>Threaten Tarrifs on opponent if they do/don't do something they are already doing/not doing >Nothing happens >Declare victory Masterful gambit Mr Trump
What are u talking about tho? Your analogy is straight up wrong. Brics countries have openly said they want to introduce a new currency (Like the Euro). Trump said he'll sanction tarrifs against nations that do introduce this new currency. So...I mean...Clearly there's an imprompto. He is threatenning tarrifs on opponent if they do something they are already NOT dying. bruh.
it does happen, undermine the trust in their currency and country, wich will make other countries look for alternatives. The problem is to think that is only 2 options, move away from the dolar completely or not at all. The reality is that is already happening, countries are reducing their use of the dolar, by trading in their currencies and incresasing their reserves in gold instead of dolars. Its not about replacing it, its about reducing its importance
There will be no BRICS currency because there is no point to it. The goal is to end the dependence on dollar. Replacing it with a new currency serves no purpose. The BRICS countries are trying to establish a system where trade can be done using local currencies without the need for dollar. This is a far better move.
Thank you ! This !! It's already being done actually, so many countries are doing their trades in local currencies and it works and will continue to grow.
Local currencies trade is not better if the country of the currency has nothing to sell. What is a Chinese exporteur supposed to do with billions of Rupee? Also this introduces a lot of foreign exchange rate volatility
Partially correct. Brics will definitely first create a swift like system to trade. But eventually they will replace dollar with their own currency m.p powered by gold. China and India have recently brought majority of their gold back and I don't think that's a coincidence.
The BRICS does not want to replace the dollar with one of thier own. BRICS is actually trying to create a system where they can trade with each other in thier own local currencies. BRICS don't want one dominant currency over another. They want complete independence form any one currency whether its Dollar or Ruble or Yuan.
What's nuts is that Tarrifs gave their value. Almost all the countries that got out of poverty did it with Tarrifs or currency control. But Trump just swings them around like a toddler with a revolver.
We're gonna make Mexico pay for it (raises taxes on Americans doing business with Mexico) And apparently Canada is getting slapped too just for being, ya know, one of America's closest trade partners. I sincerely hope Congress challenges him for taking their economic powers over very minor issues. Or we could just give corporations an excuse to raise their prices 30-60-80% and drive up inflation on cheap free trade.
People mistake not being forced for not having unity. In reality, not having unity is one of their strengths, as each country focuses on serving their own interests rather than having someone else's interests and beliefs imposed on them
No unity? Don't underestimate the silent countries. Even the USA cannot beat the silent countries like Vietnam and Afghanistan. LOL If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
well, BRICS don't really need unity as they're not a political alliance, they're just an economic alliance. that's like saying the EEC (not EU) needs "unity", unity of what exactly?
No currency dominates forever. The French franc led in the 18th century, the British pound dominated from the early 1800s to WWII, and the U.S. dollar has held the top spot since 1945. Each lasted roughly 80-100 years, influenced by shifts in global economic and political power. History suggests that dominance cycles are finite, and while the dollar remains strong now, it is not immune to the forces that ended its predecessors’ reigns.
Absolutely, but an artificially propped up currency is going to have a very hard time becoming the international standard. The USD is so popular specifically because America has so little control over it
@@ChadSimplicio as the video explains, the access to yuan is strongly controlled by the Chinese government. This would affect the availability for international markets therefore no, it won't happen.
"Dont do something to replace our dollar because you dont like how we can control it or we'll do something you dont like with our control on it" That'll show sure show em :/
Who do Americans actually think they are!? Just read through hashbrowns message... Are you aware that we're talking about totally ligitimate, independant countries who may think in their own way? I cannot see that it's smart to follow that orange clown in any way. You're not going to have so much bravado in 4yrs time
LOL. If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
@@tiffanylaserna1288 the USA relies heavily on BIS Data that is from the SWIFT codes. Swap currencies don't need SWIFT codes.Thus, the US cannot patrol how much monies the world has spent using swap currencies. That's why the USA can only say the USD circulation among the BIS members.
We are not creating a new currency. But is already too late. Most part of Brazil-China commerce is done by exchanging our own currencies. Both central banks created a system were Brazilians have billions in yuans and Chinese have billions on Reals. when brazilians buys on china, and chinese buys on Brazil, their own currencies are exchanged. A need to have dollar to make commerce was a burden to carry
Unfortunately for the international community, the US was much more comfortable with less nations using the USD 100+ years ago than the existing situation. Now it's much more particular about this issue because it feels it has more to lose. This is why sometimes the US insists China will want to take back its former territories. China used to have almost 13m sq km as of 1759 to 1858. But the Chinese mindset is different. The max size of a stable China is around 10m sq km and currently it has around 9.6m. It may be nice to take back some bits here and there but retaking Lake Balkash in Kazakhstan? Probably not. Perhaps the US should take 1 step back but it will not. Since 1945, it has always been trying to get ahead.
Speaking from the end of the acronym - the “mutual exchange”/basket of reserves solution to the way Bretton Woods effects global South countries particularly is serviceable; but at its heart it’s still inadequate analogue replacement for bullion (the US dollar isn’t either, this is a problem it shares) but at this point “bullion” is an inadequate replacement for bullion. I’m of the opinion that a reserve currency (“unit of exchange”, similar to an XDR) and central monetary authority would be quite useful in the group - in a similarly insulates members from insecurities and peculiarities of politics embedded in individual national economies and replaces the mesh of individual bilateral agreements (zero-interest and infrastructure loans, JV agreements, (in)direct foreign investments, etc.) that we have going on right now. If anything, for simplicity’s sake. In a way that would easier for the right hand to know what the left is doing, especially with as many members as we have now and increasing levels of bullishness and instability from the US, which even as we speak greatly influences everybody’s money supply.
Have you heard what Trump said? He said that he was waiting to destroy BRICS currency not currencies. It means that Trump will destroy BRICS currency like what the USA did to Euro long time ago. Besides, If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
USD and Euro are used by actual countries to trade. Nobody in BRICS+ wanted to use the BRICS currency because they would lose control of their own monetary policies. These countries could easily buy more golds instead of BRICS money.
The whole BRICS argument falls apart the second you look into it Putin crashed his own currency with his deranged decisions, now they should give him a new one? Yeah sure buddy, China will give him that chance again, this time with their own economy
BRICS currency realistically would only be used in international trade, not as a replacement for national currency, just like brics already do with the dollar.
To add to it, transparency is needed in order for both foreign governments and private individuals trusting and buying into it. With the two most powerful countries have multiple and notably deliberate fudging numbers and and hiding info makes brics a very hard sell.
@@policeman5768 You can trade using LOCAL currencies and RESOURCES with DOLLARS? Wow, you truly are the smartest cookie in the box, thank you for your expansive economic theory. The WHOLE point is to do trade without using dollars if you're not trading with the US
@@policeman5768 no you can't, specially with countries the US don't like, the USD becomes useless at that point. That's the problem right now, too many trades cannot be done with the USD
This video is so bad it fails to explain the fundamental reason they’re creating BRICS. Be able to trade without relying on SWIFT and having to convert their currency to USD and then to convert to their own currencies. They lose money every time this happens unnecessarily. Also if US decides to impose sanctions they can’t trade because SWIFT right now is the only option. The world is starting to give the middle finger to US. Euro was the first, now other big countries are planning the same.
-US hegemony is declining -Countries wish to de-dollarise to avoid sanctions and tarifs and have more economic freedom -Trump responds with more sanctions and tariffs That's going to work great isn't it...
@@carval51 No one cares about Russia, they are 2% of world GDP. They make nothing of value that anyone wants in technology, actually a useless country.
@@jovelo902 That’s the whole point. Accelerationists want to destabilise the entire status quo so that they can further destabilise human population growth in the hopes of ending humanity at large.
It is interesting seeing that by purchasing power the EU and US are still basically neck and neck in GDP. So Europe hasn't really fallen behind, the dollar has just inflated.
@ Yes. And markets are full of people engaged in wild speculation while governments try to manipulate them one way or the other. That's *why* I'm holding ppp as a better comparison. (Especially on a personal scale when things try to claim Europeans are so much poorer than Americans by using official exchange rates.)
Europe has fallen behind what are you talking about? Look at EU productivity vs American productivity, where are all the EU companies that dominate companies by market cap? Which European city has almost 50 trillion capitalization stock exchange?
Right, but considering Europe was ahead of the US in 2007 by a solid margin, and on paper supposedly grew faster every year since, isn't it a little silly that we're still neck and neck? And I mean the continent, not just the EU. Obviously the EU shrank when the British bounced, but I mean even with them there's no real gap, even though two decades ago they were ahead and have been better managed since then, or so we keep being told.
USA's biggest export is the US dollar. No other country could have as large trade deficits and public debt without its currency crashing. USA basically gets to import stuff for free.
Look at how the Brics countries have fared in the 2 decades since the term was coined. Brazil and SA are just hanging on. South Africans don't even know if they will have enough water to drink next summer
@@gazpachopolice7211 they still make up 1/3rd of the world’s economy and nearly half the human population. And there is a growing number of countries in the group. The EU also has countries at dire straits, but the stronger economies make up for it.
I wouldn't say never, but it's basically changing one reserve currency for another under a different master. Ones that historically isn't as stable, economically or politically. Trumps four years of failure may change that for the US.
It has always happened, just a matter of methods. Most of Chinas trade isn’t on swift, but on direct currency swap. No one wants SWIFT even the European. Only people that doesn’t do business like swift. It basically implicate you to any business transaction on to a war crime, if the US desire.. basically no justice.. so who would like to live under a tyrants?
As someone from one of the BRICS countries, I'll say that we don't really care what trump says cus after all he will only hurt his own economy if his 100% tariffs plan ends up happening
@@tenshihinanawi4546 In 2022, the US imported goods from every country, emphasizing its central role in global commerce. This includes limited trade with Russia, Afghanistan, and North Korea, among others, despite existing sanctions. So yes.
Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.
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@@Sol_Invictus_ Ask Elina Valtonen the Finnish foreign ministry. You know I am supposed to found a press agency for my boss Herr Dahlmeier but that does not make me a journalist. I am also set to attend the Djurgården HJK match together with Nea Piha and Gweal Monykuany. How fucking hard is it to get the world press to report on this fucking matters.
Even with Russia in the state it's in atm, the BRICS together now have more GDP than the G7. And the lead is still widening as the BRICS nations together grow faster than the stagnant G7. The economic centre of gravity is shifting away from the old economies and towards the younger ones. Just like a century ago power started inexorably shifting away from the British Empire and towards the US, Germany and Japan. Whatever you think about that, and personally it doesn't make me very happy, It's still happening. And An oarage baby throwing his toys out of his pram isn't going to change that global shift, any more than the might of the British Empire could turn back the tide of economic reality in the 20s-30s. We need politicians who see what is happening and are able to make the best of things as they are. Not desperately trying to hold onto past glories.
Saying that BRICS will have a unified currency is like saying India, China, Brazil and Russia will leave their treasured national currencies that they have full control over and have a long heritage for some random new currency they have little control over 😂. Because that is what a new BRICS currency will be 😂
this is the biggest misconception, there will be no "BRICS currency" because they don't want to replace the dollar, they want to bypass it... there's a huge difference in that
@@PedroHenriquePS00000 technically speaking yes. In practice the contexts are very different. For start only Russia deeply wants this new currency as a way to escape the war embargo. China prefers to keep things as they are, just like India and Brazil.
A BRICS currency would mostly be propped up by the Chinese yuan, which in turn gets funding from the American dollar. So the notion that they are actively trying to move away from dollar dependency is in itself ridiculous.
There was never a chance of a BRICS currency, never mind a reserve currency. But Trump can make a big noise now and then claim that he alone saved the dollar"s reserve status.
Replace the US dollar? No. They just want to have their own local currencies used when dealing with non-US dollar backed nations. What's so bad about that?
Brics has said they’re not making a currency, transactions will be done in the countries involved currency. They are making their own international money transfer service to lower transaction fees.
I don't see the BRICS becoming a serious danger to the US dollar, or the west in general, anytime soon. China is the only country out of BRICS that has somewhat of a decent economy, and maybe India can get there over time but I wouldn't hold my breath over it (besides that India is quite friendly with the west as well). Then you got Brazil, who in typical Latin American fashion have an economy that's unstable AF. There's Russia, who is going to take heaps of time to recover from its war with Ukraine regardless of whether it'll win or lose it. And then there's South Africa, whose electricity network is literally down for half the day... Adding the UAE and potentially Saudi Arabia into BRICS+ might help somewhat, but as they're also pretty reliable on trade with the west, they probably won't be too keen on trying to dethrone the US dollar all too hard on the short to mid long term either.
It's weird how angry Americans are in these comments. Does it upset you when Nigeria changes their economic policy too? Or have you just been captured by political propaganda?
Trump is the only one that is angry....today....and tomorrow he changes his mind or forgets what he said. Trump says he loves Bitcoin and crypto....though he probably doesn't know that they are. But he's surrounded himself with crypto-bros. If Crypto isn't a challenge to the hegemony of the US dollar, then a fanciful BRICS currency (which isn't a real thing) certainly isn't.
@@drmodestoesq BRICS currency is not a challenge because you're right! there is no BRICS currency. They don't want to replace USD with something else, what they want is to bypass the dollar, what they want is a system that uses no intermediary currency, whether it's the dollar, euro, yuan or "BRICS currency"
BRICS nations are not against the dollar per say but rather how the Americans use the dollar to maintain their hegemony over the world and sanctions nations that challenge it. The dollar will eventually fall but probably to something like Gold as that can't be easily be politicised.
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You changed opinion by the wrong reasons. Trump will be POTUS for 4 years, a new currency is a decision that can affect lives for decades (specially if things go the wrong way).
Difference is western countries share broadly similar values and lifestyles…. BRICS countries are all wildly different from each other. Half of them can’t even stand each other.
You can't be serious. The USA shares very very very very very VERY little in values with the rest of the west today. we share a lot more values with China...science, atheism, no war mongering, low-violence within society, kind and polite citizens... the list is literally endless. USA is our crass overlords that make most of us want to barf.
@@siamcharm7904 A, the West consists of more than the anglosphere. B, BRICS is dominated by one country - undeniable. BRICS+ without China has a GDP of $11.4tr. Despite having a population of 2.2 billion people (without China), they have a GDP smaller than JP + DE + UK (274m people). 10x more people, still far less output.
Too many countries that are in BRICS have territorial conflicts and pursue different goals. The currency they could adopt is Euro since all of them struggle to hold their own currencies and trust.
USA Dollar - they can print cash and send it outside USA, preventing inflation at home. Super the Euro should have that capacity, being much larger than USA.
Is this why brazil is so sucsessful? What you have? Argentina has lot better gdp per capita then brazil. What does this day about brazil then if we apply your logic? @@gtPacheko
Unfortunately the international trade still use the USD when the Euro makes more sense. But the best system is to trade currencies in a one to one system. Thus stopping the stupid system requiring making two losses on each exchange. It is based on the old system set up for British Pound. It has passed its use by date. Modern technology allows better exchange.
No. For it to be possible two things would be required. 1: It's members be on equal economic footing. 2: It's members not wanting to backstab each other.
He's literally just putting tariffs on anything he can think of like this is a game...Last time a president did this we ended up with the 2008 recession..
Ah yes. Let's do 100% tariffs on nations who refuse to use the Dollar, further giving them incentive to not use the Dollar and create an alternate currency. Trump yuo are of genious.
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It's time for Europe to step up and make the Euro an alternative reserve currency by forcing all non-European countries like Saudi Arabia to conduct trade payments in EUR, not USD, thus reviving Saddam Hussein's policy of ditching the USD and adopting EUR as the preferred currency medium for all oil export payments bound for Europe.
As a Brazilian man, we need to move on to a new level. We wont to have dependence of dollars around us. The Brics just wants to have a safe options. I was a super fan of the USA in my childhood, however when i started to grow up, i cam see how much the USA wants to see the world in their hands. The best way to solve this problems is have more control over the Brics by ourselves. Beings using the local money between the brics. 🙏🏼🙏🏼🙏🏼
The problem is that none of BRICS is stable or strong enough for others trust them. Russia is locked in an embarrassing land war and the Rubble has fallen above 100 for 1 USD. China and India are at each others throats and China especially has a severe demographic issue. South Africa is well… South Africa. And Brazil is well… Brazil. The only real potential competition is the EU who could present a unified front but they are far too weak willed as a group to even defend themselves, let alone challenge the dollar.
The BRICS only really talk about using their own currencies for bilateral trade rather than third country currencies or payment systems (e.g., US dollar / SWIFT). It would be faster and cheaper for them, while not having to rely on the SWIFT system and other countries currencies. Imagine trying to force the US to use the euro or yen instead of their own currency for trade, they would be upset. It seems a lot of Westerns actually took it serious when Putin was holding a mock bill someone made as a joke during the last BRICS summit 😂😂
@@goonerOZZ You don't have to use SWIFT lol. Do you even understand what SWIFT is? It is popular because it is a fantastic system that keeps transfers of money safe between financial institutions. Feel free to make your own alternative, and try make it so good that banks that use SWIFT change. You will not be successful. And you do not have to use USD to use SWIFT wtf are you talking about. Do you just read headlines? Or can you think for yourself. I bet not.
The aim has never been to replace it but to coexist at a competitive level. And on that I think is perfectly possible. Not only it’s possible but highly desirable
@ well it depends on which country you live in but in general curtailing the ability of the USA to dilute its inflation worldwide, which is done via the dollar, can only be a good thing. For 95% of the population at least. Why a farmer in India or Brazil has to endure the inflation created by the Fed, or stupid decisions like the coming administration will likely take? The whole point of ditching the gold standard in favour of the dollar was because the USA accounted for between 40% and 50% of the world’s GDP and was a responsible player. None of those two things longer apply and yet we still have the dollar
They only stay because it’s a great excuse for their President to get away from the office for a few days, which is the same reason everyone else attends the Brics summits.
@Avaricumstudios yeah that's old history, modern Europe is a bastion of cooperation relative to the rest of the world. The two biggest Brics members are India and China and they have each other. Take a look at their regular border skirmishes
@@AvaricumstudiosWe already had the literal predecessor to the EU in 1957. Consisting of West Germany, Italy, France, Belgium, Luxembourg and the Netherlands.
The inability to reliably and safely transfer money out of the country, such as the Chinese Yuan, is called the Hotel California effect. It is from the final verse of that song: Last thing I remember, I was running for the door. I had to find the passage back to the place I was before. "Relax," said the night man, "We are programmed to receive. You can check-out any time you like but you can never leave!"
Well to state the incredibly obvious the USA is not abandoning the dollar and capital flows to the USA are way, way, way bigger than any other country so you just wasted 8 minutes on hot air
6:21 Really appreciate you saying this. Please keep simply stating the obvious truth despite accusations of politicization you may get more frequently in the next four years!
Perhaps it's also relevant to focus in on what could bring down the United States dollar? If it's not BRICS, what is something that could have that effect?
Brics currency makes no cense? the currency would cover economy's that have a large difference is wealth. the currency would kill the poorer countries and hurt the power of the richest. Brazil and south Africa dont have any similarity, so how would they have any comparison to China. Never mind the idea of apply it to India and China at the same time when they could go to war.
Central African countries use the US dollar. A large difference in wealth is not a problem. It makes exactly as much sense as the Euro made and continues to make.
This current market panic seems to be fueled by BRICS and rumors of WorldWar3. I have a little over 250k Intend to put in the markets but I don’t know what direction to head now.
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Why do American have an idiotic view of seeing diplomatic relations in binary of either ally or an enemy. Brics never claimed to rival US, it is only Americans having orgasms over it.
which are the friends of US? China and India resolved a 45 year old border issue so that they can concentrate more on their economy. Thats the way BRICS will be. All BRICS countries are devaluating their currency in long run without any effect on local economies. US tariff will just compensate this devaluation and it will not affect anyone in BRICS. it will just make US more unaffordable with high inflation. and with 36 TR debt, US will default in a year.
No currency dominates forever. The French franc led in the 18th century, the British pound dominated from the early 1800s to WWII, and the U.S. dollar has held the top spot since 1945. Each lasted roughly 80-100 years, influenced by shifts in global economic and political power. History suggests that dominance cycles are finite, and while the dollar remains strong now, it is not immune to the forces that ended its predecessors’ reigns.
I can tell you that China is very excited to hold Indian Rupees, India is very excited to hold Russian rubles, and Russia is very excited to hold Chinese Yuan.
As South African, i don't think this idea of BRICS currency will happen because many things need to happen. We saw how Euro currency was created, you need to move in the same direction and agree in many things. When you look at BRICS countries, there are differences amongst members,India doesn't want to give away its strong currency.
Lest one forgets, the whole world traded almost exclusively with US dollars since the early 1970's. Most countries thrived and did business with the US and with each other. Most international debts were settled in dollars, which made the USA richer. If we all traded with BRICS currency, nothing would change except the US would not be as wealthy. Bad but not the end of the world. It would encourage them to be more competitive and innovative maybe.
They don’t want to replace the dollar, they want to make sanctions irrelevant. They can do that just by creating a system of trade in local currency. India and China would never agree on a system that would benefit one or the other, but would agree on a system that does not detriment them both.
Some reasons why they will never do it: 1) all BRICS countries have tight controls on both capital flows and non-free floating currencies. A currency that tries to establish itself as a way for trade around the globe can't work like this; 2) even though the US is hated, US institutions are still more trustworthy than anything proposed by BRICS. Also, in the US there is rule of law, and thus applying economic sanctions can take a long time, while with a country like China anything can change in an instant (see China-Australia trade war) 3) even if they may agree on something, there are still some huge frictions between BRICS members. Trying to handle a currency with an underlying power struggle is a disaster
BRICS wasn't trying to create their own currency. they were trying to wean themselves off of the petrodollar and start trading in local currencies. this way two countries in Africa don't need to go buy US dollars in order to buy rice from each other.
The dollar will be around as the dominant currency for some time to come. There’s practically no transaction that takes place without the dollar involved. Even most PvsP.
A BRICS currency would just be a fancy version of Chinese currency. China is the only BRICS country with enough productive capacity and foreign reserves to keep the common currency from inflating into oblivion. Maintaining brics-rmb to offset the inflationary pressures from the other countries would be insanely expensive for China, and it would also give China even more leverage over BRICS nations than China already does right now.
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In order to be a reserve currency, there needs to be an outflow of currency (trade deficit) and the only BRICS country with a trade deficit is India. If they formed an economic zone, they would have a net surplus so a BRICS currency would never accumulate the way Argentina hoards US dollars to use in their black market.
I would say dump all those worthless currencies, and let's all shift to the Venezuelan Bolivar 🇻🇪
😂
4D chess
Man is on a mission 😂
Zimbabwe: I’m already 4 multiverses ahead of you.
@@dannyzero692underrated comment 😂
>Threaten Tarrifs on opponent if they do/don't do something they are already doing/not doing
>Nothing happens
>Declare victory
Masterful gambit Mr Trump
The kicker is that it'll work because his cultists are so utterly stupid and ignorant.
What are u talking about tho? Your analogy is straight up wrong. Brics countries have openly said they want to introduce a new currency (Like the Euro). Trump said he'll sanction tarrifs against nations that do introduce this new currency. So...I mean...Clearly there's an imprompto.
He is threatenning tarrifs on opponent if they do something they are already NOT dying.
bruh.
Cultists are not stupid. They're willfully ignorant. They know it's a lie but believe it's imperative that the lie is believed.
Lying is the most powerful tool because no matter what you say, someone will believe you, and that one person will shape public opinion
it does happen, undermine the trust in their currency and country, wich will make other countries look for alternatives. The problem is to think that is only 2 options, move away from the dolar completely or not at all. The reality is that is already happening, countries are reducing their use of the dolar, by trading in their currencies and incresasing their reserves in gold instead of dolars. Its not about replacing it, its about reducing its importance
There will be no BRICS currency because there is no point to it. The goal is to end the dependence on dollar. Replacing it with a new currency serves no purpose. The BRICS countries are trying to establish a system where trade can be done using local currencies without the need for dollar. This is a far better move.
Thank you ! This !! It's already being done actually, so many countries are doing their trades in local currencies and it works and will continue to grow.
Local currencies trade is not better if the country of the currency has nothing to sell. What is a Chinese exporteur supposed to do with billions of Rupee? Also this introduces a lot of foreign exchange rate volatility
Partially correct. Brics will definitely first create a swift like system to trade. But eventually they will replace dollar with their own currency m.p powered by gold. China and India have recently brought majority of their gold back and I don't think that's a coincidence.
Cry American cry
@@bythecliff cry American cry
The BRICS does not want to replace the dollar with one of thier own. BRICS is actually trying to create a system where they can trade with each other in thier own local currencies. BRICS don't want one dominant currency over another. They want complete independence form any one currency whether its Dollar or Ruble or Yuan.
I doubt they want that chaos lol
No, China wants to take over BRICKs in terms of the money value LOL they already tried a few times with some of the rulings.
@@ajc5479 well the system is up and running and it just need to scale up. It's already operational in small scale as we speak
@@goonerOZZ OK, they just need to upscale the Chaos.
@@ajc5479 yeah that's why more country wants to join BRICS or be their partner
Trump’s solution to every US’s international trade problems : Tariffs
What's nuts is that Tarrifs gave their value. Almost all the countries that got out of poverty did it with Tarrifs or currency control. But Trump just swings them around like a toddler with a revolver.
@@letsburn00 Targeted tariffs work. Blanket tariffs don’t.
Better to just invade the North America and unify it
it's a negotiating tool. It's obvious.
We're gonna make Mexico pay for it
(raises taxes on Americans doing business with Mexico)
And apparently Canada is getting slapped too just for being, ya know, one of America's closest trade partners. I sincerely hope Congress challenges him for taking their economic powers over very minor issues. Or we could just give corporations an excuse to raise their prices 30-60-80% and drive up inflation on cheap free trade.
You can't really have an effective economic group when the largest economy(china) and the second largest(india) economy are basically enemies.
Aren't their economies highly integrated though?
@@HeitorS.-dh2wlyup
and third (russia)
@@HeitorS.-dh2wl it's a globalised world, everyone's economy is integrated.
@@HeitorS.-dh2wl a marriage of convenience
There is No Unity in BRICS. 🤷🏻♂️
But Trump’s Threats may End up
Unifying them against Dollar. 🤣🤣
People mistake not being forced for not having unity.
In reality, not having unity is one of their strengths, as each country focuses on serving their own interests rather than having someone else's interests and beliefs imposed on them
Good thing about US led groups is that most of their alies is like a vassal state. So agreement everywhere
In a way it's like how Putin's hubris and incompetence ended up strengthening NATO or Brexit managed for the EU.
No unity? Don't underestimate the silent countries. Even the USA cannot beat the silent countries like Vietnam and Afghanistan. LOL
If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
well, BRICS don't really need unity as they're not a political alliance, they're just an economic alliance. that's like saying the EEC (not EU) needs "unity", unity of what exactly?
No currency dominates forever. The French franc led in the 18th century, the British pound dominated from the early 1800s to WWII, and the U.S. dollar has held the top spot since 1945. Each lasted roughly 80-100 years, influenced by shifts in global economic and political power. History suggests that dominance cycles are finite, and while the dollar remains strong now, it is not immune to the forces that ended its predecessors’ reigns.
Absolutely, but an artificially propped up currency is going to have a very hard time becoming the international standard. The USD is so popular specifically because America has so little control over it
Maybe in the future, the Yuan will become that reserve currency.
@@ChadSimpliciothe chinese don't want the yuan to become a reserve currency because their export would cost more.
@@ChadSimplicio lmao that's not going to happen. Euro might be the one to dethrone the US dollars.
@@ChadSimplicio as the video explains, the access to yuan is strongly controlled by the Chinese government. This would affect the availability for international markets therefore no, it won't happen.
"Dont do something to replace our dollar because you dont like how we can control it or we'll do something you dont like with our control on it"
That'll show sure show em :/
Who do Americans actually think they are!? Just read through hashbrowns message... Are you aware that we're talking about totally ligitimate, independant countries who may think in their own way? I cannot see that it's smart to follow that orange clown in any way. You're not going to have so much bravado in 4yrs time
It is America's LACK of control of the USD that makes it an attractive reserve currency.
World bank, interest rate rap3d on the spot!
But I'm a gangster! you gon' take my money like it or not!
LOL. If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
@@tiffanylaserna1288 the USA relies heavily on BIS Data that is from the SWIFT codes. Swap currencies don't need SWIFT codes.Thus, the US cannot patrol how much monies the world has spent using swap currencies. That's why the USA can only say the USD circulation among the BIS members.
We are not creating a new currency. But is already too late. Most part of Brazil-China commerce is done by exchanging our own currencies. Both central banks created a system were Brazilians have billions in yuans and Chinese have billions on Reals. when brazilians buys on china, and chinese buys on Brazil, their own currencies are exchanged. A need to have dollar to make commerce was a burden to carry
Unfortunately for the international community, the US was much more comfortable with less nations using the USD 100+ years ago than the existing situation.
Now it's much more particular about this issue because it feels it has more to lose.
This is why sometimes the US insists China will want to take back its former territories. China used to have almost 13m sq km as of 1759 to 1858.
But the Chinese mindset is different. The max size of a stable China is around 10m sq km and currently it has around 9.6m. It may be nice to take back some bits here and there but retaking Lake Balkash in Kazakhstan? Probably not.
Perhaps the US should take 1 step back but it will not. Since 1945, it has always been trying to get ahead.
Speaking from the end of the acronym - the “mutual exchange”/basket of reserves solution to the way Bretton Woods effects global South countries particularly is serviceable; but at its heart it’s still inadequate analogue replacement for bullion (the US dollar isn’t either, this is a problem it shares) but at this point “bullion” is an inadequate replacement for bullion. I’m of the opinion that a reserve currency (“unit of exchange”, similar to an XDR) and central monetary authority would be quite useful in the group - in a similarly insulates members from insecurities and peculiarities of politics embedded in individual national economies and replaces the mesh of individual bilateral agreements (zero-interest and infrastructure loans, JV agreements, (in)direct foreign investments, etc.) that we have going on right now. If anything, for simplicity’s sake. In a way that would easier for the right hand to know what the left is doing, especially with as many members as we have now and increasing levels of bullishness and instability from the US, which even as we speak greatly influences everybody’s money supply.
Yuan is estimated to be devalued. Good luck.. Trump is a good man..
He knows if he said nothing something worse is coming towards BRICS first. Not the US.
Have you heard what Trump said? He said that he was waiting to destroy BRICS currency not currencies. It means that Trump will destroy BRICS currency like what the USA did to Euro long time ago.
Besides, If you see the top 50 USA trading partners, you can see that each country different between export and import is only few billion dollars. Most of what USA exports can be found from other countries. So, don't worry if the USA gives high tariffs as those countries can also give high tariffs and find alternatives to the US markets. The US also can't easily to find substitutes to those top 50 countries in short time.
USD and Euro are used by actual countries to trade. Nobody in BRICS+ wanted to use the BRICS currency because they would lose control of their own monetary policies.
These countries could easily buy more golds instead of BRICS money.
The whole BRICS argument falls apart the second you look into it
Putin crashed his own currency with his deranged decisions, now they should give him a new one?
Yeah sure buddy, China will give him that chance again, this time with their own economy
BRICS currency realistically would only be used in international trade, not as a replacement for national currency, just like brics already do with the dollar.
To add to it, transparency is needed in order for both foreign governments and private individuals trusting and buying into it. With the two most powerful countries have multiple and notably deliberate fudging numbers and and hiding info makes brics a very hard sell.
china and russia : "yes"
The new currency will most likely be powered by gold but it's difficult to use gold directly as a currency
Brics are not trying to create a new currency, they're encouraging trading in local currencies and directly with resources
And you can do that with dollars lol
@@policeman5768 You can trade using LOCAL currencies and RESOURCES with DOLLARS? Wow, you truly are the smartest cookie in the box, thank you for your expansive economic theory. The WHOLE point is to do trade without using dollars if you're not trading with the US
@@policeman5768 no you can't, specially with countries the US don't like, the USD becomes useless at that point.
That's the problem right now, too many trades cannot be done with the USD
This video is so bad it fails to explain the fundamental reason they’re creating BRICS. Be able to trade without relying on SWIFT and having to convert their currency to USD and then to convert to their own currencies. They lose money every time this happens unnecessarily. Also if US decides to impose sanctions they can’t trade because SWIFT right now is the only option. The world is starting to give the middle finger to US. Euro was the first, now other big countries are planning the same.
It's not going to work unless the only participating countries have even trades and stable currency.
-US hegemony is declining
-Countries wish to de-dollarise to avoid sanctions and tarifs and have more economic freedom
-Trump responds with more sanctions and tariffs
That's going to work great isn't it...
yeah kicking russia out of swift system maybe is the biggest reason for countries to join brics, tariff is not that concern
@@carval51 No one cares about Russia, they are 2% of world GDP. They make nothing of value that anyone wants in technology, actually a useless country.
@@carval51 Russia could just not invade their neighbors and it wouldn't be a problem.
Trump has bankrupted every business he tried to run and these mf's were excited for him to run America like a business. you can't make this up.
@Exiztential US doesn't invade countries no 😅
Yes please Tarif the whole world. Cause we dont want to use your currency which essentially has no intrinsic value.
Technically true yes, but neither does any other currency 😅
@@jovelo902 That’s the whole point. Accelerationists want to destabilise the entire status quo so that they can further destabilise human population growth in the hopes of ending humanity at large.
Even the gold have no value. LOL.
The only thing that actually have values are resources.
No currency has intrinsic value. Are you then advocating for a moneyless society?
I know I am.
@@josephharrison8354 based
1) Trump wants to devalue the dollar
2) He gets mad BRICS would help him achieve that
🤡🤡🤡
Not true. Trump wants to stabilize the dollar, jerome Powell chairmen of the fed has been devaluing the dollar. Totally different
Welcome to the next 4 years.
It is interesting seeing that by purchasing power the EU and US are still basically neck and neck in GDP. So Europe hasn't really fallen behind, the dollar has just inflated.
Exchange rates not only reflect purchasing power but also international fungibility and estimated long term stability and value.
@ Yes. And markets are full of people engaged in wild speculation while governments try to manipulate them one way or the other. That's *why* I'm holding ppp as a better comparison. (Especially on a personal scale when things try to claim Europeans are so much poorer than Americans by using official exchange rates.)
Europe has fallen behind what are you talking about? Look at EU productivity vs American productivity, where are all the EU companies that dominate companies by market cap? Which European city has almost 50 trillion capitalization stock exchange?
Right, but considering Europe was ahead of the US in 2007 by a solid margin, and on paper supposedly grew faster every year since, isn't it a little silly that we're still neck and neck? And I mean the continent, not just the EU. Obviously the EU shrank when the British bounced, but I mean even with them there's no real gap, even though two decades ago they were ahead and have been better managed since then, or so we keep being told.
before we have a Bricks Currency we get the Eurodollar.
What? You mean a Dollar/Euro currency? Oh....so the BRICS currency will never happen then.
Man, there's EUR
So the euro 😂😂🤣
i think he wants to say a unified currency between the European Union and the United States.
@@vidaliam7165 i think his a idiot who probably heard someone else say it and thought that sounds cool without understanding what his saying
USA's biggest export is the US dollar. No other country could have as large trade deficits and public debt without its currency crashing. USA basically gets to import stuff for free.
It will end soon. Yes you are absolutely right
They don’t need to kill it, they just need to create a viable alternative.
3:20 "Could BRICS really usurp the dollar? Well, no." Let's look back on the certainty of this statement with amusement in 10 years.
In 10 years things may change. With all the current information, it's impossible.
@ Responding to a could question with the word impossible is not judicious. No one is talking about next week here. Nothing is “impossible”.
Look at how the Brics countries have fared in the 2 decades since the term was coined. Brazil and SA are just hanging on. South Africans don't even know if they will have enough water to drink next summer
@@gazpachopolice7211 they still make up 1/3rd of the world’s economy and nearly half the human population. And there is a growing number of countries in the group. The EU also has countries at dire straits, but the stronger economies make up for it.
100% tariffs on effectively the entire world. 40+ nations are already trying to join brics
thats what will make BRICS fail.
BRICS is just a space for chats
Short answer: No
Long answer: Will never happen.
not replace but substantially reduce percent of reserves from current 58 to 40/45 all coutries have ben spooked by us seizures and sanctions.
I wouldn't say never, but it's basically changing one reserve currency for another under a different master. Ones that historically isn't as stable, economically or politically. Trumps four years of failure may change that for the US.
It has always happened, just a matter of methods. Most of Chinas trade isn’t on swift, but on direct currency swap. No one wants SWIFT even the European. Only people that doesn’t do business like swift. It basically implicate you to any business transaction on to a war crime, if the US desire.. basically no justice.. so who would like to live under a tyrants?
I dare trump to tariff 100% to any BRICS nation then see what happens lol like fuk around and f!nd out we are too far from colonialism snap out of it🙂
BRICS won’t replace the dollar, but something else eventually will.
As someone from one of the BRICS countries, I'll say that we don't really care what trump says cus after all he will only hurt his own economy if his 100% tariffs plan ends up happening
Not really, that means US citizens will buy less, that means less exports, which does affect other countries.
100% tariffs? Are we even trading with US?
@@tenshihinanawi4546 depends on the country and the product with the tariff.
@@tenshihinanawi4546
In 2022, the US imported goods from every country, emphasizing its central role in global commerce. This includes limited trade with Russia, Afghanistan, and North Korea, among others, despite existing sanctions.
So yes.
@@RaphaelAlejandroThis would lead to cost of goods in US increasing. It will hurt the US citizens more in the long run.
Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.
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Meanwhile the ruble trading like a meme stock 🚀💹
Wait until the Ukrainian war ends on the 6th of December.
@@Swedishpolymath6th December is 3 days away. What's going to happen in 3 days?
@@Sol_Invictus_ Ask Elina Valtonen the Finnish foreign ministry. You know I am supposed to found a press agency for my boss Herr Dahlmeier but that does not make me a journalist.
I am also set to attend the Djurgården HJK match together with Nea Piha and Gweal Monykuany. How fucking hard is it to get the world press to report on this fucking matters.
Even with Russia in the state it's in atm, the BRICS together now have more GDP than the G7. And the lead is still widening as the BRICS nations together grow faster than the stagnant G7. The economic centre of gravity is shifting away from the old economies and towards the younger ones. Just like a century ago power started inexorably shifting away from the British Empire and towards the US, Germany and Japan. Whatever you think about that, and personally it doesn't make me very happy, It's still happening. And An oarage baby throwing his toys out of his pram isn't going to change that global shift, any more than the might of the British Empire could turn back the tide of economic reality in the 20s-30s. We need politicians who see what is happening and are able to make the best of things as they are. Not desperately trying to hold onto past glories.
The rubble finally goes way under a cent in value.
Saying that BRICS will have a unified currency is like saying India, China, Brazil and Russia will leave their treasured national currencies that they have full control over and have a long heritage for some random new currency they have little control over 😂.
Because that is what a new BRICS currency will be 😂
I mean isnt that what the euro is?
Isnt that the EURO?
this is the biggest misconception, there will be no "BRICS currency" because they don't want to replace the dollar, they want to bypass it... there's a huge difference in that
@@PedroHenriquePS00000 technically speaking yes. In practice the contexts are very different. For start only Russia deeply wants this new currency as a way to escape the war embargo. China prefers to keep things as they are, just like India and Brazil.
Omg thats incredibly over simplified to fit personal believes
A BRICS currency would mostly be propped up by the Chinese yuan, which in turn gets funding from the American dollar. So the notion that they are actively trying to move away from dollar dependency is in itself ridiculous.
I think CANZUK has more chance of succeeding 😂
CANZUK these nuts 🗣️🗣️🗣️
There was never a chance of a BRICS currency, never mind a reserve currency. But Trump can make a big noise now and then claim that he alone saved the dollar"s reserve status.
Not if I have anything to say about it
What do you have to say about it
What do you have to say bro
What do you have to say lil bro
We're here in D.C waiting for a response regarding the de-dollarization from NCR National reclamation gov.
Patrolling the Mojave almost makes you wish for a nuclear winter.
Replace the US dollar? No.
They just want to have their own local currencies used when dealing with non-US dollar backed nations.
What's so bad about that?
Brics has said they’re not making a currency, transactions will be done in the countries involved currency. They are making their own international money transfer service to lower transaction fees.
Tariffs on BRICS? So does that include India, South Africa, and Brazil too, or will they get SPECIAL TREATMENT?
America preserving the dollar standard is fundamental to the stability of the country. If the dollar standard falls so to does America
And it will happen
I don't see the BRICS becoming a serious danger to the US dollar, or the west in general, anytime soon.
China is the only country out of BRICS that has somewhat of a decent economy, and maybe India can get there over time but I wouldn't hold my breath over it (besides that India is quite friendly with the west as well). Then you got Brazil, who in typical Latin American fashion have an economy that's unstable AF. There's Russia, who is going to take heaps of time to recover from its war with Ukraine regardless of whether it'll win or lose it. And then there's South Africa, whose electricity network is literally down for half the day...
Adding the UAE and potentially Saudi Arabia into BRICS+ might help somewhat, but as they're also pretty reliable on trade with the west, they probably won't be too keen on trying to dethrone the US dollar all too hard on the short to mid long term either.
It's weird how angry Americans are in these comments. Does it upset you when Nigeria changes their economic policy too? Or have you just been captured by political propaganda?
Dude have you seen the way americans talk and act since 2016? They have nothing but anger inside them nowadays
Trump is the only one that is angry....today....and tomorrow he changes his mind or forgets what he said. Trump says he loves Bitcoin and crypto....though he probably doesn't know that they are. But he's surrounded himself with crypto-bros.
If Crypto isn't a challenge to the hegemony of the US dollar, then a fanciful BRICS currency (which isn't a real thing) certainly isn't.
@drmodestoesq have you seen social media? Literally everyone is fuming including liberals and dems
@@drmodestoesq BRICS currency is not a challenge because you're right! there is no BRICS currency.
They don't want to replace USD with something else, what they want is to bypass the dollar, what they want is a system that uses no intermediary currency, whether it's the dollar, euro, yuan or "BRICS currency"
It is weird😂 they're repeating the same "they have no unity" stuff that they've heard in their media. Lol
When Trump issued the threat, all in the BRICS were laughing. It made him the biggest joker of the year.
Trumps behaviour will compel other countries including allies to go BRICS. MAGA 😂
They're probably gonna stockpile gold and silver.
BRICS nations are not against the dollar per say but rather how the Americans use the dollar to maintain their hegemony over the world and sanctions nations that challenge it.
The dollar will eventually fall but probably to something like Gold as that can't be easily be politicised.
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I am from a BRICS country, I didnt support a BRICS currency until Trump got elected.
same
You changed opinion by the wrong reasons. Trump will be POTUS for 4 years, a new currency is a decision that can affect lives for decades (specially if things go the wrong way).
lol. Even BRICS won’t support a BRICS currency. They don’t trust each other at all.
No one cares
I think a lot of people from these countries will think the same...
Difference is western countries share broadly similar values and lifestyles…. BRICS countries are all wildly different from each other. Half of them can’t even stand each other.
But they hate the dollar even more
All of them can't stand US.
You can't be serious. The USA shares very very very very very VERY little in values with the rest of the west today. we share a lot more values with China...science, atheism, no war mongering, low-violence within society, kind and polite citizens... the list is literally endless. USA is our crass overlords that make most of us want to barf.
the anglosphere is dominated by one country.
@@siamcharm7904 A, the West consists of more than the anglosphere. B, BRICS is dominated by one country - undeniable. BRICS+ without China has a GDP of $11.4tr. Despite having a population of 2.2 billion people (without China), they have a GDP smaller than JP + DE + UK (274m people). 10x more people, still far less output.
Too many countries that are in BRICS have territorial conflicts and pursue different goals. The currency they could adopt is Euro since all of them struggle to hold their own currencies and trust.
Maybe dollar isn't a priviledge, maybe it is a sacrifice. And nobody is willing to make that sacrifice other than USA.
No, but Trump will try.
USA Dollar - they can print cash and send it outside USA, preventing inflation at home. Super the Euro should have that capacity, being much larger than USA.
The Mexican Peso will replace the dollar. Trust me bro
mucho supporto from mio
I have it on good authority that it will be VBucks that will replace the US Dollar.
Source: It was revealed to me in a Dream
it's possible, the pesos have strengthened dramatically over the last 6 years partly thanks to AMLO.
There will never be a thing called BRICS currency. The disparity within those countries are far greater than their purported shared goals.
1:21 I love how Milei essentially told brics to piss off
It's his problem lol
He has to serve his master's
@@frimmbits exactly. Milei is what we call in Brazil a "entreguista".
Gives everything to others (USA and Israel) and leaves his country with nothing.
His a good lap dog.
Is this why brazil is so sucsessful? What you have? Argentina has lot better gdp per capita then brazil. What does this day about brazil then if we apply your logic? @@gtPacheko
Unfortunately the international trade still use the USD when the Euro makes more sense. But the best system is to trade currencies in a one to one system. Thus stopping the stupid system requiring making two losses on each exchange. It is based on the old system set up for British Pound. It has passed its use by date. Modern technology allows better exchange.
We be getting BRICS currency before GTA 6.
No. For it to be possible two things would be required.
1: It's members be on equal economic footing.
2: It's members not wanting to backstab each other.
3: it’s 3rd most powerful nation not buckling in a land war in Europe
It’s nothing anyone can do to stop BRICS
He's literally just putting tariffs on anything he can think of like this is a game...Last time a president did this we ended up with the 2008 recession..
That's not why the 2008 recession happened...
@ It’s not totally WHY, but it definitely contributed to it ( reduced resources by 66% ). My point still stands.
Ah yes. Let's do 100% tariffs on nations who refuse to use the Dollar, further giving them incentive to not use the Dollar and create an alternate currency.
Trump yuo are of genious.
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His statement is exactly why we need a Briccs currency
It's time for Europe to step up and make the Euro an alternative reserve currency by forcing all non-European countries like Saudi Arabia to conduct trade payments in EUR, not USD, thus reviving Saddam Hussein's policy of ditching the USD and adopting EUR as the preferred currency medium for all oil export payments bound for Europe.
I was thinking the same
All of Saudi Arabia holdings are in USD they would be committing economic damage to themselves not a chance they move away from the dollar
💰-> Euro
💰-> Bitcoin
💰-> Gold
💰-> Silver
As a Brazilian man, we need to move on to a new level. We wont to have dependence of dollars around us. The Brics just wants to have a safe options. I was a super fan of the USA in my childhood, however when i started to grow up, i cam see how much the USA wants to see the world in their hands. The best way to solve this problems is have more control over the Brics by ourselves. Beings using the local money between the brics. 🙏🏼🙏🏼🙏🏼
The problem is that none of BRICS is stable or strong enough for others trust them.
Russia is locked in an embarrassing land war and the Rubble has fallen above 100 for 1 USD. China and India are at each others throats and China especially has a severe demographic issue.
South Africa is well… South Africa.
And Brazil is well… Brazil.
The only real potential competition is the EU who could present a unified front but they are far too weak willed as a group to even defend themselves, let alone challenge the dollar.
In short. The answer is NO. Too much transparency and a unified central monetary system will need to be installed and do business with swift system.
The BRICS only really talk about using their own currencies for bilateral trade rather than third country currencies or payment systems (e.g., US dollar / SWIFT). It would be faster and cheaper for them, while not having to rely on the SWIFT system and other countries currencies. Imagine trying to force the US to use the euro or yen instead of their own currency for trade, they would be upset. It seems a lot of Westerns actually took it serious when Putin was holding a mock bill someone made as a joke during the last BRICS summit 😂😂
This happens Already. It's not a future, it's past
But that already happens
@@des_AT no it hasn't, because to trade between nations, you have to use SWIFT and to use SWIFT you have to use USD
@@goonerOZZ You don't have to use SWIFT lol. Do you even understand what SWIFT is? It is popular because it is a fantastic system that keeps transfers of money safe between financial institutions. Feel free to make your own alternative, and try make it so good that banks that use SWIFT change. You will not be successful. And you do not have to use USD to use SWIFT wtf are you talking about. Do you just read headlines? Or can you think for yourself. I bet not.
@@goonerOZZ but brics countries have a different system other than the swift system, they said it in the video
I said this when there was so much hype around Brics replacing the good old green back it would be hard to damn near impossible
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3:46 The Minecraft gold xD
No, there are differences between Developing currencies and useful currencies (currency)
World bank, interest rate rap3d on the spot
But I'm a gangster! you gon' take my money like it or not!
The aim has never been to replace it but to coexist at a competitive level. And on that I think is perfectly possible. Not only it’s possible but highly desirable
Why would it be highly desirable, how would a brics currency benefit me as a consumer?
It's only beneficial to some of the worst tyrannical dictatorships on the planet.
I find it difficult to support china or Russia
The dolar not being used as a weapon is a good start. Reducing exposure to the dolar will also protect the economy from external shocks
@ well it depends on which country you live in but in general curtailing the ability of the USA to dilute its inflation worldwide, which is done via the dollar, can only be a good thing. For 95% of the population at least.
Why a farmer in India or Brazil has to endure the inflation created by the Fed, or stupid decisions like the coming administration will likely take?
The whole point of ditching the gold standard in favour of the dollar was because the USA accounted for between 40% and 50% of the world’s GDP and was a responsible player. None of those two things longer apply and yet we still have the dollar
The 'worlds global currency ' transition screen made me laugh out loud at my desk
India is the most important to convince to not stay in bric
Yeah, you need a vowel for the acronym to be a word.
No one gives two 💩 about lindoos and Pakistanis
They only stay because it’s a great excuse for their President to get away from the office for a few days, which is the same reason everyone else attends the Brics summits.
China and India have been competing with each other for 2000 years. And trading with each other for 2000 years. 😂😂Amerika🇺🇸 idiot in history
@@meldamoiran has I in it
I really like your tone, voice and presentation!!
Yeah right lol, half of Brics hate each other and have very different goals. India and Brazil will not sit by and be sidekicks
Have you looked at Europe's history????😅😅
@Avaricumstudios yeah that's old history, modern Europe is a bastion of cooperation relative to the rest of the world. The two biggest Brics members are India and China and they have each other. Take a look at their regular border skirmishes
@LordBathtub if you told anyone in the 1950 ,that the Eu would be a thing, they would laugh you out
@Avaricumstudios yeah, which is why the EU wasn't started during a time of heightened tensions between prospective members... try again mate
@@AvaricumstudiosWe already had the literal predecessor to the EU in 1957. Consisting of West Germany, Italy, France, Belgium, Luxembourg and the Netherlands.
The inability to reliably and safely transfer money out of the country, such as the Chinese Yuan, is called the Hotel California effect. It is from the final verse of that song:
Last thing I remember, I was running for the door. I had to find the passage back to the place I was before.
"Relax," said the night man, "We are programmed to receive. You can check-out any time you like but you can never leave!"
Well to state the incredibly obvious the USA is not abandoning the dollar and capital flows to the USA are way, way, way bigger than any other country so you just wasted 8 minutes on hot air
6:21 Really appreciate you saying this. Please keep simply stating the obvious truth despite accusations of politicization you may get more frequently in the next four years!
There are more RUclips videos on BRICS than talks between countries trying to make it. It's never going to become a thing.
There are millions of people making videos on It while there like a dozens countries in BRICS 😐
Perhaps it's also relevant to focus in on what could bring down the United States dollar? If it's not BRICS, what is something that could have that effect?
Brics currency makes no cense? the currency would cover economy's that have a large difference is wealth. the currency would kill the poorer countries and hurt the power of the richest.
Brazil and south Africa dont have any similarity, so how would they have any comparison to China. Never mind the idea of apply it to India and China at the same time when they could go to war.
Central African countries use the US dollar. A large difference in wealth is not a problem. It makes exactly as much sense as the Euro made and continues to make.
Dollar dumping inflation to other nation
No
Short answer No, it can't .
This current market panic seems to be fueled by BRICS and rumors of WorldWar3. I have a little over 250k Intend to put in the markets but I don’t know what direction to head now.
from studies, 90% of times like this, the stock market stays positive for quite a long time. 2024 is no exception, but it is better to be guided, ideally by a well experienced and licensed advisor
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Short answer: No
Long answer: Nooooooooooo
Brics is a joke with enemies pretending to be friends.
its about trade not friendship
Why do American have an idiotic view of seeing diplomatic relations in binary of either ally or an enemy. Brics never claimed to rival US, it is only Americans having orgasms over it.
which are the friends of US? China and India resolved a 45 year old border issue so that they can concentrate more on their economy. Thats the way BRICS will be. All BRICS countries are devaluating their currency in long run without any effect on local economies. US tariff will just compensate this devaluation and it will not affect anyone in BRICS. it will just make US more unaffordable with high inflation. and with 36 TR debt, US will default in a year.
No currency dominates forever. The French franc led in the 18th century, the British pound dominated from the early 1800s to WWII, and the U.S. dollar has held the top spot since 1945. Each lasted roughly 80-100 years, influenced by shifts in global economic and political power. History suggests that dominance cycles are finite, and while the dollar remains strong now, it is not immune to the forces that ended its predecessors’ reigns.
BRICS is a bunch of chill guys that just like free trade without sanctions
I can tell you that China is very excited to hold Indian Rupees, India is very excited to hold Russian rubles, and Russia is very excited to hold Chinese Yuan.
The value of brics is not the currencies themselves, but rather the clearinghouse and message system that is an alternative to SWIFT
As South African, i don't think this idea of BRICS currency will happen because many things need to happen. We saw how Euro currency was created, you need to move in the same direction and agree in many things. When you look at BRICS countries, there are differences amongst members,India doesn't want to give away its strong currency.
THIS VIDEO ADDED MORE CREDIBILITY TO BRICS THEN IT HAD BEFORE
Euros for the win!
Also: I don't know a good solution but I like the euro
As a Korean, thank you Turkey and long may you prosper❤
Lest one forgets, the whole world traded almost exclusively with US dollars since the early 1970's. Most countries thrived and did business with the US and with each other. Most international debts were settled in dollars, which made the USA richer.
If we all traded with BRICS currency, nothing would change except the US would not be as wealthy. Bad but not the end of the world. It would encourage them to be more competitive and innovative maybe.
They don’t want to replace the dollar, they want to make sanctions irrelevant. They can do that just by creating a system of trade in local currency. India and China would never agree on a system that would benefit one or the other, but would agree on a system that does not detriment them both.
Some reasons why they will never do it:
1) all BRICS countries have tight controls on both capital flows and non-free floating currencies. A currency that tries to establish itself as a way for trade around the globe can't work like this;
2) even though the US is hated, US institutions are still more trustworthy than anything proposed by BRICS. Also, in the US there is rule of law, and thus applying economic sanctions can take a long time, while with a country like China anything can change in an instant (see China-Australia trade war)
3) even if they may agree on something, there are still some huge frictions between BRICS members. Trying to handle a currency with an underlying power struggle is a disaster
BRICS wasn't trying to create their own currency. they were trying to wean themselves off of the petrodollar and start trading in local currencies. this way two countries in Africa don't need to go buy US dollars in order to buy rice from each other.
If any of this happens it’s going to be 20 years down the road
The dollar will be around as the dominant currency for some time to come. There’s practically no transaction that takes place without the dollar involved. Even most PvsP.
I don't think so. The dollar standard days are numbered
A BRICS currency would just be a fancy version of Chinese currency. China is the only BRICS country with enough productive capacity and foreign reserves to keep the common currency from inflating into oblivion. Maintaining brics-rmb to offset the inflationary pressures from the other countries would be insanely expensive for China, and it would also give China even more leverage over BRICS nations than China already does right now.
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Looking at global reserves, i'd say the Euro is the closest competator, and it's not close
In order to be a reserve currency, there needs to be an outflow of currency (trade deficit) and the only BRICS country with a trade deficit is India. If they formed an economic zone, they would have a net surplus so a BRICS currency would never accumulate the way Argentina hoards US dollars to use in their black market.