[Russia is running out of US dollars]
Their US dollars are just frozen in overseas bank accounts. It’s not that they don’t have them, they just don’t have access to them, mostly over sanctions imposed after the Ukraine invasion.
[Russia is fucked]
Yup China is funding them, but the Chinese don’t care about their war they are just slowly taking over Russia
I mostly agree, but I’m sure the Chinese don’t mind seeing what happens when the West is faced with an ambivalent-to-hostile nuclear power, with deep commercial ties, going to war to press questionable territorial claims.
China’s just happy to get rid of more of its currency so it can keep more dollars in reserve.
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I love seeing this and the comments about BRICS lol
Imagine being excited two kids are eating sand. That’s what you’re doing lol
No, you see, BRICS will adopt the blockchain and then we’ll all get a lot of money from the seekrit money fund that the (((globalists))) have been keeping from us! Q said so!
(/s fwiw)
I’m surprised it took them so long.
Putin’s speed run to being Xi’s bitch
Sir, honestly, why would you send a page with a pay wall? Did you want me to only read the title?
Why not just bypass the paywall? Archive the page:
Now that’s the idea we could have rolled with from the get-go.
Does this work for all pages with a pay wall? Someone always tells me “duh, why didn’t you bypass it?” Then I try the tool they gave me on other page and it doesn’t work.
That’s just my experience. I hate frontend code, so I usually fail when I go into the html components to remove stuff. Usually the logic is minimized and ain’t nobody got time for that
Yeah, no. Crude and coal are still 95% USD denominated, and that’s more than half Russia’s exports.
Some that BRICS action baby
Yup, thats precisely what it is for. The world is getting multipolar, thats for sure.
And last time this happened there was a world war, so I’m not sure if I should be excited.
No way I’m saying I’m excited. But why does the world have to confirm to the US.
You don’t. You get to pick your hegemony and you live or die with the consequences.
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Brics doesn’t even have a centralised currency of any form lol.
For it to have the world standard currency, the bunch of systemic competitors that make up brics (almost all of which have at least some major cause of friction with at least one of member) to:
- agree on a name, design and production strategy that every single member is happy with
- have a centralised bank somewhere that is controlled by some (presumably inter-state) entity
- have all members adopt that currency as their primary currency, phasing out their existing state controlled ones
- have the currency be more stable and commonly accepted than USD
Only then can it even really begin to start being a world currency
Frankly, I don’t think there’s nearly enough cooperation within the group to even start making steps toward a common currency for decades
Yeah zero chance this happens in our lifetimes. They don’t have enough in common to pull something like this off. It took Europe half a century and they are all next door neighbors with roughly the same values.
I’ll take that bet; you have to pay in the new currency if I’m right; if you’re right, one of us is dead, and it doesn’t matter.
Why would they need to fully replace their local currency to trade with another currency?
Is this something all countries that trade with dollars have done?
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BRICS is not about having a centralized hegemonic currency to replace the dollar, but about negotiating with the countries own currencies and skipping the dollar. This news is just that.
Also the BRICS bank exists.
They have a development bank, but that’s fundamentally very different to a central bank (more like the IMF and less ECB).
The comment I was replying too was about a centralised brics currency, though.
I’m still betting on the Euro overtaking the dollar - the EU is much less unpredictable than America.
I agree but I don’t think the US would like or even let this happen.
The world has been divesting from the Euro ever since the sovereign debt crisis in 08 and 09. A lack of unified monetary policy is a large factor. However, Europe’s has only accelerated the trend by keeping interest rates low compared to the strong action the Federal Reserve took when inflation became an issue. Europe is now hit with a double whammy of high inflation and low growth. Europes economy is fundamentally weak. Its population is aging towards having a majority of retirees. Retirees don’t spend money on stuff like people in their 20’s 30’s and 40’s. Simultaneously they are dependent upon foreign sources for energy.
The EU simply can’t raise interest rates or they will kill what little growth they have.
Unfortunately the US has a lot better access to labor, better demographics, and more natural resources and better river networks, etc. to exploit, not to mention extremely good natural defense lines. No matter how well run Europe is in comparison, the US will always have a massive head start.
Wow, you have it figured out. How much money have you converted into any of the BRICS currencies? It sounds like you would have quite the long term investment when those currencies appreciate due to increased demand.
All of the brics countries right now can keep thier own world currency we need more local currencies im tired of this drive to welcome globalism from known fascist countries.
What exactly do you mean by globalism?
Unfortunately, in the US, the term generally is used exclusively by the far right to reference rich Jews and the liberals who support them.
I just want to clarify whether you are referencing that or a different usage of the term that may be more location specific to you.
