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First the USD was going to hyperinflate and lose the GRC.
Then was going to be replaced by the Euro.
Then SWIFT was going to be usurped by INSTEX.
Then the PetroYuan was going to kill the PetroDollar.
Then Shanghai Gold Exchange was touted as the killer app.
When that didn’t work the e-yuan was sure to do it.
After that came Libra.
brics has no currency it’s just cancel culture avoidance for inner trade between members, no middle man.
Three contiguous regions that comprise 50% of the world's GDP.
Only thing that matters is GDP to debt ratio.
And it totally lies about China's by excluding the massive debts held by SOEs.
BRICS 'is working'.
https://www.vedomosti.ru/finance/articles/2024/08/20/1056702-kitaiskie-banki-vozvraschayut-platezhi-za-uzhe-poluchennie-importerami-tovari?from=newsline
I believe India is putting restrictions on what Russia can buy with those India dollars.
And what are they talking about with Russian buyers getting their money back from China after receiving the goods? Who is sending the money back to Russia?
Sure you can run a deficit with gold.
Chinese banks or intermediary bsnks. The Indians have done it via another way, buy the result is that Russians have rupees that they aren't allowed to spend on Indian goods they want to buy.
This is strange as the Russians should be able to do whatever they want as far as spend the rupees in India.
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This is a 1hr video, but very good explanation of coming de-dollarization. Take sometime to listen to it.
I dont agree 100% with the points in the video but would like any financial experts thoughts about it.