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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.
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.
During Covid the Fed did everything the dollar fatalists ever predicted and they assured me the DXY would never again go above 100.
Then the DXY went to a 30 year high.
Bitcoin and crypto have created fabulous wealth but have also solidified the USD as GRC via stable coins.
And amongst all of this stuff that has never worked over the years the BRICs continuously hinted “this year” would be their big launch. And yet Lucy pulls the football away every year.
Now that none of this stuff has worked the goalposts have been moved again and two new stories have emerged.
1) The USD wont lose Global Reserve Currency status but USTs will lose Global Reserve Asset status…never mind the fact that USTs losing GRA status would contribute to the USD returning to all time highs.
&
2) The USD is not the most important form of money but energy is. Never mind that money was invented so man could harness energy without having to use it directly.
I continue to love these de-dollarization stories for the same reason I love science fiction.
It’s creative, it’s interesting, it’s forward looking….and in 20 or 30 years some of it will be true…🫣
sure it’s hard, but they got no choice. we weaponized dollar with sanction shit. they will take struggle on to get alternative. anyone would. no one wants to be dollar enslaved.
we fucked up when we decided to weaponize it.
that is why they want out. best time was yesterday, next best time is today
I've recieved the report Improvement of the International Monetary and Financial System which the Russian Ministry of Finance prepared for BRICS+ finance ministers. Key takeaways:
- NO NEW CURRENCY, not gold-backed, not commodity basket, not currency basket, not Unit crypto scam;
- Core principles of security, independence, inclusion, and sustainability will underpin new IMFS;
- No new payment system is agreed, but they're working on parallel developments in messaging (replace Swift) and domestic payments interoperability;
- Russia has proposed to BRICS Central Banks a supranational infrastructure common settlement platform, but this is not agreed;
- Russia proposes a BRICS Clear platform for inter-depository settlements (supplement or replace Euroclear and Clearstream);
- Outsize reserves in USD need sovereign reassessment;
- EMDE funding vulnerability needs urgent review;
- New Development Bank should embody core principles and serve as example to others;
- IMF and SDR not keeping up with world needs;
- BRICS Credit Rating Agency hindered by third-party restrictions, USD reliance, data collection, and common analytics framework.
I wonder how many flights to Kazan are being cancelled now?
Reserve currency means foreign countries mostly hold US dollars as short term US Treasuries. That helps in increase demand for US Treasuries. However, examine how China has slowly reduced its US Treasuries holdings since 2014.
"What is happening to the Euro?"
The Globalist Nazis want to bankrupt Europe. Recall that the they blew up the
Nord Stream pipeline and were proud of the fact.
In a huge statement following the US Election, the European Union (EU) has said it will purchase oil from the United States, not BRICS member Russia. Indeed, European Commission President Ursula von der Leyen said Friday that the union is considering replacing Russian liquefied natural gas (LNG) imports with those from the US. The move would be a huge one in the West’s battle against BRICS, one where the US already has multiple sanctions over Russia.
"In a huge statement following the US Election, the European Union (EU) has
said it will purchase oil from the United States, not BRICS member Russia."
A free Europe will buy Russian oil and gas because it is cheaper.
DemocratsAreTotallyFucked says: "No such animal."
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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.