Pepe Escobar: How the BRICS+ Unit Project Can Dethrone the Dollar

In his book co-written with top economist Sergey Bodrunov, Regulations of the Noonomy (international edition published this year by Sandro Teti Editore in Rome), leading Russian economist Sergey Glazyev stresses the need to ‘ensure a full-fledged switch to national currencies in mutual trade and investment within the EAEU and the CIS, and further – within the BRICS and SCO, the withdrawal of joint development institutions from the dollar zone, the development of their own independent payment systems and interbank information exchange systems.’ When it comes to financial innovation – compared to the current structure of the international financial system – The Unit is in a class of its own. The Unit is essentially a benchmark token – or an index token; a post-stablecoin, digital monetary tool; totally decentralized; and with intrinsic value anchored in real assets: gold and sovereign currencies. The Unit can be used either as part of a new digital infrastructure – what most of the Global South is striving for; or as part of a traditional banking setup. When it comes to fulfilling traditional money functions, The Unit is – pardon the pun – right on the money. It’s meant to be used as a quite convenient medium of exchange in cross-border trade and investments – a key plank of the diversification actively pursued by BRICS+. It should also be seen as an independent, reliable measure for value and pricing, as well as a better store of value than fiat money.