patrick.net

DemocratsAreTotallyFucked says

And it totally lies about China's by excluding the massive debts held by SOEs.

as far as State Owned Industries (SOEs) in Communist China, yes as the Chicoms can easily conceal the debt of their SOEs

they do not have the transparency of the USA such as Amazon and Google have to report their financials and investors track debt to equity ratio, etc

BRICS 'is working'.

https://www.vedomosti.ru/finance/articles/2024/08/20/1056702-kitaiskie-banki-vozvraschayut-platezhi-za-uzhe-poluchennie-importerami-tovari?from=newsline

DemocratsAreTotallyFucked says

BRICS 'is working'.

https://www.vedomosti.ru/finance/articles/2024/08/20/1056702-kitaiskie-banki-vozvraschayut-platezhi-za-uzhe-poluchennie-importerami-tovari?from=newsline

Yeah same goes with Russian selling more of its oil and gas to India. India is paying with Indian currency and I believe India is putting restrictions on what Russia can buy with those India dollars.

India relying a lot more on Russia oil and gas, whereas only 45% of its energy imports are from OPEC versus 85% in 2015.

https://www.reuters.com/business/energy/indias-russian-oil-imports-rise-nine-month-high-april-2024-05-21/

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and this also
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AD says

I believe India is putting restrictions on what Russia can buy with those India dollars.

True.

These peeps all want to export but not import, for the most part. That won't work.

DemocratsAreTotallyFucked says

None of this makes sense to me.

Sure you can run a deficit with gold. Why would it make any difference to a trade deficit whether Russia is using gold or 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?

Patrick says

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?

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.

Patrick says

Sure you can run a deficit with gold.

Nope. Not really. Not for long, after all. That was why under the old Bretton Woods system nations had to settle their trade accounts after no more than a year even if the trade was in dollars. Because under Bretton Woods, dollars were redeemable for gold on demand by nations in the system. The French in particular were dicks about it from the 1950s on.

Then some countries got the bright idea of buying US treasures instead of goods with their surpluses to get around that while making $$$ in interest. The rest of that story you already know.

DemocratsAreTotallyFucked says

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.

https://www.asianews.it/news-en/Delhi-pays-for-Russian-oil-in-rupees,-which-Moscow-reinvests-in-India-60711.html

Under this mechanism, some Russian banks, including Gazprom and Rosbank, have opened rupee accounts in Indian banks, on behalf of Russian banks.

“The rising unused rupee balance for Russian entities in these accounts was a big concern for Russia,” the source added.

India is now trying to identify projects into which Russian investments can flow, like construction and certain infrastructure improvements.

Russian Foreign Minister Sergey Lavrov first hinted at the issue in September last year, saying that Moscow had "billions of rupees" deposited in Indian banks that could not be used.

After China, Russia is India’s second largest import source with imports rising by 32.95 per cent in 2023-24, to US$ 61.44 billion, billion in oil alone.

This is strange as the Russians should be able to do whatever they want as far as spend the rupees in India.

Send Gazprom or other state owned enterprises (SOEs) employees to India and give them equivalent of $5000 each and let them go buy Indian made goods and India services such as clothing, a hotel or resort stay, etc

.

AD says

This is strange as the Russians should be able to do whatever they want as far as spend the rupees in India.

Nope. Chinese are pulling similar shit as well.

They all want some dollar alternative system but won't stop fucking each other within it. Like the story of the Scorpion & the Crocodile crossing the river.

This is why I keep telling ppl that BRICS is PR bullshit and nothing more, really. Oh sure, they are developing their own alternative to SWIFT. So what? GIGO applies here. See above.

That is why that tweet said, "..building a $ alternative is HARD".

If Japan, South Korea,Taiwan, Australia, Canada, Costa Rica and Singapore wanted to do it, fine. They would have a shot because they have the cultures and subsequent legal property protections to make it work.

But loser shitholes like China, Russia and India who fuck over foreigners everyday when it comes to FDI like rain water falls from the sky? This is worse in a lot of ways. So yes, hard. A lot hard.

So, gold or the currency of a global dominant power. Preferably one with a Navy four times the size of all the others combined, with a big chunk of the world's GDP and at least 6,000 nuclear weapons.

But...BRICS! (AND "You don't know WTF you are talking about, DATF!)

America Hating Fluffers gotta fluff. <--- That's the real reason they post shit back at me.

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…🫣

https://x.com/SantiagoAuFund/status/1761384508077592784

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. so brics will barter till they figure out next step, whatever it’ll be.

FortwayeAsFuckJoeBiden says

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.

Suddenly rising interest rates gave them way more incentives than sanctions do.

Yet, it will still be too difficult to wean off. They liquidate their dollar denominated eurodollar debts to get dollars to cover things like carry trades (Japan) or even grain imports (Egypt) and oil (many countries). That means demand for dollars go up, not down. Rinse, repeat.

Meanwhile, the US is creating dollar sovereign bonds hand over foot that will be the fractional reserves for future INCREASED eurodollar lending. And every bond creates future demand for USD to service them.

See? The system is designed to be an endless game of musical chairs for the rest of the world. What is happening in the US is paddycakes by comparison.

They all hate it but can't really get out of it. Not until the whole thing crashes down.

that is why they want out. best time was yesterday, next best time is today

FortwayeAsFuckJoeBiden says

that is why they want out. best time was yesterday, next best time is today

Nope. There is never a good day to get out anymore than there is a good day to amputate your arm to stave off gangrene.

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.

https://x.com/Kathleen_Tyson/status/1845817497032732857

Between the new magic BRICS currency and my Iraqi Dinar investments, my retirement is set!

I wonder how many flights to Kazan are being cancelled now?

DemocratsAreTotallyFucked says

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.

The Social Security Trust Fund, Federal Reserve (along with American 401k and IRA account holders) are the number 1 buyer of US Treasuries, not China, Japan, or any of the foreign countries combined.

A lot of these American account holders have at least 40% in US Treasuries (i.e., like Vanguard Lifestrategy Moderate Growth Fund).

My guess is the US federal government remains solvent by eventually reducing Social Security payments to "rich and well-off senior citizens", as part of some means test.

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AD says

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.

Selling USTs increases demand for USDs, actually.

LOL, South Africa.

The only thing funnier than that is India and China agreeing to share a currency.

Brazil, Russia, China, and South Africa sounds like a recipe for massive corruption.

I'd put more trust in Iraqi Dinars

https://www.gulf-times.com/article/692826/opinion/the-brics-still-dont-matter

BRICS issued toilet paper:



See the Taj Mahal? That's a tomb.

Still, ppl would rather have this than the euro:

DemocratsAreTotallyFucked says

"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.

The_Deplorable says

The Globalist Nazis want to bankrupt Europe. Recall that the they blew up the
Nord Stream pipeline and were proud of the fact.

The euro is used to back pegged currencies in Africa (West African CFA franc & Central African CFA franc) like the USD is for the currencies used many the Carribean and Latin American countries. On top.of that, the 500 euro note is popular with money launders over the $100 note.

But that data refers to SWIFT transactions. I never knew the euro was processed via SWIFT. Learn something new every day.

So, does this really mean that the drop is likewise only in said SWIFT transactions? Because the euro probably is transacted outside of SWIFT, like in intra euro zone transactions.

https://www.bbc.com/news/articles/c624m4kgrg3o

Yup. Brazil definitely sabotaged the BRICS summit.

https://open.substack.com/pub/doomberg/p/lula-hoops

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.

https://watcher.guru/news/eu-ditches-brics-opts-for-us-oil-over-russian-supply

DemocratsAreTotallyFucked says

"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."

These are the Globalist Nazis talking. Not the free Europeans. A free Europe will buy Russian
oil and gas because it is cheaper.

The_Deplorable says

A free Europe

No such animal.

A free Europe will buy Russian oil and gas because it is cheaper.

DemocratsAreTotallyFucked says: "No such animal."

True. Not yet...

That is why Europe's Globalist Nazis are purchasing oil from the United States,

The_Deplorable says

A free Europe will buy Russian oil and gas because it is cheaper.

DemocratsAreTotallyFucked says: "No such animal."

I remember Trump telling EU and NATO about how they are dependent on their adversary (Russia) for energy security.

He naturally got mocked by the left for this.

A few years later, Anthony Blinken smirked during a news conference about how Germany can buy LNG from America after the Nordstream pipeline disaster.

It will be interesting how this resurfaces during the negotiations with the Kremlin.

.

https://www.youtube.com/live/Quzf5l5YASs?si=HhWjOXPgW15lT7xX

DOGEWontAmountToShit says

And it's related to bricks and dedollarnazification exactly how?

BTW, the mighty Rubble is less than 0.9 US cents now.

DOGEWontAmountToShit says

I wonder how many flights to Kazan are being cancelled now?

there’s no trade between us and Russia