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you might have heard of something called the g7 summit this is where the worlds leading countries with advanced economies come together to talk about nothing short of how to rule the world canada france italy germany japan the uk and the us you can think of this club as sort of like the cool kids club where all the seniors hang out and not everyone is invited which is why another club was created for all the other kids the brix summit think of this club as the junior varsity edition of the g7 summit russia india china and south africa they represent the worlds leading developing countries at the end of june this year they came together and on the topic of discussion for the 14th annual brics summit was the creation of a new monetary system which means that soon we could be seeing the creation of a new world reserve currency and the problem with that is that its going to challenge the global dominance of the us dollar