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  • Lula Backs BRICS Currency to Replace US Dollar in Foreign Trade

    From bnnbloomberg.ca

    Brazil’s Luiz Inacio Lula da Silva called on BRICS nations to come up with an alternative to replace the dollar in foreign trade, supporting China’s crusade against US global dominance just as he prepares to meet with President Xi Jinping in Beijing. Lula’s remarks were made on Thursday during a visit to the Shanghai-based New Development Bank, an institution created by BRICS countries, which, along with Brazil and China, include Russia, India and South Africa. Former Brazil President Dilma Rousseff is the bank’s new chief executive. “Why can’t an institution like the BRICS bank have a currency to finance ... (full story)

in the end a world without super power and USD can become ordinary money not as a medium of exchange in international trade
Wickoff is my basic analysis
We need to protect american jobs.
Don't press the button before you reach the bottom. -Old chinese saying
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This will be the true Great Reset
Quoting hesron
in the end a world without super power and USD can become ordinary money not as a medium of exchange in international trade
This won't happen in our lifetime, Russia tried dethroning the Dollar, China and India at some point... all failed miserably.

US is too big of a powerhouse and the biggest importer of goods.
Why do countries have to have one currency as the international mode of payment ? Every country can pay another in it's own currency and the funds are converted at the exchange rate prevailing at that point in time. This will take away the dollar dominance. USA might be the biggest importer and will still be if the dollar is no longer the reserve currency. It won't stop US consumers buying foreign goods.
All it will do is make the US pay for the goods in US equivalent of the supplying country's currency.
Great analysis. As long as money remains the store of wealth.
Quoting MatTrader101
{quote} This won't happen in our lifetime, Russia tried dethroning the Dollar, China and India at some point... all failed miserably. US is too big of a powerhouse and the biggest importer of goods.
If you're 70-80 yrs old then I agree, but for young adults we will likely bear witness to de-dollarization in our lifetime. It is already happening globally most notably Brazil/China's plan to settle their trade in their respective currencies. Western sanctions against Russia accelerated this process, the US dug its own grave when it confiscated Russian assets worth hundreds of billions of dollars.
IMHO for anybody with any in depth understanding of how and why the Euro "works"..
The idea of a South American "bloc" currency is entirely nonviable.
Pure political posturing by Lula.
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Quoting marketchaos
Why do countries have to have one currency as the international mode of payment ? Every country can pay another in it's own currency and the funds are converted at the exchange rate prevailing at that point in time. This will take away the dollar dominance. USA might be the biggest importer and will still be if the dollar is no longer the reserve currency. It won't stop US consumers buying foreign goods. All it will do is make the US pay for the goods in US equivalent of the supplying country's currency.
Cause currencies are open to manipulation by states, countries and special interests.

It would lead too much conflict and trade wars. U.S is the international scapegoat, the one to blame for all bad. But it cannot be enforced by individual nations any punishment cause of the size and power of the country.

It can however be enforced among nations of similiar size, everyone looking for their best interest.
USA kept all that together, even due it's been some heavy shit going on for years.

I'd rather see a re-birth of liberalism and true capitalism, than an order shift into whatever east vs west/wars or a pure technocratic neofeodal society.

However i'd flush the dollar down the toilet if they start implementing Central bank digital currency.
Don't press the button before you reach the bottom. -Old chinese saying
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  • Posted: Apr 14, 2023 3:45am
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