BRICS countries moving away from the US dollar

[CDDP]

 

[Jake Broe Stan]

 

[CDDP]

 

[Jake Broe Stan]

This means the opposite of dedollarization. The whole reason they had to pay in yuan was because there is a shortage of dollars.

Argentina, short of dollars, to use yuan in $2.7 bln IMF payment

Argentina, battling an acute scarcity of dollars, will pay part of $2.7 billion due to the International Monetary Fund (IMF) this week with Chinese yuan, a government spokesperson confirmed on Thursday.

www.reuters.com

Argentina, battling an acute scarcity of dollars, will pay part of $2.7 billion due to the International Monetary Fund (IMF) this week with Chinese yuan, a government spokesperson confirmed on Thursday.

Earlier Thursday, Reuters had reported the plan, citing two sources. One of the sources said the plan would deplete the country’s $1.6 billion in SDRs while tapping a $1.1 billion equivalent of yuan “without touching dollar reserves.”

The IMF did not immediately respond to a request for comment on the payment method.

The plan underscores how desperate Argentina’s dollar position has become, with the government racing to pay the IMF by the end of the week after it pushed back the payments originally due earlier in the month.

 

[hmt5000]

Yellen and now Kissenger in China begging them not to dump their remaining US treasuries. People in DC talk about fighting China while our politicians go over there begging.

 

[Jake Broe Stan]

Yellen and now Kissenger in China begging them not to dump their remaining US treasuries. People in DC talk about fighting China while our politicians go over there begging.

You must be economically illiterate because every country on earth would jump at the opportunity to buy those treasuries if they dumped them.

Nobody can get enough dollars right now.

 

[hmt5000]

You must be economically illiterate because every country on earth would jump at the opportunity to buy those treasuries if they dumped them.

Nobody can get enough dollars right now.

 

[BigBucnNole]

Yellen and now Kissenger in China begging them not to dump their remaining US treasuries. People in DC talk about fighting China while our politicians go over there begging.

You are retarded

 

[Jake Broe Stan]

Russia is the laughing stock of the world.

Even a Russian-cofounded bank can't fund new projects in the country — and it shows just how financially isolated the country is

Any speculation concerning the discussion of new operations of the NDB in Russia is "unfounded," the bank said in a Wednesday statement.

www.businessinsider.com

 

[hmt5000]

I am retarded

 

[CDDP]

 

[MalO]

I don't think most people, even most people on this forum, really know how bad things are right now for the USA economy, the banking system, and the dollar.

It would take drastic action to maintain the dollar as a reserve currency. I'm not talking regulation or firing and appointing people.

I'm talking coup detat against the federal government and destroying the federal reserve. Then backing the dollar with something. It could be anything. Gold, silver, grain, electricity. Anything can be used to back a currency. Personally I think a renewable resource would be great for backing a currency and the reason that governments keep abandoning metal backed currencies for fiat is because metal is in limited supply, so it's difficult to expand the money supply when the thing that gives it value is limited. This is why renewables would do it better.

But short of that? We're doomed.

 

[MalO]

IMO backing the dollar with a kw/h of electricity and then making a big push for building new nuclear power plants would be the most ideal outcome.

Repeal the ban on nuclear reprocessing

Build new nuclear power plants with better designs that include passive safety (there are designs which cannot melt down) and use nuclear waste as fuel.

Replace all our aging nuclear plants with these new ones. We get a construction boom, we massively increase our energy production, we lay the groundwork for electric vehicles to be commonplace, and the dollar gets backed by something substantial. On top of all that, we get safer nuclear plants and less nuclear waste.

Now compare that idea to the green energy bill. What did AOC's green energy bill accomplish? 2.5 trillion and spending and what? Did we even get more solar panels or did we get more scams like Solyndra?

 

[Jake Broe Stan]

I don't think most people, even most people on this forum, really know how bad things are right now for the USA economy, the banking system, and the dollar.

It would take drastic action to maintain the dollar as a reserve currency. I'm not talking regulation or firing and appointing people.

I'm talking coup detat against the federal government and destroying the federal reserve. Then backing the dollar with something. It could be anything. Gold, silver, grain, electricity. Anything can be used to back a currency. Personally I think a renewable resource would be great for backing a currency and the reason that governments keep abandoning metal backed currencies for fiat is because metal is in limited supply, so it's difficult to expand the money supply when the thing that gives it value is limited. This is why renewables would do it better.

But short of that? We're doomed.

This is the worst troll attempt I’ve seen on here since “no country worth having has to conscript soldiers”.

 

[CDDP]

 

[dirtytoeddawg]

Have these countries accepted the formal invitation?

 

[Jake Broe Stan]

Have these countries accepted the formal invitation?

Then what? Seek out international investments in dollars?

Maybe next they will join a book club? It would have the same amount of meaning as them joining “BRICS”.

 

[Jake Broe Stan]

 

[Jake Broe Stan]

• Despite oil trades being recently settled in the yuan and ruble, the U.S. dollar's prominence in this market is here to stay.
• India's oil and gas minister said that international payment systems "have been in place for a long time" and that to displace the dollar is "not so easy".

De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency

Despite trades in the oil markets done in the yuan and rupee, the U.S. dollar will still remain the mainstay of oil trades.

www.cnbc.com