Plans for a Brics common currency are rapidly fading

[kevindavis007]

The dollar is looking stronger than ever

Earlier this year, it became fashionable to declare the end of the US dollar and by extension American hegemony. The tip of the spear for replacing the US led world order was supposed to be a new currency that would challenge the greenback and usher in a new multipolar world.

The issuers of this currency — so the rumours went — would be the Brics nations, who would pool their economic power via a gold-backed alternative monetary system. In hindsight, however, it should have been obvious that expectations have always been overblown: the announcement of this new currency was not made by high ranking officials during a Brics summit, but by an employee of the Russian embassy in Kenya.

Next week, Brics leaders will be gathering to discuss America’s influence on global affairs. But recently high ranking officials have poured cold water on the idea of a new currency. India, for example, flat out rejected the idea of giving up its rupee in exchange for monetary experiments. This would leave Russia, China, Brazil, and South Africa to come up with their own currency, but that seems even more unlikely: China’s GDP is almost five times the size of the remaining three countries taken together, which means that what would look like a common currency would in fact be handing over monetary policy to Beijing.

Read More: https://unherd.com/thepost/there-will-be-no-brics-common-currency/

[Weird Tolkienish Figure]

We were told this was big trouble if you remember for the dollar. Never mind that in a lot of these countries their own currencies aren't doing so hot..

[kevindavis007]

We were told this was big trouble if you remember for the dollar. Never mind that in a lot of these countries their own currencies aren't doing so hot..

Espcially China and Russia.

[jafo2010]

I would suggest this is bumps in the road.  Eventually, these nations and perhaps others will unify and end the use of the dollar as reserve currency, or the dollar for transactions, as in the oil industry. 

Our political leaders should be doing everything they can in preparation for this day, and not doing business as usual.

Did anyone envision Russia attacking Ukraine with the intent of seizing the country ten years ago?  What is happening does not make sense.

The USA has made every effort to bolster other nations economies, and now they want free of the USA.  No surprise.  I say the time has come for a new strategy, for the end of trade with China as we know it, and the end of everything with nation states that we consider enemies.  It makes no sense to me that we have 400,000 Chinese in our universities.  It certainly has not warmed these people to our way of life.  We call these people enemies, and we have open trade.  Now, just how idiotic is that?

[Free Vulcan]

I would suggest this is bumps in the road.  Eventually, these nations and perhaps others will unify and end the use of the dollar as reserve currency, or the dollar for transactions, as in the oil industry.

People need to understand that what may not happen under the flag of cooperation may happen out of fear and desperation.

We are completely dissolving our own currency to the point where they will have no choice to go with something else.