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What do all you seasoned investors think will be the repercussions of those countries abandoning the USD for international trade? Are all the gold and cyrpto commercials right? Will foreign counties sell US treasuries, forcing us to print more money only to exacerbate the issue? Possibly causing a Venezuela type inflation?
It will be the start of a Diminishing prospects for the continued global domination of the U.S. dollar. BRICS is 41% of the world population in BRICS countries that are beginning to deviate from the U.S. dollar as the world reserve currency.
Goldman Sachs economist Jim O'Neill to describe that BRICS would collectively dominate the global economy by 2050, it will be a progression toward what. The WEF predicts the US dominance will end by the year 2030 and will be shared by a handful of global powers, 2030 is not too far away.
Many countries will still hold U.S. dollars to purchase oil. American debt, equities and real estate will continue to serve as a store of value for most citizens. And fiat currencies, particularly the U.S. dollar, will serve as the dominant units of account. I predict that this first phase will last no longer than 20 more years.
During the course of this 20 year phase, many countries could default on their debts and experience currency collapses. They will start transacting locally in U.S. dollars the way that some nations do even today. Rising debt-to-GDP and inflation levels, coupled with tax increases and unemployment, will lead to massive unrest. Governments will be in desperate need of a solution to an unsolvable problem.
This leads to them having no other choice but to switch to a fundamentally different monetary system that the US dollar. At this point in time, the non-BRICS nations will quickly adopt bitcoin or similar as both a medium of exchange and unit of account. This means that everyone is paid in bitcoin etc..
A whole lot of nothing. The rest of the world is not going to embrace a currency issued by any unstable, war mongering, oppressive socialist, communist or theocratic government.
"There are some things people shouldn't worry about. This is one. The dollar is the reserve currency of the world, and everybody knows it,"
A whole lot of nothing. The rest of the world is not going to embrace a currency issued by any unstable, war mongering, oppressive socialist, communist or theocratic government.
"There are some things people shouldn't worry about. This is one. The dollar is the reserve currency of the world, and everybody knows it,"
- Warren Buffett
China and Russia are buying all the gold they can and claim the BRICS currency will be back by gold, vs the USD that is fiat. if true it could put pressure on the USD.
Lucky for us they will not be releasing a currency on Aug 20th, eventually they will.
Economy news -
"I do believe that the BRICS will issue a common settlement currency, and it will be backed by something," Schectman told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "It's coming," he added.
China and Russia are buying all the gold they can and claim the BRICS currency will be back by gold, vs the USD that is fiat. if true it could put pressure on the USD.
Lucky for us they will not be releasing a currency on Aug 20th, eventually they will.
Economy news -
"I do believe that the BRICS will issue a common settlement currency, and it will be backed by something," Schectman told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. "It's coming," he added.
They can back it with gold or anything they like. The rest of the world is never going to embrace a currency issued and controlled by those governments.
They can back it with gold or anything they like. The rest of the world is never going to embrace a currency issued and controlled by those governments.
They can back it with gold or anything they like. The rest of the world is never going to embrace a currency issued and controlled by those governments.
Wow! Can I borrow your crystal ball to look into future Lotto winning numbers?
What do all you seasoned investors think will be the repercussions of those countries abandoning the USD for international trade? Are all the gold and cyrpto commercials right? Will foreign counties sell US treasuries, forcing us to print more money only to exacerbate the issue? Possibly causing a Venezuela type inflation?
My answer to your questions: I don't know. I doubt that anyone does although some apparently have a crystal ball that I would like to borrow.
This will be an interesting meeting to observe in that China wants to expand the BRIC gathering so that they can wield more global economic influence, whereas Brazil wants to limit the expansion lest the gathering become unwieldy and useless like the United Nations.
A whole lot of nothing. The rest of the world is not going to embrace a currency issued by any unstable, war mongering, oppressive socialist, communist or theocratic government.
"There are some things people shouldn't worry about. This is one. The dollar is the reserve currency of the world, and everybody knows it,"
- Warren Buffett
I wouldn't heed anything a buy and hold 90 year old globalist might of said 30 years ago. The world is changing fast and now that Iran is focusing on Geneva instead of Israel, things can go south very quickly.
I wouldn't heed anything a buy and hold 90 year old globalist might of said 30 years ago. The world is changing fast and now that Iran is focusing on Geneva instead of Israel, things can go south very quickly.
And I don't mean to be rude, I really don't, but it's "might HAVE said", not "might OF said". It's hard for me to take people seriously on economic topics like this when they can't even get that right.
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