Posted on 04/02/2023 6:10:07 AM PDT by Its All Over Except ...
Bangladesh could soon start trading with India using rupee instead of US dollar, trial for which has been done by Bangladesh Bank recently, reports UNB.
The ministry of commerce has placed a written recommendation at the last cabinet meeting regarding the possibility and opportunity of using rupee instead of dollar.
Currently Bangladesh exports goods to India worth around USD 2 billion.
“The use of rupee will start with Bangladesh's $2 billion trade with India. Bangladesh Bank has almost finished all kinds of trials in this regard. Trading in rupee will be introduced in both countries only after bilateral decision on some issues,” an executive director of Bangladesh Bank told the news agency.
Wishing anonymity, he said that banking systems in India and Bangladesh have to sign separate agreements on using rupee.
Meanwhile India-Bangladesh Chamber of Commerce and Industry (IBCCI) has submitted the total trade account to the central bank in the form of a proposal. This initiative is being taken to overcome the existing dollar crisis, sources said.
Bangladesh Bank spokesperson Md Mezbaul Haque said that India-Bangladesh trade, using rupee instead of US dollar, is still in the experimental stage. Some issues still need to be settled.
In response to a question whether there will be a fixed annual dollar quota for opening LCs, he said, LCs will be opened according to the needs of businessmen. But the only source of rupees is from the export earnings of Bangladeshi goods in India.
Currently India is trading in rupees with Russia, Mauritius, Iran and Sri Lanka.
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(Excerpt) Read more at bd-pratidin.com ...
Printing vast quantities of money has consequences.
If Bolsonaro wasn’t cheated I doubt Brazil would have made this move.
Yes< our economy has issues, specifically our marxist government, and it will take time to correct.
In the meantime, you gotta let those who must bitch do their bitching. Heaven forbid they have a plan and are enacting said plan to set things right. Far more simple to lay about and squeal.
Perhaps, you should educate yourself:
Dollar was once backed by Gold.
Than it was backed by its own wealth created by its domestic free-market capitalism.
Than American free-market capitalism went global, and dollar became global currency of global trade that required all nations to trade internationally using only dollar. It allowed USA to print dollars to sustain its welfare state, provide bail-outs to its sinking industries, create soft-landing for its over-valued economy and business cycles, create wealth by pumping up its stock markets using its monetary policies - When democrats championed ‘you did not build or create your wealth by your own merit and hard work’, he was not entirely wrong. Left’s policies to distribute wealth was not entirely re-distribution of wealth, but wealth amassed by printing dollar backed by trade done by other nations.
Biden destroyed that world-order by weaponization of dollar and global trade. He thinks he can build it better, and to do that, he thinks he must destroy it first. He is not content with petty, subtle and incremental power-grabs. He is going big. He wants it to be sweeping, dramatic and of global proportions. His political platform is way beyond national and nation-first. And he is alarming nations that have vested interest in multi-polar world order built on independence and sovereignty of nation-states
Post #24 is quite informative:
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS currently include Brazil, Russia, India, China and South Africa, while the G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as the European Union.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030...
Mexico is on the verge of joining BRICS as well.
The economic collapse of the US is within months or a handful of years.
The BRICS can report what they want in order to get advantage in in trading, but, can anyone trust China’s reports or Russia’s? And, those other BRIC members are all third world countries, and likely looking for things that America is no longer willing to give.
Who do you trust more to be honest with their economic reports. China’s economy is getting worse by the day, and so is Russia’s third-world economy. Which countries are likely to experience more growth in the future: capitalism/free-market-based systems, or socialist no-growth/very-little growth systems? We know from history that, socialism has never worked. So, which side is the smart-money/smart-investors gonna go with?
There is also the wealth concentrated angle, paper rich/cash poor dichotomy, inflation, people who make or combined making six figures living paycheck to paycheck due to materialistic pursuits, population replenishment which will cause revenue issues, and expectations from Federal coffers neck deep in debt. That is just some macro issues. Globalism created a "better to burn out then fade away" economy. Sell high, buy low, as integrity in the market died. Move operations into tyranical countries for cheaper labor. Ricardo had one small blurb about comparative advantage and business schools push that mentality to the moon while ignoring the warnings to go with that strategy.
War machines are building up along with strategical movements to shore up logistics. We need to counter that as well. Despots including our home grown ones implementing demoralizing and subversion tactics are running wild causing social upheavals. China is a traditional desptic regime anyway that is very patient. Citizenry is respected but not the individual. If they need to cut down on the "useless eaters" they will and have in the past. Same with India that still have hatred for the poor.
then you should sell everything you have and move to Russia
if you think that’s where the future is
I have enough education to understand that as bad as the dollar is, the other options are prohibitively worse.
There is always a chance our situation can improve. Easily the safe route for now.
Go ahead and back dictator controlled economies.
And your solution is?
Curl up into a corner and sob?
All I hear is doomsday. Sure, it’s possible.
What are you going to do about? Compose a sternly worded post that will set everything right?
This makes you a dick.
Nobody here is backing them, but because you are ill-informed, you start to call names.
You really have an attitude that needs adjusted.
No, if it happens, there is nothing that can be done on a macro level. But everyone should prepare on a personal level for the consequences.
Elections have consequences.
When one side or the other ends up holding worthless paper for their goods, that’s how wars start and trade stops. This abandonment of the US dollar will do more for neo isolationism that the election of an all Republican Congress.
In denial?
Perhaps it’s others like you who are in denial, or favoring the ‘other side’.
It’s been known for decades that Russia lies, China lies and a lot of those BRIC countries lie in their reporting. That’s undeniable. It’s also true that, as the U.S. goes, so does the rest of the world. Russia and China are getting hit by the slow economy in the U.S., so, they have to lie in order to get other countries to go along with them in their quest to make the U.S. less relevant in the world.
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