Brazil to propose embryo of Brics currency at summit

[GALeftist]

I am now going to list just the problems with this idea that some guy with an Econ minor thought of in the past five minutes

– Currency would need a central bank located somewhere and accountable to someone – big problem in a group with multiple aspiring global powers
– Currency would strip member states of independent monetary policy which is a big deal for large, export-heavy economies like China's
– If you can't actually buy stuff with this currency in any arena besides international trade I have no idea if or how that would even work as fiat currency
– If you try to avoid that problem by begging the BRICS currency to some other currency then now you have just created the Eurozone but even worse

I think BRICS such as it is could possibly be a useful institution in easily allowing third-world countries to seek financial assistance from multiple large economies that aren't economically aligned with the United States, but this whole currency thing is completely moronic and you're setting yourself up for disappointment, Red Velvet