BRICS currency

David's faith

David's faith

On August 22 BRICS meeting will likely define a new currency. It is said to be the end of the Dollar reign era. How come, there is no thread about it already? It is maybe the most impactful date of this decade?

Bus. summary: The new currency will be most likely backed by gold of which every country has a lot of officially and inoficcially they should almost own double that amount . Russia tries to end US currency reign and also push Europe into a crisis as a revenge for sanctions and weapons delivery to Ukraine. The others join Russia since all of BRICS lose alot of money for their sold ressources due to inflation in EUR and USD. Depending on if they make cold turkey or hot turkey by how strictly they are going to use it, it will change the fate of the financial world.
 
maxinger said:
No one is talking about it because it is a trivial piece of news.

Chinese Yuan will be the reigning dominant currency.
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It must be Russian push. Media in BRICS is not even reporting this news. Atleast, in India it seems to be the case. Also check the following news.

https://www.reuters.com/world/brics...mit-agenda-south-african-official-2023-07-20/

So, as per the above news, they are not going to discuss currency.


Also another argument here: https://www.livemint.com/opinion/on...s-currency-loses-traction-11689604699727.html
 
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David's faith said:
On August 22 BRICS meeting will likely define a new currency. It is said to be the end of the Dollar reign era. How come, there is no thread about it already? It is maybe the most impactful date of this decade?

Bus. summary: The new currency will be most likely backed by gold of which every country has a lot of officially and inoficcially they should almost own double that amount . Russia tries to end US currency reign and also push Europe into a crisis as a revenge for sanctions and weapons delivery to Ukraine. The others join Russia since all of BRICS lose alot of money for their sold ressources due to inflation in EUR and USD. Depending on if they make cold turkey or hot turkey by how strictly they are going to use it, it will change the fate of the financial world.
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Next year is the national election in India. The government dare not touch currency. If they do, Indians would be inclined to bring down the government. Democracy in action.


Look at he following paragraph as reported in Indian media:

"Reports suggest that China is using BRICS as a weapon in its quest to dethrone the U.S. dollar as the global reserve currency. The Chinese government is said to be eyeing for the U.S. dollar collapse with BRICS is believed to be the stepping stone to turn the idea into a reality. However, the other three countries India, Brazil, and South Africa seem to be skeptical about the prospects of China dominating the world. They fear that Xi Jinping could impose his vision of the global order, when the new currency appears on the international stage."

https://timesofindia.indiatimes.com...loat-a-common-currency-indias-reaction-to-it/
 
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there is no new currency, at best an alterantive to imf special drawing right type of mechanic.

if you are the chinese, why would you want to share your currency by keep bailing out the weak ones?
 
SunTrader said:
Dogecoin will be common currency before BRICScoin. lol
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If they trade no longer in USD they will also have to sell treasuries. Enough demand for dollars breaking away to make dogecoin very precious. Thing is - you will sell it for dollars. So you gain nothing at all.
 
As I have said, the risk to BRICs, is that as soon as it takes off (and it may very well do so shortly), it is just a matter of time before it will start to get debased all over again. There will be an excuse... and then another... and another...

So it will put the world into the same problem. There has to be a way to prevent the debasement of the currency. This is something the Roman Empire tried to solve through each generation, and despite many costly attempts and attempted solutions, they just could not get around it.

Bitcoin solves this, but... the only thing backing Bitcoin is the stored energy of the miners, not the supply growth of 1% of physical gold in the world each year.
 
David's faith said:
If they trade no longer in USD they will also have to sell treasuries. Enough demand for dollars breaking away to make dogecoin very precious. Thing is - you will sell it for dollars. So you gain nothing at all.
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My post was meant as sarcasm.

For as long as there have been humans The End is Near (for whatever topic) has been coming. Never happy/satisfied with status quo.
 
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