It WILL be good news if it forces these G7 countries to grow up.
Well, they aren’t emerging economies then, right? No more special treatment, foreign aid, etc.
Deficit spending by the US has let to world wide inflation. Between that, and our imperialist wars, the rest of the world is deciding to drop the dollar.
Ukraine is the straw that broke the back.
Inflation is nothing, compared to what’s coming when nobody buys US Treasuries.
It’s not good news and just wait for the real economic trouble to begin when global oil trade is conducted in denominations other than our $SD
The dollar will slowly or rapidly cease to be the world Reserve currency. This will eventually prevent the US from printing money like it grows on trees. That means big budget cuts, including Social programs and Defense.
Most of the G7 countries are dismantling and disabling their own economies by forcing compliance to ridiculously strict pollution standards. So, we’re cutting our own throats by pandering to The Greens. Brics countries don’t have that problem. They don’t allow Green obsessions to destroy their rate of output.
The Saudi’s and Iran are all but in, Argentina has all ready applied, Mexico is coming, and I think the nail in our coffin will be Turkey - the first so-called NATO ally to bail.
They’ve already nailed down the African continent.
Then the Asian block start selling off their U.S. treasury notes (or demanding full payment).
Then you’ll see a bunch of others (e.g. the rest of South America) running for the exits.
This isn’t a black pill, folks. This is just what’s been happening while we’ve all been naval gazing about Trump’s arrest, and Zelensky’s wardrobe.
Economically, find something to hold on to - it’s going to be a rough ride.
just my $0.02
IMHO, that 'full faith and credit' has been horrendously abused. Think of what Trudeau did to the Canadian truckers on an international scale.
Without apparent recourse, that void is now being filled. That's what incompetance/bad behavior gets you.
But we use the correct pronouns and actually believe that we can live with only Chinese solar cells and windmills. So....neener neener.
I saw that the island of Manhattan has GDP of $690 billion.
That’s 40% of Russia’s supposed GDP
What does the Island of Manhattan produce, really?
GDP is a highly flawed statistic.
Their plan to establish a gold backed cbdc will topple the dollar from petrodollar status, and result in severe damage to the U.S. economy. Inflation will soar as central banks dump no longer needed dollars on the market, and the stock market will crash accordingly.
Having patched up their differences in an alliance of convenience, Iran and Saudi will join the party too, delivering a final blow to US financial hegemony.
Did you expect the source to downplay BRICS?
By the way, the CCP says the ROC belongs to the PRC.
You believe this? The CCP says it, therefore it must be true, correct?
The end of the dollar and the beginning of WWIII, this will not end well, hold on tight.
https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)
China
United States
India
Japan
Germany
Russia
Indonesia
Brazil
United Kingdom
France
Turkey
Italy
Mexico
South Korea
Canada
Spain
Saudi Arabia
Egypt
Taiwan
Australia
The West has been programmatically poisoned by narcissistic obsession with “identity”. That mindset sabotages a person’s chances of success in the real world where talent and determination overcome all, including especially identity.
It wasn’t an accident that the West started raising crops of human losers. It was an aspect of long-term strategic full spectrum war, and now we are seeing the enemy’s payoff rolling out.
Someone figured out that you can incrementally beat a society to nearly complete submission as long as you give them drugs and a controlled media, and most especially a very poor education.
The best way to win a war is to keep your enemy ignorant of it until they have already been defeated.