BRICS Summit Ends With a Bang -- And a Tease

Saudi Arabia, UAE, and Iran join the bloc. So much for the Petrodollar

In a nice bit of misdirection, the BRICS countries distracted the West with hints of a “gold-backed currency” at their August 22 - 24 meeting. Then, while everyone was looking over there, they did something potentially even bigger by admitting Saudi Arabia and the United Arab Emirates as members, with Iran, Argentina, Egypt, and Ethiopia scheduled for t…