Someone on WhatsApp, Shared me a video of this guy called JAKE Tran On brics - https://www.youtube.com/@jaketran/videos. He was saying that if SAUDI dumps petro dollar and start selling petrol in new BRICS currency then US dollar is in huge trouble. As you said no one is talking about it like they should I am also having similar thoughts about it since few weeks, Is it or not a big deal for the world?
Let the politicians worry about it. If there is a BRICS currency, traders would be more than happy to trade it.
Unless you are willing to free float your currency & issue bonds in a liquid fashion, talk about replacing the USD is a joke. I remember during the GFC in 2008 people were talking about the Euro replacing the dollar but I knew it was just a mirage -- Tom Brady's ex-wife claimed to take her salary in Euros back then. How can currency exist without the ability to issue debt?
Yup lol Saudi will give up the dollar the same day they give up buying U.S. military expertise and technology. Reportedly U.S. and Saudi Arabia currently are working on a long-term NATO-like agreement involving peace deal with Israel. But I guess that WhatsApp guy knows better.
https://www.moneycontrol.com/news/b...ateral-currency-settlement-plan-11123721.html So much for BRICS currency, three of BRICS members are actually working on something else.
You obviously misread many international monetary news. There is no talk about replacing USD, replacing one fiat to another it is obvious not a solution. The works have been debase USD in trades, not necessarily in Yuan, it is in whatever local currencies that can swap based on import export volume. If you don’t trade with US or China, why would you hold USD or Yuan as settlement currency.
%% LOL Sounds like he read it right; obviously not a solution =replacing a capitalist currency with a crooked ,corrupt commie currency. 88%market share of US$ maybe hard for chicoms + evil empire to change much
i reckon barter trades are a good system, you have to make something, otherwise you are starve to death. paper money is no good.
On the one hand, I would like to see BRICs work, on the other hand, we don't because Russia and China would be the worst of the big players in that system. As much as we have almost lost all free speech in America (Elon is trying to still hold Twitter platform as a free-for-all in speech), Russia and China don't even have a possibility of an Elon type of white-knight to step in. You are imprisoned as soon as you post anything against the government consensus. Plain and simple. Zero freedoms. And as for corrupt governments, as corrupt as the US is... Russian government gangsters make even Pelosi look like an angel in comparison (ok, so maybe I wouldn't quite ever count her as an angel). A Russian lays a pipeline, and a German lays the same unit of measurement of a pipeline. The cost that Russia charges is 3x the German rate. Why? Not because of currencies, or soil changes... it's not because Russia needs to pay pensions for its workers (in fact, Russia pays them LESS!). The reason the cost is 3x as much, is that Putin SAYS it is, and the cost is inflated. With the excess off the standard rate going right into the private accounts of Putin and his Oligarch buddies. No questions asked. Even the Italians in the roaring 20s didn't dream of skimming so much off the top! And that, is just ONE area of the never-ending corruption schemes in Russia. They fucked up their communism with widespread corruption, and they are doing the same in capitalism now. If a person gets lucky and finds themselves a CEO of a blue-chip company in Russia, guess what happens? The government drafts some new charges, or laws, and suddenly one of Putin's friends comes along and legally takes all the shares away (and gives them to himself, not the people). You now see why the army is a complete joke/mess over there. This type of corruption is non-sustainable. Same mistakes, different government.