BRICS currency

[piezoe]

Did you just notice? We've been doing it for generations.

And it hasn't "bankrupted" itself yet. Eventually, however, the U.S. could have a problem related to it's failure to tax sufficiently at the margin. Failure to tax sufficiently at the margin has become endemic in the U.S. This is not good as it both threatens democracy and long term stability of the currency. I'll be dead long before this becomes much of a problem, but it is something you younger guys should be thinking about.

 

[mervyn]

Why wouldn't you?

most of the populations are neither Americans nor Chinese, they can't use both in day to day, its their govenment decision, hopefully with its citizens interests at heart, but I doubt it.

 

[piezoe]

You are saying we are not? So why is the West bankrupting itself printing more paper that it can't even support... sending it all to the 'war effort'?

In truth the money committed to helping Ukraine defend itself against Russian invasion is small compared to the combined financial power of the nations helping Ukraine. None of them will be "bankrupted" over their support of Ukraine.

 

[piezoe]

most of the populations are neither Americans nor Chinese, they can't use both in day to day, its their govenment decision, hopefully with its citizens interests at heart, but I doubt it.

This would possibly be of interest to you: https://www.newyorkfed.org/research/current_issues/ci19-1.html

 

[mervyn]

This would possibly be of interest to you: https://www.newyorkfed.org/research/current_issues/ci19-1.html

no need to read this, dollar liquidity swap lines after GFC will do the trick among themselves, excluding Russians and Chinese of course. now there is probably a swap agreement in the work in brics.

 

[sridhga]

Tomorrow is BRICS meeting.

Chinese Central Bank has been buying Gold in the last one month. In fact its gold holdings have been rising for the past nine months.

China's major state-owned banks reportedly seen mopping up offshore yuan liquidity today.

China and Russia are very interested in BRICS currency.

Now the question is if China would slowly offload its dollar reserves for gold?

Another interesting thing this week is the meet in Jackson Hole.

 

[The_Krakenite]

Meanwhile, Canada doesn't even have a single gold bar in reserve since the turn of the century. No wonder it's now the poorest nation in the G7. With the richest resources too, imagine that!

Funny how fast liberal governments destroy countries when voted in. This takes a special kind of Trudeau stupid.

 

[mervyn]

Meanwhile, Canada doesn't even have a single gold bar in reserve since the turn of the century. No wonder it's now the poorest nation in the G7. With the richest resources too, imagine that!

Funny how fast liberal governments destroy countries when voted in. This takes a special kind of Trudeau stupid.

so what's canada's zero gold policy？ isn't yukon territory a gold mine?

 

[mervyn]

‘A wall of BRICS’: The significance of adding six new members to the bloc

China recently brokered the re-establishment of ties between Saudi Arabia and Iran, a role that would traditionally have been filled by a country like the United States.

India’s recently signed an agreement with the UAE to trade in Indian rupees and Emirati dirhams instead of in the US dollar.

Crucially, Naidu argued, the expansion list is “very energy centric”, adding that following the announcement, some analysts at the venue even facetiously commented if they should “call it BRICS plus OPEC?”.

The use of “unilateral sanctions” against countries and the continued dominance of the US dollar in global trade is something BRICS has vocally challenged.

 

[The_Krakenite]

This is entertaining, watching the hubris of Americans with their useless paper melt away on a daily basis now.

There are always those who want to just stick their head in the sand when a train wreck is speeding along right toward them.