Russia And China Officially Announce A "New Global Reserve Currency"

QTR's Fringe Finance ^ | 7/23/22

[SaveFerris]

With all the debt.......

I think here it comes.

🙏🙏✝️🛐🛐🛐

[DannyTN]

LOL yeah but that’s lowering them from what 25%?

The Ruble is artificially high because of all the restrictions Russia put in place, like not being able to take dividends out of the country, exporters, being required to convert half their proceeds into rubles.

It’s not a free market exchange rate so it means nothing.

[aMorePerfectUnion]

The western governments forced this by weaponizing financial sanctions and banking access.

[Right_Wing_Madman]

After further reference, I'm going to update the chart. Most economists agree the U.S. dollar formally became the world reserve currency after the Bretton Woods Agreement in 1944, though British sterling and the U.S. dollar shared that role in the 1920s and 1930s.

Florentine Florin, 1252-1351 (99 years)
Venetian Ducat, 1351-1450 (99 years)
Portugal, 1450–1530 (80 years)
Spain, 1530–1640 (110 years)
Netherlands, 1640–1720 (80 years)
France, 1720–1815 (95 years)
Great Britain, 1815–1944 (129 years)
United States, 1944 to ?

[aMorePerfectUnion]

—> The moment we SWIFT’d Russia, the US Dollar as the global reserve currency lost most of its value to the world, as, literally, EVERY COUNTRY now has to wonder if they’re next for being SWIFT’d, and thus losing their dollar holdings.

+1

[NorseViking]

I bet that the accumulated Russian inflation for 2022 is going to be below that of the US. It is actually a factor of globalization and going to get better once Russia fully decoples from the Western system.

[Arcadian Empire]

Biden’s boomeranging suicide sanctions are pushing Russia further and further into China’s dark embrace.

[hardspunned]

Iran and Argentina are the newest BRICS members. This new bloc is filling the vacuum in food and energy production that the west has renounced. The new BRICS currency will be based on energy and food production. The dollar is transitioning to being based on our main exports, climate lies and perversions.

[Cathi]

April 4, 2022

Our economic soothsayers predictions for Russia:

Goldman Sachs has forecast a 10% contraction in Russian GDP this year, while the Institute for International Finance think tank has projected a more damaging 15% plunge.

In a note Wednesday, economists at Capital Economics projected that Western sanctions are likely to push Russian gross domestic product into a 12% contraction in 2022, while inflation is expected to exceed 23% year-on-year.

---

Fast forward to July 22, 2022 a mere 3 months later:

Russia central bank update:

▪️The Central Bank of the Russian Federation improved the forecast for the Russian GDP for 2022, expects a reduction of 4-6% against 8-10%;

The Bank of Russia lowered its key rate to 8%, lower than pre 24th February levels.

▪️The Central Bank of the Russian Federation will assess the feasibility of reducing the key rate in the second half of 2022;

▪️Annual inflation in Russia, according to estimates as of July 15, decreased to 15.5%;

[libh8er]

A new Axis of Evil has formed. It’s missing Iran but they will join before long.

[NorseViking]

What exactly is evil about this axis? Most of the world believes they are the good guys.

[NorseViking]

I see the GDP contraction as not impossible but unlikely if the Russian cent bank is not going to drop thebruble value a bit. There is going to be a powerful rebound in 2023 on import substitution.

[Cathi]

“but unlikely if the Russian cent bank is not going to drop thebruble value a bit.”
______________________________
Nabiullina is trying as hard as she can. That’s why she dropped the interest rate to significantly lower than pre “special military operation” level.

But, the fact that she lowered the GDP projection from 8-10% to 4-6% is very significant since the big knock on her has been that she is always “too cautious.” So far Russia has surpassed all her previous projections this year.

[catnipman]

“Russia And China Officially Announce A “New Global Reserve Currency””

i’ve been thinking about officially announcing one myself ...

[NorseViking]

It is largely in the stock market right now. Even if bad for the exporters, the ruble rate is close to the fundamentals. If the stock market is to regain its pre-crisis nominal value, Russia is likely to surpass all the Euro countries but Germany , and also surpass India per nominal GDP.
It will surpass Germany mid-term as well.

[wildcard_redneck]

Leftist think it is great and most neocons are too stupid to notice.

[Georgia Girl 2]

Gold backed too. In the near future every country will be on a gold backed currency.

[Falconspeed]

Thank you. Very nice. Andrew Jackson and Chester Arthur had the correct views of who makes the money.

[citizen]

bmark

[SmokingJoe]

Who wants to hold the yuan when Chinese citizens can't even get their deposits out of the Chinese banks?

And American citizens can get their US dollars out of American banks?
Didn't some American banks in conjunction with each other a few months ago, decide to cancel the accounts of some President Trump supporters and deny them banking facilities?
Not to mention this new reserve currency is neither the Yuan nor the Ruble, but a new currency supported by the BRICS countries including India and Brazil as well as China and Russia.
And why should these countries hold their reserves in dollars when Dementia Joe just keeps over spending by Trillions of dollars and making it up massive printing of new dollars or borrowing.

Russian inflation rate 2021 6.9% 2022 17.8%

Can you tell us what the latest US inflation rate is?
Is it not 9.1% which is higher than the Russian 6.9% you are just trashing?

I don't think we have much to worry about

Oh we do,
The BRICS countries make up close to 50% of the world's population already, with new members joining even as we speak.
Is it going to have effect on America if these countries take their reserves elsewhere? Of course it will.