Phat writes:
Meanwhile, the BRICS nations plan on forming a new Global Reserve Currency backed by Gold, which China has been accumulating at an accelerating pace.
There's not enough gold in the world to do that. There's already a massive problem with paper gold where it is estimated that there is 50x to 200x paper gold (i.e. traded gold reserve certificates) than there is actual gold.
More to the point, the US's gold reserve is currently 4x that of China's and more than 2x of the next closest country, which is Germany.