Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

BRICS 'wall' mounts resistance to dollar
global china daily ^ | 2023-07-19 | By HENG WEILI in New York

Posted on 07/19/2023 3:58:09 AM PDT by RomanSoldier19

Greenback weaponization prompting efforts to likely introduce new currency

A potential world-changing financial event is on the horizon next month.

The nations that make up the BRICS — Brazil, Russia, India, China and South Africa — reportedly plan to introduce a joint currency backed by gold when they meet for their summit on Aug 22-24 in Johannesburg.

The BRICS venture underscores an effort to "de-dollarize" amid concerns over Washington's ability to "weaponize" the greenback through economic sanctions.

(Excerpt) Read more at global.chinadaily.com.cn ...


TOPICS: News/Current Events
KEYWORDS: brics; dollar
Navigation: use the links below to view more comments.
first 1-2021-37 next last

1 posted on 07/19/2023 3:58:09 AM PDT by RomanSoldier19
[ Post Reply | Private Reply | View Replies]

To: RomanSoldier19

King Dollar won’t fall overnight.


2 posted on 07/19/2023 4:06:59 AM PDT by NavyShoe
[ Post Reply | Private Reply | To 1 | View Replies]

To: RomanSoldier19

“The nations that make up the BRICS — Brazil, Russia, India, China and South Africa — reportedly plan to introduce a joint currency backed by gold when they meet for their summit on Aug 22-24 in Johannesburg. “

The Neocons/Globalists had OPTIONS after they got the Ukraine War started - sadly for Americans and Europeans they chose the one option that would DESTROY their Globalist Empire and the high living standards came with it - which was Suicide Sanctions against Russia (particularly cutting Russia off from SWIFT). Now the days of the US running the world are quickly closing.

Options that the Neocons/Globalists COULD HAVE taken include opening up the US/European economies by jettisoning the Green New Deal, rather than doubling-down on it, and also working to quickly end their Ukraine War with a peace deal.

So now our national debt and many other problems will quickly come due.


3 posted on 07/19/2023 4:14:02 AM PDT by BobL (Trump has all the right Enemies; DeSantis has all the wrong Friends)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NavyShoe

“King Dollar won’t fall overnight.”

It will probably take 2 or 3 years, long enough for the Dems to steal the next (and last) election here.


4 posted on 07/19/2023 4:15:04 AM PDT by BobL (Trump has all the right Enemies; DeSantis has all the wrong Friends)
[ Post Reply | Private Reply | To 2 | View Replies]

To: NavyShoe

It will take quite a while if it works.
Flipping the Swift switch sent a message to the world though.
We live in interesting times…


5 posted on 07/19/2023 4:15:49 AM PDT by EEGator
[ Post Reply | Private Reply | To 2 | View Replies]

To: NavyShoe

Yeah. Don’t panic. We have some time but prepare for the inevitable. Great Britain didn’t collapse when they lost status with the Sterling.


6 posted on 07/19/2023 4:20:23 AM PDT by griswold3 (Truth, Beauty and Goodness )
[ Post Reply | Private Reply | To 2 | View Replies]

To: NavyShoe

What I want to know is organized crime will not work well with digital economy


7 posted on 07/19/2023 4:21:59 AM PDT by ronnie raygun
[ Post Reply | Private Reply | To 2 | View Replies]

To: BobL

8 posted on 07/19/2023 4:25:05 AM PDT by RomanSoldier19 (Res ad Triarios venit;“We are your ghosts, in this game played by monkeys, organized by lunatics” )
[ Post Reply | Private Reply | To 3 | View Replies]

To: ronnie raygun

They’ve got a plan I would think.

There’s always weapons, drugs, real estate, young women, barter, cash, gems, precious metals, and dark web activities.


9 posted on 07/19/2023 4:27:23 AM PDT by EEGator
[ Post Reply | Private Reply | To 7 | View Replies]

To: griswold3
Great Britain didn’t collapse when they lost status with the Sterling.

Except this situation is very different than the 1940s. If the BRICS gold-based currency is legit, the dollar eventually will eventually face two tough choices:

1. Stay paper-based and get outmuscled by a gold-based currency that everyone will prefer to own and trade.

2. Hit reset, revert back to a gold-based currency, and default.

There will be severe pain either way, along with an undetermined level of violence.

10 posted on 07/19/2023 4:32:46 AM PDT by Right_Wing_Madman
[ Post Reply | Private Reply | To 6 | View Replies]

To: Right_Wing_Madman
Great Britain didn’t collapse when they lost status with the Sterling.

Great Britain did collapse after the Bretton Woods agreement of 1944. The empire lost most of its colonies in 1946-1950.

11 posted on 07/19/2023 4:37:00 AM PDT by Right_Wing_Madman
[ Post Reply | Private Reply | To 10 | View Replies]

To: EEGator

“They’ve got a plan I would think.”

Their plan appears to be to take Russia down, and then take China down. The problem is that China is FAR TOO STRONG for us to swat away - our window for China ended in the early 1990s,if even that. For Russia, we had a strong Cold War military, probably would have made sense to keep it intact, rather than gutting it, if the plan was to take on Russia.

Oh well, the Neocons are learning the hard way that it’s MUCH HARDER to roll large, strong, countries, than little, puny, countries like Serbia, where you can just bomb the crap out of them if they get pesky.


12 posted on 07/19/2023 4:39:37 AM PDT by BobL (Trump has all the right Enemies; DeSantis has all the wrong Friends)
[ Post Reply | Private Reply | To 9 | View Replies]

To: RomanSoldier19

Like anything, the devil is in the details. Russia has significant gold ore. But how would that translate into a BRICs gold dollar? Each country would need to pay Russia for its gold and processing in their own currency. Is Russia going to do this out of the goodness of their heart? No, it will be sold at retail. Then, Russia will need to turn the foreign currency into products. Only the country of origin will really accept the currency back and again, that will be a retail transaction. So, you already have two profit transactions on the same currency. This is as opposed to one country making a gold backed currency all by itself. The next problem is the countries Russia will trade with have little to offer the Russians, meaning the countries will need to use their currency to trade for something from the West that Russia needs…another retail trade. Now, the BRIC country has some gold backed currency which already has several retail add-ons to it. They use it to buy something, but that something is being bought with a currency that is already “inflated” by the transactions necessary to create it. To make this worthwhile the BRIC gold dollar needs to trade at or below its gold value. We already see that can’t happen. Also, the BRIC currency requires that Russia deposit the gold someplace not in Russia. I doubt anyone will accept the BRIC gold dollar unless the gold is on deposit someplace. What is the difference between this and Russia just paying in gold? And why would Russia go through all these steps to create something that we’ve just demonstrated is not as valuable as just paying for something in gold?

Russia will be the only one to profit by this.


13 posted on 07/19/2023 4:41:15 AM PDT by Gen.Blather (Wait! I said that out loud? )
[ Post Reply | Private Reply | To 1 | View Replies]

To: BobL

I know the Neocons have a plan, some succeeding, some failing.

My post was a reply to a post about organized crime and digital economy.
I appreciate the post though.


14 posted on 07/19/2023 4:43:11 AM PDT by EEGator
[ Post Reply | Private Reply | To 12 | View Replies]

To: Right_Wing_Madman

True. But London is still considered a financial capital of the world. Adjustments will be made. We won’t become Zimbabwe.


15 posted on 07/19/2023 4:45:16 AM PDT by griswold3 (Truth, Beauty and Goodness )
[ Post Reply | Private Reply | To 11 | View Replies]

To: RomanSoldier19

All thanks to the despicable “Democratic” Party and the perfidious Neocons.


16 posted on 07/19/2023 4:45:40 AM PDT by wildcard_redneck (Biden will mess up the Ukraine worse than Afghanistan.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ronnie raygun
What I want to know is organized crime will not work well with digital economy

That's bad news for...

Clowns In America and the FIB

17 posted on 07/19/2023 4:52:57 AM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: BobL
We certainly have many problems in our country but how stable is BRICS? The 900 pound gorilla in the group is China. How can China overcome its problems: economic distortions caused by the state sector of the economy; unreliable financial reporting; a population implosion due to decades of a one child per family policy; a military that has almost no combat experience.

Russia, number 2 in the alliance, has not defeated Ukraine after 17 months of war. Unless they can turn the war around, Russia will be encircled by hostile powers to their west, except Belarus. The Baltic Sea is a NATO lake with Finland and possibly Sweden in the alliance.The Western boycott has been ineffectual, but Russia remains a de facto Third World country, dependent on mineral and agricultural exports, except they now sell to China and India instead of Europe.

India is a rising power, with a freer economic system than China and less of a police state. While there are Hindu fundamentalists who want to ban rival religions, the Indians have far more liberty than the Chinese. India and China have clashed in the Himalayas, with the Indians doing well in the skirmishes. Plus India has strong ties with Britain due to two centuries of colonial rule. The U.K. has a Prime Minister of Indian ancestry. A prolonged Indian Chinese alliance seems improbable.

The BRICS alternative currency is not a sure victor over the dollar.

18 posted on 07/19/2023 4:57:11 AM PDT by Wallace T.
[ Post Reply | Private Reply | To 3 | View Replies]

To: BobL
So now our national debt and many other problems will quickly come due.

With a fiat based currency and Central Bankstering system, when PMs become king, the national "debt" goes POOF!

We've NEVER paid a plug nickle of principle into the debt, never will, so why do so when it falls?

[Grace Commission, never paid any principle into Natl Debt, only interest]

FED/IRS can and will go pound sand.

19 posted on 07/19/2023 4:57:16 AM PDT by C210N (Everything will be okay in the end. If it’s not okay, it’s not the end.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: BobL

I’d say a decade before the US degrades to post-war Britain.
But the process is ongoing.


20 posted on 07/19/2023 5:02:01 AM PDT by NorseViking
[ Post Reply | Private Reply | To 4 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-37 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson