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Old 04-19-2023, 04:06 PM
AFP
 
7,412 posts, read 6,798,250 times
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I agree it's a mistake. Globalism is going to change the supply chain and shipping will look very different in the future. USA isn't going to secure China's shipping lanes and China lacks the ability to secure safe passage for it's cargoes. It's boxed into the south China seas surrounded by hostile powers with more powerful navies.
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Old 04-19-2023, 05:49 PM
 
2,092 posts, read 1,221,541 times
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OP, hear out ECB President:
the usage of "local currencies" of the developing world,
do not eliminate the dominance of the US$.

~ youtube.com/watch?v=HpecJEp5GLM
Euro, dollar status should not be taken for granted, says ECB's Christine Lagarde
The Economic Times
Apr 18, 2023
Global News | "Euro, Dollar status should not be taken for granted," says Christine Lagarde, European Central Bank


European Central Bank President Christine Lagarde “cannot believe” U.S. would default on its debt
Apr 18, 2023

~ youtube.com/watch?v=yZUWiveAfMU (full interview)

https://www.youtube.com/watch?v=ymjG1hYs91A
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Old 04-19-2023, 08:00 PM
 
1,594 posts, read 801,980 times
Reputation: 2530
Quote:
Originally Posted by AFP View Post
I agree it's a mistake. Globalism is going to change the supply chain and shipping will look very different in the future. USA isn't going to secure China's shipping lanes and China lacks the ability to secure safe passage for it's cargoes. It's boxed into the south China seas surrounded by hostile powers with more powerful navies.
Who are the hostile powers with more powerful navies that surround China? I get people having their favorite countries, but we don't have to make up things to justify our position. China has the largest Navy by number of ships. It has nuclear submarines, 3 aircraft carriers (working on a 4th), anti-ship ballistic missiles, and host of other naval assets. Doubtful anyone other the United states is interested in challenging their Navy.

Countries choosing to conduct transactions in their local currencies in merely a hedge against the heavy handed U.S. tactic of unilateral sanction and dollar assets freezing. Does it hurt the U.S., a course; however, the U.S. along with other western nations made the choice to weaponize the global trade system.
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Old 04-20-2023, 03:49 AM
 
Location: Honolulu/DMV Area/NYC
30,400 posts, read 17,798,488 times
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It's a smart move for Brazil, Russia, India, China and South Africa. And, while not so great for the US, it's probably a good thing for the world to have increased competition in the economic sphere. From a sanctions perspective, alone, this is a smart move by those countries. I love how powerful the U.S.'s economic influence is as it has served us well. But if I was a leader of another country, I would be begging for an alternative or serious addition to balance the U.S. influence.
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Old 04-21-2023, 01:31 PM
 
2,790 posts, read 1,427,868 times
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Quote:
Originally Posted by MalaMan View Post
As a Brazilian I believe my country is making a serious mistake by aligning itself with the dictatorships of Russia and China in this BRICS nonsense.

Brazil is a Western democracy with Western democratic values, and therefore should be firmly in the Western democratic bloc. Russia and China are anti-democratic forces in the world, and work to undermine democracy around the world. Brazil has no place in any "strategic bloc" with those countries, at least not while those countries are under their current political regimes.
Why is it a mistake? When the US prints money it causes nothing but hyperinflation across the world. This is decades in the making when America weaponizes the currency to dictate it's influence around the world.

I think the biggest mistake is when the US took the dollar off the gold standard.

Right now the world is dumping dollars and buying gold.
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Old 04-21-2023, 03:25 PM
 
Location: London, UK
4,090 posts, read 3,656,316 times
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Russia just did a tour of Nicaragua, Venezuela, Cuba; and you guessed it, Brazil to garner support for its interests.



What a club!
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Old 04-23-2023, 08:18 PM
 
8,572 posts, read 8,443,488 times
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Quote:
Originally Posted by Ice_Major View Post
FYI, I never said the OP wasn't Brazilian. You are ignoring the weaponization of the U.S. dollar in recent decades. Having a 100-year track record of transparency, means nothing if tomorrow a nation can be cut off simply for making policy decisions deemed unfavorable to U.S. interest. Holding dollar reserves or purely conducting trade in dollars has become a liability. You can’t ignore this fact. Interestingly 42% of the world's population lives in a nation under U.S. sanctions.

https://www.corpwatch.org/article/us...-havent-worked

I'm not arguing that Brazil should abandon the U.S. for China, nor do I believe that is the current government policy. I am arguing for diversification. It makes no sense to strictly align with the U.S. on shared values. The U.S. doesn’t, why should everyone else? Besides, Brazil has been mostly aligned with Washington for decades, and what has that gotten them.

While China is certainly the dominant member of the BLOC, once again China isn't going around using its currency to punish others and has kept its dealing with Brazil to purely economic matters. You are right the U.S. isn't prefect, it's flat out horrible in its international relations, especially in its policy towards many Latin American countries. Besides what is the alternative they should wait for? U.S. actions have shown Washington doesn't want to allow an alternative.

If China had the ability to weaponize its currency it would clearly do so. Observe however the weaponization that it is doing in South East Asia to push its geopolitical interests. Of course it does not speak of human rights abuses given its own sordid record in Hong Kong, with the Uigurs, etc.

The fact that the West has been abusive and exploitative doesnt make China a force for good. The "enemy if my enemy" is rarely my friend. if anyone doubts Xi's plans for global domination they are being sadly naive. What interests me is that those who condemn the West never seem to be interesting in migrating to China/Russia, or even to travel there. Look at travel by Brazilians to the USA compared to China.
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Old 04-23-2023, 08:21 PM
 
8,572 posts, read 8,443,488 times
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Quote:
Originally Posted by MKTwet View Post
Why is it a mistake? When the US prints money it causes nothing but hyperinflation across the world. This is decades in the making when America weaponizes the currency to dictate it's influence around the world.

I think the biggest mistake is when the US took the dollar off the gold standard.

Right now the world is dumping dollars and buying gold.
Why don't people by the Yuan given that some think that China is this force for good to counter the "evil USA". As dominant as China is in global trade even its own citizens do not trust it. Note massive investments by Chinese business interests in assets in the West. The euro was set up to balance the US$. What happened?
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Old 04-23-2023, 08:24 PM
 
8,572 posts, read 8,443,488 times
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Quote:
Originally Posted by prospectheightsresident View Post
It's a smart move for Brazil, Russia, India, China and South Africa. And, while not so great for the US, it's probably a good thing for the world to have increased competition in the economic sphere. From a sanctions perspective, alone, this is a smart move by those countries. I love how powerful the U.S.'s economic influence is as it has served us well. But if I was a leader of another country, I would be begging for an alternative or serious addition to balance the U.S. influence.
Except that no one speaks of BRIC nations anymore. As has been pointed out this will just be a power play for China. Given that India has its own global ambitions I doubt that they are interested in being a Chinese vassal.
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Old 04-26-2023, 10:04 AM
 
982 posts, read 857,197 times
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Quote:
Originally Posted by MalaMan View Post
As a Brazilian I believe my country is making a serious mistake by aligning itself with the dictatorships of Russia and China in this BRICS nonsense.

Brazil is a Western democracy with Western democratic values, and therefore should be firmly in the Western democratic bloc. Russia and China are anti-democratic forces in the world, and work to undermine democracy around the world. Brazil has no place in any "strategic bloc" with those countries, at least not while those countries are under their current political regimes.
First of all, I think boycotts from foreign countries are not what will bring down the Chinese dictatorship. This has to come from inside, from the Chinese themselves, and it seems that most of the Chinese are satisfied as long as the regime continues to bring them prosperity.

The bellicose and aggressor Russia is another story, Brazil should break relations with them.

Second, even though Brazil is a democratic country with the same western values, as well as all of Latin America, the region does not seem to be a priority, having special relations with the United States and the European Union, in fact they don't even consider Latin America as part of the west. So it does not have to beg for attention.

Third, Brazil is a regional power, a medium power at the world level, among the 10 largest economies and military forces in the world, with the potential to grow more as the country develops, so Brazil is big enough to follow its own agenda, it doesn't have to automatically align to one side or the other.

Lula is not Bolsonaro, he follows the agenda of Itamaraty (state agency responsible for Brazilian foreign policy) but when he speaks impromptu, he talks many s.h.i.t.s just like Bolsonaro.

The USA was the second country (after Argentina) that Lula visited and according to what is said, Itamaraty diplomats were disappointed with the Biden government's lack of commitment, especially with the Amazonia fund.

This theater with China could be to try to extract concessions from North Americans and Europeans.
In any case, no country can financially offer what China offers to Brazil.
We have a lot of free land to plant food and they have billions of mouths who are eating more and better quality food. They have the money, we have the products what they need.

Brazil before the Chinese boom of the 2000s was a country that had problems with a lack of dollars to pay for imports, a large foreign debt, our currency was fragile to international speculation due to the lack of reserves in dollars, generating hyperinflation.

Today all of that is a thing of the past and the younger generation doesn't even know what it's like to experience it, thanks in large part to our biggest customers, China.
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