BRICS and EAC face hurdles as they seek single currency
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- Опубликовано: 20 сен 2024
- As more nations seek to reshape the global economy by embracing de-dollarisation, new currencies are on the horizon. But regional and economic blocs, like BRICS and the East African Community, are facing hurdles as they push for the adoption of a single currency in order to reduce dollar exchange-rate fluctuations. Grace Kuria Kanja has the details.
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The world is changing, everyone wants freedom. This is ❤ly.
Yes, but their just lying to you.
Ukraine definitely wants freedoms from Russia.
The world economy shouldn't depend on dollar at all.
No one is depending on it …the world has a choice…euro ,Japanese,Chinese,Swiss and other countries currencies..it just the mighty dollar is too powerful…business men/women,companies want the Dollar rather than other currencies…by the way,even criminals want the dollar rather than other currencies..
@@yihuda7459 thats all the americns have left, the money printer, imagine america without this fake fiat money printer
The US dollar is just too expensive for them to get. The Ruble is total trash. Chinese currency is still linked to US dollar.
@@yihuda7459keep printing money is not the choice. It soon will doom
@@yihuda7459😂
The brics thing should work on creating a sovereign economy that isn't totally dependent on Western greed...
The funny thing about this is that no African country should be a part of BRICS because African countries have a currency stronger than the USD - GOLD!! The current system benefits them, but they have not learned how to use it. Dumb leadership
They can't you see this just Russian propaganda. Russia to poor to start another currency and global south need more investment from the G7.
West who😂😂😂
Hahahahahahaha that will never happen because, all of them r soooo different…non of them r consumer power economy like America …look at South Africa….used to be a good country,not anymore (thx to anc), Brazil is basically owned by us corporations + it has more traditional trading partners and,the majority of their products r foods …Russia is just oil and gas power nation but, not really reliable economy…China is just a manufacturing country and, not really reliable economy or gov …if Russian made some products & want to sell it in China …other Chinese will steal it and sell it and the Chinese gov won’t do anything…
@@yihuda7459India is a consumer powered economy but our economy is currently relatively very less compared to us or Chang's.
I had a fifty dollars bill and i sold it a few months ago 😅
The US government should continue printing dollars , preferably in rolls . Will come in handy in the next lockdown.
After that, they in shock when they realize how the prize start to sky 🚀 😅
No, No, No to single currency. Instead, accept the Currency of each tenure member of BRICS. Avoiding Chaos &Potential Fraud.
CORRECT
Turkey watched the Gaza genocide for 7 months before it decide to stop supplying Israel, what absolute traitors and cowards. money is all that matters to them and worshipping the west.
Don't become like America and print trillions and trillions
That becomes expensive because they’ll have to exchange currency every time. Buy or sell currency. They need stability.
Who wants New currency ?
5 countries. Total population is 3.27Billion.
10 times bigger then USA population.
If Brics releases new currency, it means more than half of the world gonna use that. But don't worry it's not going to be expensive then $ or € but stable then them.
These 3 of 5 countries are producing %80+ of rest of the world's needs. If Turkiye join the Bricks,that statistics gonna be iver %90-95. China is the major and dominates the markets.
Also do not worrying these 5 guys need customers. It means they have to deal. But difficult part is western world has to learn work hard as east.
Just use gold man
That is so stupid. 😂😂😂😂
The world lack of gold😅
@@azleadam9239 There is a reason the entire World moved away from carrying gold. It’s called progress😂😂😂
@@chillxxx241 keep printing money is not a progress if the trust on it is dropping 🥲
Mate, it’s not about carrying gold. It’s about pegging the currency to gold. At the moment, it’s all about fiat money that have no intrinsic value and is based on the US dollar. We should peg currencies to something that has value and not made up money by the US treasury.
Dollar isnt going anywhere soon. All of these countires combined = about 3% of the world's reserve currency. If they had any real reliability it would be significantly more. America is bad, but its still the best game in town by far.
How dare you come here with facts!
@@timmyg44India vs China:
Russia is the most sanctioned country.
South Africa and Brazil do not have strong economies, geopolitical power, or advanced technology.
India and Russia have good relations, but I don't think India wants to depend solely on Russia for defense, technology, and other sectors. Therefore, India is likely trying to establish good relationships with Western countries as well. Russia is also close to China, which India does not favor, but India will likely continue to follow a non-aligned policy and maintain good relations with Russia due to historical reasons, natural resources, certain technologies, and the influence of the USA.
very good journalism. keep up the good work.
Colonize land
Colonize mind
Colonize economy
which poison is the least evil here?
Hard question perhaps the mind? Without the mind's freedom one won't notice land and economic colonisation
Ethiopia must be part of EAC
It's moving in a right direction
It's fake.
@@timmyg44 you sure?
Seems legit
@@flesz_ Some South American country or India, for example, would never allow their reserve bank to be in Beijing and slave to their economic policy. The European Union can't even handle little old Greece.
Single currency will not work. Gold is the answer.
Cannot, we ran out of gold and silver in the 1700's that why nations were forced to switch to a fiat currency. Please understand World War Zero was fought because nations were running of sliver, and Spain found the Potosi mine in Peru which was a mountain of silver. This is why the British privateers raided Spanish sliver fleets from South America in Spanish war of Succession in 1701.
I love silver crunch..
I’m pretty sure the guy is talking about pegging all currencies to gold. That makes more sense than to peg it to US dollars that’s just fake money.
To go back to the gold standard would cause deflation and economic instability due to the money supply now being limited. A recession could not be dealt with because we couldn't increase the money supply.
@@timmyg44 Look Tim you can't use gold. Nigeria has about 21 metric tons of gold worth about a billion dollars. The Nigerian economy is over 1 trillion dollars per year. They can do over a billion dollars in economic activities in less the a week. They would run out of money.
The reason BRICS as an organisation will fail but not the individual countries because each of these countries have different agenda they can only agree on the need for de-dollarization but can never agree on how to go about with it
India vs China:
Russia is the most sanctioned country.
South Africa and Brazil do not have strong economies, geopolitical power, or advanced technology.
India and Russia have good relations, but I don't think India wants to depend solely on Russia for defense, technology, and other sectors. Therefore, India is likely trying to establish good relationships with Western countries as well. Russia is also close to China, which India does not favor, but India will likely continue to follow a non-aligned policy and maintain good relations with Russia due to historical reasons, natural resources, certain technologies, and the influence of the USA.
Kick the dollar out trade with bricks currency 🎉
Sorry but India will not support a BRICS currency. India is promoting it's own Indian rupee over a BRICS currency, and trying to create a Indian middle class. That is more important than replacing the US dollar.
It's impossible. Europe can barely survive with Greece and they have a single reserve bank. Imagine if China, with it's low interest rates and deflation, got into bed with an economic basket-case from South America.
What hurdles? Just do it!
Fck the dollar
🤡🤡🤡 comment don’t know economics , the dollar isn’t going anywhere ANYTIME soon 😂
@@DejiiJones_ will loose its value if ppl dont accept it just like anything else. Your sitting inside a toilet and enabled the flush 😄
You do realise there is a reason everyone uses a dollar. China makes its currency very hard to use to in settlements. They are self imposed barriers.
dollar have the army yo , gotta chill thats y
@@Michael-ss7pc same reason why lybia and other nations got destroyed. As soon as nations start trading resources like Oil or Gold in other currencies the dollar will start loosing its value. In terms of value the dollar is not even in the top 3 anymore. At the moment the most valuable currencies are the kuwaiti dinar, the bahraini dinar and the omani rial.
They should make silverback or goldback currencies like the mints do here in the USA for collectors. That way the currency itself is "literally" attached to a precious metal.
Brics currency is multiple local currencies, it is not a single currency like euro. In a multi polar world no one gets a upper hand if the currency is diversified.
Sorry, but India will not go for a BRICS currency. India is promoting it own currency the Indian rupee and building a Indian middle class. Trying create another reserve currency will do nothing to improve the economic condition of Indians.
Besides if you don't like the US dollar you can aways use the Canadian dollar or the Swiss Franc. But just remember most nations will not accept it those currencies.
just ignore him. most Indians supports Israel and I know this BS won't go so far. it's just for show. @@HellBot-gi5si
@@HellBot-gi5si All your denial facts are already a reality and is happening right now.
@@praveenspikeIndia vs China:
Russia is the most sanctioned country.
South Africa and Brazil do not have strong economies, geopolitical power, or advanced technology.
India and Russia have good relations, but I don't think India wants to depend solely on Russia for defense, technology, and other sectors. Therefore, India is likely trying to establish good relationships with Western countries as well. Russia is also close to China, which India does not favor, but India will likely continue to follow a non-aligned policy and maintain good relations with Russia due to historical reasons, natural resources, certain technologies, and the influence of the USA.
How to boycott dollar? 💵 Just imagine netanyahyu face on the toilet paper
You can't you can boycott it if you have a really powerful economy. But if your from a small nation with not a lot of resources then using the US dollar is very helpful.
@@HellBot-gi5si what resources small nation need from USA?palm oil?rice? oil and gas?🛢️meat 🍖?next time u need gold bar for all of thing.insyaAllah.
@@fisophia1734 Banking. You see most small nations their banking and economy is very basic. You cannot go to South Africa to do offshore banking, or Nigeria or Russia. They are in stone ages when it comes to banking.
@@fisophia1734 You keep forgetting offshore vehicles, and tax free havens are not offered in China, or Russia, or India why because frankly that western banking secrets. Most countries want to know who you are what you doing with your money. Western banking laws keep you anonymous and secretive.
@@fisophia1734 You see what you don't understand if you were to deposit large sums of money in Russia, the state police will start listening in on your phones and following you around and tailing your car. That's what people don't understand about dictatorships.
in the 1970s the dollar was unpegged from the gold standard 'temporarily'. i suppose the temporary unpegging is coming to an end lol
DEDOLLARISATION shouldn't be look as a bad course for u.s Becos, for decades, leader n ex leaders abused the reserved currency. By weaponising it to sanction, assets seizing, bullying other countries into submission. Is a very bad attitudes of a country. Also, the huge income brought in from the used of USD in every international transaction. Giving u.s the luxury of spent thrifty. With 35 trillions in fiscal debts. It's brought upon every American owing afew hundred K upon the population. De dollarisation by countries is for the good of u.s. De dollarisation will bring lesser income to it's economy. Thus, leaders will not carry the attitude of luxury of spend thirfty. De dollarisation is a good cause to let leader knows that there are a limit to spending. Therefore, Americans should be thankful to countries for DEDOLLARISATION. Hatred around the world are also causes by the the weaponing of the USD. Lest, if u.s wants greater debts n hatred causes by the weaponing of USD. They should care n have concern for their country n join in the de dollarisation course.
Hope the can come to a mutual understanding and cooperation!
We need to coordinate a common monetary system but lord knows how the Western Imperialists are when others are uniting.......
We still prefer EAC currency
Africa doesn't want Dollar
Study project mBridge run by the BIS (BIS is The central bank to all the worlds central banks including the fed) . MBridge is a means of moving money using the blockchain completely outside SWIFT.
Is it the name of currency or the block chain (transactions) issues. Just call it UC (unit of currency) that way it's not limited to country names that is doom to fail
It's not Americas fault ya'll don't value each other's money. You think boycotting the dollar is gonna change that?
Seriously. Like who wants gold? That is the most overpriced thing on the planet. Who even wears gold? its so out of fashion and everyone just assumes you're poor and wearing fake stuff. 😂 In America, that's a sure sign way you're poor.
@@ryanwalters6184 Yeah. Try using gold everytime you buy anything. Try dicing it up or scaling it when necessary.
What is the future of BRICS after Putin is gone.
all this talk on using local currencies BUT no video ever mentioned efforts to ensure that responsible management of their local currencies is greatest importance to ensure local currencies does not devalue due to over-supply etc.. its better to create a BRICs currency that is backed by gold standard i.e. currency is pegged to gold and a BRIC central bank to allow BRIC's currency to be exchanged for gold, this will give that level of confidence in that currency, only problem is the huge amount of gold needed....
2028 will instate the AU (African Union) currency. I want that first. Then get rid of that french currency that france prints for the Francophone nations
India should first remove restrictions and make INR a fully convertible currency. Then India can think about bigger things like replacing dollar
Natural currency called silver gold copper nickel
What make a nation independent is there own currency. No products should leave a nation without exchanging to the local currency. Its up to the government how much currency is worth by selling or buying back there currency either in the form of bonds or cash doesn't matter. Once a country has control of the currency they can control inflation and exchange rate. Just look at what is happening in Japan there government is in massive debt because they prefer to own USD. All they would have to do is dark the USD in exchange for Yen. This would increase supply of USD and decrease supply of Yen therefore drive demand up for Yen simultaneously they can pay back there own domestic debt with the repatriated Yen.
All they did was separate the English dollar for something non English. I don't know if thats good or bad
Fun fact. There is only one Russian bank in the whole of China. VTB. Shanghai. Only one.
Try hard and succeed. Never trust the US dlrs again.
when will the BRICS currency be issued soon?
Neveruary 2500
Never. Not viable. Can't get into bed together.
First India should make INR as fully convertible currency instead of putting restrictions on it. Then we can think of next steps like Global currency
FYI, India doesn't seek a single currency.
The Currency Power depends on how much Gold does The Local Bank Holds.....
So as to say : the USA dollar holds its supremacy due to their Gold Deposits.
Which the African Countries are lacking.....
Africa is The Richest Nation in the World , however corruption weakens the economy......
🤣😂🤣the USA dollar holds its supremacy due to their Gold Deposits.🤣😂😅, Are you living in a silo? USA ditched this in the 1970 during the Nixon Presidency. They just print money
The Kenyan president is in US. I think he'll change is mind thereafter
Classic reaction when it's Black Africans going to America to seek better economic cooperation with the biggest Economy on the planet. But when Arabs, Asians and North Africans do it, no one says anything. Egypt is a major US and EU Partner and Ally yet they still joined BRICS, same as Brazil and India, both countries with major partnerships and ally status with America and the European Union, yet I'm sure you have excuses for them, but when it's Black people it becomes a problem, because you want us alienated from where development is centralized. Kenya is not a mining site. We don't have natural resources like Oil, Gold, Cobalt etc that we can just dig out from the ground, something that anyone with two brain cells can do. Our economy is entirely dependent on major investments in education, technology and finance. That means our options are always open for strategic investments in these sectors from every region on the planet. Other African countries can argue about who they want to sell their rocks and Oil to, but we don't have that luxury.
Leaders of all these East African countries are the stooges of the West
@@ἌγνωστοςΘεός-ε4νIndia and Brazil is founding member of BRICS and India followed non-aligned policy.
@@Meghna_Sharma2 that’s exactly what I’m saying, Brazil has just as much economic cooperation with America as it has with China and Russia and other major economic partners. Egypt has been a major non-NATO ally since 1989 yet they still pursue Russian built nuclear power plants, Chinese infrastructure development and European economic cooperation. That’s exactly what Kenya is doing. We have Chinese, European, Asian and Russian investors all in Kenya doing business freely. Why is it a problem for Kenya to get non-NATO ally status but it was not a problem when Egypt, Morocco, Tunisia all got that status.
@@Meghna_Sharma2 there’s a clear double standard in the way sub-Saharan Africa is treated compared to the rest of the world. In fact the word sub-Saharan Africa didn’t exist until a few years ago, because they want to separate us from North Africa. Remember that Kenya is not a mining country like many African countries. We don’t have Oil, natural Gas, or any of the other important rocks and metals like gold to sell. Yet our economy is one of the largest in Africa. Kenya is playing the same game Brazil, India and Egypt is playing. We want investments because we can provide a good return on those investments. Whatever America, China and Russia are doing is non of our concern. Saying we shouldn’t build economic cooperation with America but we should with China and Russia is comical and ridiculous to even suggest.
Meanwhile Turkey is planning to use stones instead of currency 😂😂😂😂
Rocks with holes in them will be the new currency making it hard to fake .
$ is the best, china is a friend of Australia, but china struggling economically Australia think. It's currency $.
Only europe are united they use euro not dependent on dollar but others cannot because they are greedy they cannot become united
😂😂😂Europe what. What's their population BTW.
Europe is a slave of the U.S or more like friends in crimes
@@prabhakar0076700 to 800 million.
1:00
He's been to US .
That's my problem with authoritarian regimes like Russia, china, iran, north Korea it only takes one domino to fall and the whole house goes with it tho i think the domino required for each of these countries to fall varies from one to the other like for russia and north Korea their domino is the assassination of their leader but for china this is different you see they've become Germany of 38 and 39 half of the population worship the communist party while the other half are too scared to lead a revolt hence, in my opinion i think the only way to bring down this regime is through an invasion now lastly is iran only a revolt and an assassination of it supreme leader simultaneously will bring to an end of the regime now. Disclaimer these are not necessarily my views it also worth noting now that democracy is not perfect but a system where every old enough individual has the right to select his or her leader not those that only allows hardliners and moderate that's what we should strive for
দেশ দেশের কাছে ঋনি থাকুক। নিজস্ব কারেন্সিতে ট্রেড চলুক।
Using the dollar as a weapon
USD is not the problem its FIAT currency in general. Gold backed or BTC will always be better than any FIAT.
Can't, there isn't enough gold to support a currency anymore. We ran out of gold and silver in the 1700's that why we made the switch.
What is FIAT currency
@@HellBot-gi5si then algo based currency like BTC. Numbers are more trustworthy than governments.
@whiteholeeducationcenter backed by nothing but blind trust. You cannot print gold or Bitcoin at will. 37% of $ was printed into existence in 2020 alone
@@souravjaiswal-jr4bj Ok so here what you need to understand. BRICS do not believe in helping others you don't believe in "American economic Liberalism" where everyone is equal. In index of 180 countries these are some the most corrupt countries in world. Brazil is 94th out of 180 countries. Russia is even worse 137th. India is ranked 85th. China is ranked 65th, and South Africa is ranked 72th.
Alhamdulillah mashaallah subhanallah
BRICS is a joke 😅
Cryptocurrency 🎉🎉
Brics will face the bigger challenges
No it will not. What you need to do is strengthen your own currency and create a strong middle class, not try some lame get rich quick scheme with another currency that you will not allowed to use.
@@HellBot-gi5si Venezuela and north Korea in the same team with Iran and Syria??? Blame yourselves in 2030
@@HellBot-gi5si the main reason people prefer the dollar is because it is stable. America doesn't fight civil wars. Brics is a war economy.
@@ronnydev254 Yes, you just named 4 nations that can't even build a car. North Korean don't even have flushing toilets in most homes.
@@ronnydev254 Most of these nations don't have decent roads for a car to drive on. Only the Persians have decent restaurants. The other countries good luck finding a clean and decent restaurant to eat in.
The solution to this is to peg it to Chinese Yuan instead of dollar. Will grow trade between Asia and African
Chinese is the biggest manipulator of currency...you can trust snake but not Chinese ..
No matter what they do, their currency will always be compared to the American dollar as the benchmark currency. Until the day comes that they are no longer the worlds #1 economy.
That not what important. Having another reserve currency is not what they need. They need to strengthen their own currency and create a middle class that more important.
Exactly…so many people r clueless about economics…the dollar is strong compared to other countries because,the US has strong economic and manufacturing so many things,one of the biggest food producers…
Briccs well win there new band venture
Da