Wealthion, Released on 8/8/23

Macro analyst Stephanie Pomboy returns as a guest host on Wealthion to interview currency expert James Rickards about the highly-anticipated announcement of a new commodity-backed trading currency by the BRICS countries (Brazil, Russia, India, China, South Africa + a number of other resource-producing countries). Collectively, these countries has as much or more land, population, GDP, nuclear weapons and other key strategic resources as America and its Western allies. What repercussions are most likely to ensue from a new competing currency issued by the BRICs to compete with the US dollar’s status as the world reserve currency? To find out, Stephanie sits down with Jim for an insight-packed hour.

0:00 Introduction
1:05 A new competitor to fiat Western currency?
4:15 The definition of BRICS
9:21 Applications for membership
13:49 The importance of a common fiscal policy
18:14 What’s the value of the BRICS currency?
23:40 Debt to GDP ratio
29:24 Diversifying out of US Treasurys to gold
33:08 The dollar’s global reserve currency status in danger?
38:04 The beginning of the retail investing market in Brazil
42:31 Dawn of the age of digital currencies
49:54 The Fed & recession risk
53:48 How may political trends influence the situation?
59:43 Concluding remarks

Stephanie Pomboy is an economist and founder of the economic research firm MacroMavens. Before launching her firm, Pomboy worked as a managing director at an independent economic research firm ISI Group from 1991 to 2002. She provided timely financial insight and analysis to the country’s most sophisticated and largest institutions. Then, she began her career at Cyrus J. Lawrence LLC’s investment management company after earning a bachelor’s degree in 1990. Pomboy spent over a decade working with Ed Hyman and Nancy Lazar at ISI Group and Cyrus J. Lawrence LLC. In addition, Pomboy hosts a joint podcast called The Super Terrific Happy Hour with Grant Williams of Things That Make You Go Hmmm… newsletter.

Jim Rickards is a lawyer, investment banker and economist with over thirty years’ experience in capital markets. He is currently Chief Global Strategist at Meraglim. He advises the Department of Defense, the U.S. intelligence community, and major hedge funds on global finance, and served as a facilitator of the first ever financial war games conducted by the Pentagon. A frequent guest on financial news programs, Rickards is also the author of The New York Times bestselling novels Currency Wars: The Making of the Next Global Crisis and The Death of Money. His latest book is The New Great Depression: Winners and Losers in a Post-Pandemic World.

  BRICS, us dollar