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BRICS and Dollar (Patreon)

Published:
2024-10-01 22:13:10
Imported:
2026-06
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Content

GDinero asked me what I thought of this.

Pretty straightforward really

If BRICS takes off per this article, it is poised to reshape global financial interactions and trade practices, reducing the dependency on and demand for the U.S. dollar, which could weaken the dollar, increase inflation, and accelerate its decline. This shift challenges the dominance of the U.S. dollar in international trade, offers many countries an alternative to the SWIFT network, and has the potential to significantly alter global economic dynamics and power structures.

TLDR

Dollar will weaken, demand for dollar will tank, inflation will go thru the roof, govt will be forced to print like never before and we will see debasement like never before. Reading things like this make me feel very underweight Bitcoin. Perhaps Larry Fink is right.

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159 Countries Sign Onto BRICS Settlement System, Bypassing SWIFT | TDS NEWS

Image Credit, Limassol/Cyprus The global financial landscape is poised for a seismic shift as news emerges that 159 out of 193 countries have signed up to use the new BRICS settlement system...

Comments

Papa aka TheRealOriginalGreyGhost

I want to take an alternate view. BRIC is made up of who? An oligarchical nation-state, a communist one, a socialist one and a flagging mob democracy. Now how well are the same constituencies getting along in the UN? I don't believe this union will ever work. They will always be stabbing each other in the back when things get rough and things in finance are always getting rough. @KoinKap is right. If the US can curtail it's current socialist bent, it will be fine.

Jordy Kost

Does this mean it might be a good idea to have some of our cash in a different fiat? Idk, like AED or something?

WhyNot

So if all of these BRICs have currencies that other BRICs don't want to hold or invest in their debt at this very moment then why would a pooled currency be any better? China already has a competitor to SWIFT and it gets very little use outside of China. Train wreck economies don't want to hold other train wreck economies currencies or debt.

JobberWokker
>>151122611

Exactly what I was thinking. They would need to adopt something else such as gold or BTC.

Chewie

No World Reserve Currency lasts forever and USD is in its final period, which can still last a few more decades. A new one will arise and even if informal, Bitcoin will be the one people will turn to.

GwendeB
>>151117396

AED, the currency of the United Arab Emirates, is pegged to the USD..so that won't make a difference

ali

this might be good, end American hegemony and perhaps a more balanced playing field will bring about healthy competition and prosperity, USA included. absolute power is corrosive.

Abundant Avery

IMO this means that we are closer to having the US change the dollar from fiat to gold and silver backed. I posed that question last year and the more that happens I see it clearly coming to pass. The US dollar will become gold and silver backed once more. Large financial institutions will forever change even our traditional backing will be effected

Bourbon Broheem

Perhaps a BTC backed dollar and destroying the federal reserve bank will resolve this mess.

WinstonChurchill
>>151145377

Why would any country constrain themselves like that vs the freedom to control the currency however they want?

voodoo

And that's double worst for us here in Europe right? All our assets (TSLA, MSTR, CLSK..) are denominated in dollar. If the dollar tanks and euro stays flat, well the whole portoflio is going down with it.. :/