Can BRICS De-dollarize the Global Financial System?

Cambridge University Press ^ | 24 March 2022

[jimwatx]

Actually I expect this to be what causes WW3 depending on how it is resolved.

[DoodleDawg]

Russia, Brazil, and South Africa are going to drag China and India down.

[PGalt]

👍

[nickcarraway]

Better start booking Gordon Chang on TV now.

[vmpolesov]

Interesting, thanks for posting

[Gay State Conservative]

Having visited South Africa recently I can confirm that it's a giant 4th World African cesspool with a few spots of middle class 9and upper class) affluence in a few suburbs.

For example: while there we stayed a few days in a suburb called Sandton (it's written up in Wikipedia). It's not far from Jo'burg and just down the street from our hotel was a Rolls Royce dealership. Also just a few miles away was a settlement called Alexandra which is identical to a million other shanty towns you can see anywhere in Congo,Nigeria,Guinea Bissau,etc,etc.

[Tell It Right]

My all time favorite South Africa story is from at least a decade ago that Rush talked about. LOL It went something like this.

There was a majority black school here in the U.S. that always took nominations from students during February as which black student represented good character. Some of the parents complained that they called the award "best black student" instead of "best African American student" or whatever. After some pressure the school changed the name of the award.

Then one February some students for kicks and giggles decided to nominate a white kid for the award. They decided that he qualified because he was born in South Africa and was probably the only student in the whole school who was truly African American. Of course, the black parents had a conniption fit and demanded the award be changed back to best black student. LOL

[Falconspeed]

A “nondollar global financial system” will remain a third world. BRICS need the dollar more than we need BRICS. The new new upper middle classes in BRICS make $20K/year and purchase American stuff: China: Levi jeans, whiskey. India: shampoo, Oreos. Etc. American would be fine without BRICS.

[Zhang Fei]

[A “nondollar global financial system” will remain a third world. BRICS need the dollar more than we need BRICS. The new new upper middle classes in BRICS make $20K/year and purchase American stuff: China: Levi jeans, whiskey. India: shampoo, Oreos. Etc. American would be fine without BRICS.]

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Not even a question of *needing*. There are ways around the dollar. Problem is - the transactional costs - the skim - is higher for those methods. People don’t use the dollar because they like the US - they use it because it’s - wait for it - cheaper than the alternatives. It’s like the guy who uses one ATM over another because the first ATM only charges 50 cents a transaction whereas the second charges $1. In % terms, it’s not huge. But over trillions of dollars in transactions? It’s big money.