchasing power under punitive repayment terms. Bitcoin comes with non of this baggage and was a logical alternative for savings and financial transactions for a few of the IMF’s victims.

Bitcoin is a genuine “free market” currency system.

Since its launch fifteen years ago, the Bitcoin ecosystem had continually evolved and grown substantially. It serves average citizens and business owners rather than the power interests of geopolitical elites.

Bitcoin’s global purchasing power equates to about $1 trillion USD in a global economy of around $20 trillion USD, and it is growing.

While it’s none of my business to weigh in on the choices that other countries make regarding the payment systems they use for intra-national and international financial transactions, I will watch this BRICS_PAY phenomenon with interest.

I would have preferred Bitcoin to be the technology that the BRICS partners had adopted. However, but it’s difficult to ween the power and wealth elites within each nation state off their reliance on a fiat monetary system to keeps them comfortably fed and entertained on their yachts and in their palaces.