BRICS launching own currency.. Is USD fucked ?
Too much hegemony as US tried to use USD as a weapon and world has enough of this. Like European nation ganging together to form Euro , BRICS , launching its own gang of economic currency.. Russia already relying on Chinese yen as foreign exchange reserves.. With too much of Sanctions, countries like Iran / Venezuela with huge oil reserves will be freed .. even lil rocket man N Korea may be able to break this barrier now . What will happen to USD ?
Chinese Yen has arrived, Japan exited the chat
stop whining, Russia have already maximised the mutual local currency usage with india and china, they are going good with china, in India’s case the problem is of export surpluses.
Gold is the only real currency, If the BRICS mutually agreed upon currency is backed by Gold it’ll definitely shake things for USD.
Brics is shit we all hate each other
Pretty sure USA/west will start a world war instead of giving up power
Why not start with Russia
lol think it’s nothing to be scared about. It’s actually good if we have more currencies involved in international trade like it would incentivize China to stop doing dumb shit like devaluing their currency whenever it suits them, so far they’ve only taken advantage of having well regulated international trade
BRICS was a marketing term used to sell bonds. It’s not a thing. These countries have pretty radically different strategic and political interests. In order you have • fragile liberal democracy • genocidal kleptocracy • nationalist former democracy • authoritarian tech dystopia, also with genocide • democracy with de facto one-party rule Each of these countries would want a more multipolar world, but for reasons that are so vastly different, that they will likely never meaningfully cooperate.
If China can be a global superpower while its currency is a low percentage of USD, it proves that currencies hold very little weight on the economic scale. The only thing that matters is kilotons of nukes.
BRICS isnt the entity you think it is. There isnt a strategic alliance there, nor will there ever be
Chinese Yuan is already pegged to the dollar ( they have to to export and keep currency artificially down) and besides them rest of Brics are weak and unstable currencies. In global markets you need highly liquid and reliable currency that can be trade out immediately. Until that happens it is king $. Even in early 1900 GBP had the same advantage of highly liquid and deep currency markets. Also America doesn’t need dollar to be artificially high as it hampers exports which are a tiny percentage of the GDP. It can only benefit even if that dethroning happens. In any case it will be several decades when any of that happens and only greater fiscal irresponsibility compared to other countries can accelerate that to perhaps faster rate of relative share loss.
Something similar had happened back in the 2000s, but it didn't lead to anything. I think this is a similar temporary issue. I think once the economy stabilizes a bit, the war ends, and sanctions are back down, people will stop fussing about this. But who am I to know
This time China is way more stronger and Russia is backing em and then Indian growth is inevitable.. may fuck it .. US right now have too much debt
China has way more debt