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(LifeSiteNews) – Late last month members of the BRICS group, an alliance of countries including Brazil, Russia, China, India, and South Africa, met to discuss a potential move away from the U.S. dollar as a reserve currency. The problem, however, is that whenever one reserve currency is replaced, the country whose currency it is faces a financial crisis.
I’m once again joined by Drew Mason of St. Joseph Partners to discuss the implications of the move by BRICS, and how LifeSite readers and viewers can protect themselves from potential financial crisis.
Mason begins by pointing out that historically, if a country’s currency is being replaced as a world currency, those in that country are usually the last to realize what’s happened. He also remarks that the countries whose currencies became reserve currencies “became complacent; they lost their manufacturing prowess, they lost their work ethic, and other nations ultimately just walked away from using that sole reserve currency.” When the reserve currency finally changed, the currency itself lost its purchasing power.
According to Mason,
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