Very good question! #[6] spoke to Tom Luongo who touched very briefly on this that the BRICS+ could setup some kind of blockchain between them to track international trades and do perhaps monthly settlements in gold. I like Tom’s thinking, it’s quite different to my own but you can see the rationale behind it - https://fountain.fm/episode/14712565206

Speculation so far has been more around a currency backed by a basket of commodities (oil/LNG/rare earths) rather than just gold. Given this is really about international energy trade which BRICS+ are rich in and the petrodollar is based upon, it would seem to me that just using gold alone would give a route for the West to attack whereas if it’s a basket of diverse commodities it’s like fighting a hydra.

I don’t know how they’ll do it (and nor does anyone else) but game theory suggests that for it to work, there’s going to have to be a level of transparency between participants completely unlike the USD. That is probably its biggest hurdle - getting such diverse interests to cooperate without trying to fuck everyone. But if they can overcome it by uniting against USD, well then the West truly is in trouble.

Personally I think Bitcoin becomes a bridge between the two. No way the US backs the dollar with a reserve asset they don’t control, and no way BRICS+ trust it to be their settlement layer when their focus is on physical real world commodities and resources.

It becomes a new Swiss Franc, widely accepted and trusted but only used in some places, probably by those nations who can’t afford to pick a side if a proper West vs BRICS+ bifurcation happens.