BRICS is an intergovernmental organization currently comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Although you can see the trade value in BRICS, the only country known for respecting property rights in that list is Brazil. The power behind the Petrodollar are the property rights. In no way am I making the claim that the United States is perfect; however, most people would rather live in the United States than Russia, South Africa, or Brazil.
In South Africa, racism is running rampant; even if you don’t like the white population in the South Africa, racism is racism, and if there are open political threats to strip white South Africans of their property, what foreign idiot in their right mind hoard a BRICS currency knowing that BRICS nations, could start imposing their ideologies all over the world.
India still has a caste system; the Chinese communist party blatantly has capital controls and NO respect for property rights; Iran’s legal code is based on Islamic law/sharia BRICS nations can have their own thing, do their own trade amongst each other, and potentially take some market share away from the United States, but BRICS nations have a lot less respect for property rights than the Western World, and what that sounds like, is currency collapse, and in order to fix a currency collapse, historically, countries turn to a commodity standard, and the problem with HARD commit standard backed currencies, all this money people imagine they have for “war machines” isn’t really there.
This is what most people don’t understand about PROPERTY RIGHTS: without property rights, you’re left with people being INCENTIVIZED to do things, and in that world, MORALITY is subjective.