I came across your channel through this video- case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
I'm a newbie talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 10Ok to test the waters now that large cap stocks are at a discount
Professor Wolff's podcast are much more than enlightenments, in my opinion they are Eye Openers of What is to Come to the us, We must prepare ourselves thru education on What WILL affect us all.
Over ? No way. What will happen is that the value of USD will slide a little and all imported goods will cost Americans more. Walmart won't like it. In addition foreign holidays will cost Americans more.
The American Oligarchs have strangled all other classes, especially the middle classes, to the point that the Empire is crumbling away. And those who can, might look at the possibility, of literally, leaving or relocating to another country.
@jjmars9160 The federal reserve should of lowered the interest rates starting in August 2023. The inflation started going lower in June 2023. Look at historical charts for the past 20 years. Home mortgage rates should be around 4.25% right now.
No country with such a huge self-inflicted national debt can be considered to be truly rich. Wall Street Weasels HAVE to be properly regulated--and that did not happen in the past to any great extent--and it sure is not going to happen in the future.
BRICS is looking also at a 3rd option and they are already using it, and that is an EXCHANGE system where one country sends a product to the second country and in return different goods of equivalent value are sent to the first country. Basically a barter system where no currencies are actually changing hands.
The reason why there is money is two fold. One, the barter system is a completely untenable system for anything other than basic goods in micro economies. Two, you can not borrow barter goods. Without borrowing, you can not do any long term projects and you can not grow your economy. So barter system is a drive to the bottom.
Thank you Richard for being such an amazing teacher… I am a middle aged self employed woman and what I learned about economy from you in short period of time is amazing.. thank you for your hard work 🙏🏼
Part of the US dollar problem is how is preys on its friends. The NZ dollar started off at more or less par. Now US says it is oonly worth less than 50cents so they get our goods for less than half price while paying more than double for US products. Have you ever wondered why more trade is being diverted to other countries? It would make more sense for countries like us to dump the US dollars and join brics.
And what currency will the BRICS use? Maybe they will define an exchange rate between all members' currencies? Maybe they will index this exchange rate against Gold. The way I see it, looks like the same process when the common market in Europe was replaced with a common currency, the Euro. May the BRICS made sense when it was only the BRICS. Too many countries with different cultures, different populations, and different resources, different economic models, will destroy this initial good Idea. Not to forget that the USA will not be looking at it without actions from their side. I may be wrong, but deep inside, at my age, I do not care.
Traditionally, the Chinese people are well known for their astute business acumen, and they thrive and excel in a democratic environment of free trades. The USA on the other hand depends on dominance and use of force on other nations to do what they say & do with absolutely no objections & competition.
we’re still 50 years ahead of our. competition. and i wouldnt worry about it if you have assets. If you only have your labor and some cash, youre screwed
06:25 He speaks truth. If I say the same thing in canada, I'm called a kon speer a see theo risst and a ray sist. Thousands of apartments, condos, and houses continue to sit empty in the city I'm in, while the number of homeless seniors and people of all ages who have no addictions or mental health issues continues to skyrocket... because foreign owners here are _not_ selling. They're holding on, and gobbling up even more properties, spurred on by interest free loans for houses, cars, businesses... loans only available to them.
Oh good. 55 yr old GenXer here. Thoroughly enjoyed your last presentation. Thank you for your knowledge and insight on what the hell we are going through. 🇺🇲🌐🇺🇲🌐
Bro, we were taught this was coming back in high school, class of 88 here. Reagan was the beginning of the end. It just took a tad longer than expected.
BRICS countries have the foresight to replace a toilet paper like value paper currency with real money. US is printing money with impunity, this is the price they have to pay for debasing their own currency.
The reelection of the former ‘Celebrity Apprentice’ NBC reality tv host won’t reinvigorate global confidence on the U.S. as a serious nation and the $ as a reliable global currency.
.999 physical gold will be revalued to pay off debts denominated in dollars. That’s why China and others are accumulating large amounts of gold. Gold will settle global debts via BIS. Silver, petroleum, grains, rare Earth minerals will be the base along with gold for individual countries to conduct business.
I keep trying to tell people this will happen and they just call me crazy. Im so tired. I've been predicting the down fall of this country since being in high school in 84 to 88. Only thing I wasn't correct about was all of this occurring during Bush Jr. I'm exhausted.
A few absolutes were used. Nearly and almost could have been added here and there. Some super wealth folk invest in the YouKaye as the U.S. refuses them entry. Neutral countries didn't incur much damage in WW11.
Yeah all of the BRICS are net exporters so which one of them is going to take the economic hit of running a persistent trade deficit for them to replace the USD as reserve currency? Certainly not China, which is larger than the rest of them combined, so what, will the BRIS reduce their exports and therefore their employment? Will they put themselves into a situation like Greece where if they are less productive than another country their currency is tied to, it destroys their prosperity? These are the questions that need to be answered before a BRICS currency is even feasible in theory .
She has interviewed many on this subject including Richard Wolff. Her channel is highly rated on global economics discussions. One of the first channels to discuss indepth the Saudi's coming off the 50 year petro dollar agreement and selling its oil in three different currencies instead opening up its business to a wider base through doing so.
Pepe Escobar regularly appears on George Galloway's "Mother of All Talk Shows" & Judge Napolotano's "Judging Freedom" shows. He, along with Prof. Wolff definitely have their fingers on all things BRICS & U.S..hegemony. 👆 👏 🥉
Yes, replacing US dollars is able to save many countries, make many poor countries rise up again. America is cruel to use their dollars to swindle ....
My respect and appreciation to everyone. The reason for the economic problem and debts in America, Canada, and Europe is the failed financial system, and the reason is the major companies that worked for their own interests. They stole everything and sent it to other countries and moved their companies to China and Asia. They caused the destruction of the economies of America, Canada, Europe, and the world that relied on this. Failed system Regarding the financial system, the digital currency, this system is not a successful system, and the intention is to dominate and control the money. The digital currency works via the Internet. When the Internet stops, it will be a devastating disaster for everyone. It is an unsuccessful system, and the intention is to control the world.
When trump does not like the Chinese goods then he talks about the tariffs but if other countries don’t like the dollar then they should have the right to using their own currencies that’s normal isn’t it ?
I think it's more a matter of paying attention to what the BRICs nations are doing moving forward and what currency they are going to start using amongst one another. A new economy is emerging. Global citizens need to take notice.
In regard to the statement the foreigner's that own apartment buildings and other properties in the United States. I think that's great they are selling them off this creates more opportunities for U.S. citizens and places to live for U.S. citizens.
From all the comments below, no one mention US is not stealing or to defend US as in this case. But rather putting on other reasons to reasoning the stealing.
The interest rates and inflation rates don't make sense to me. The interest rates are higher than normally should be. I looked at the inflation of 2011 and interest rate then compared them too now.
Yes, the world still has USD currency, around the world. But, they will would have to use the dollars to trade with US. China still has trade surplus with the US, it will become a bi lateral trade currency instead. While trade or loans repayment also can be made in USD or local currency
Russia has Assets in the United States. One of them is soon to be in the White House and the rest of the assets will be his cabinet cabinet members and whatever other people who had ties to Russia just like during 2016 when Trump's campaign manager who had been working in Russia for two decades anointed himself the campaign manager because of all of his connections to Russia. Sweeten the deal he said he would not need to be paid. Because he full well knew that if things went right his position would make him a hell of a lot more money than any salary he might take to be campaign manager for Trump.
Modern Monerary Theory tells us you can't think of US debt as real debt. We can print dollars and give more dollars around the world. They need dollars and we print more dollars. If the world need less dollars we roll over a decimal point in accounting and the problem is solved. Accounting errors don't equate to disruption.
Mathematically this can never happen The money to pay interest has never been created. It doesn’t exist It’s a cost on top of the money created. It compounds and increases exponentially till it becomes equal to the money created and eventually exceeds it whereby the system simply implodes in a major way. How accountants and financial pundits or commentators don’t understand this amazes me. The system as it stands now is on the precipice with interest consuming near 50% of new borrowing and increasing rapidly. The system is totally unsustainable.
Quite. Since the end of WW2, the US has been able to borrow much more than a normal country precisely because the rest of the world was using its currency. That huge pool of US currency being traded meant low risk for the USD, and low risk means much cheaper interest rates, so the US could borrow and spend much more than it produced. You take that away, the US will not be able to service the spike in interest rates, and will have to either default on its debt, or print lots of money to pay it off. The result is the same - hyperinflation.
@@cyansadventures You forgot to mention very few nations have the ability to print their own currency. The US fed reserve & UK bank of England for instance both can meaning they can print what they require to offset debt during a recession whilst other smaller nations in the global south get hit hard instead. Many countries have joined Brics because having to keep US foreign exchange currency is no longer safe in a western boom & bust economy. Once the US hits a recession then all that foreign exchange held by other nations gets devalued. Saudi Arabia now has far more control over its oil exports since it shunned the petro dollar agreement back in August once the 50 year agreement ran out and has chosen to sell via three different trade currencies including a digital currency. Now their oil exports need not be affected by a US fluctuating dollar value or US recession when selling oil to non US affiliate nations. A big part of Brics is about the global south recession proofing itself.
Lol, this guy. He’s always THE marxist economist, because he’s the only marxist economist! Even the chinese economists arent marxists, only the CCP leadership and this lonely fellow…
Richard Wolff is just one of many who have been discussing this subject for some time. Certainly since the Saudi's came off the 50 year petro dollar agreement back in August 2024 and are now exporting oil in three currencies including digital currency, Brics has been a topic of discussion between many global economists. Marxist? Wth are you talking about. Its global trade, try to keep up.
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As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Kristine Lynn Weber is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
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I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
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At the last Brics meeting a few weeks ago they did discuss replacing the dollar. They also told all of those attending to bring only dollars or Euros to use as currency while in Kazan.
The US dollar does 90% of world currency trades. Demographically the US is adding population every year and because of immigration, is not aging as fast as Russia, China, Europe or Japan. Demographically, China and Russia is aging, are under educated and their population is shrinking. There is a lot of evidence that shows that this is Russia's last chance to have a standing army that could be a conventional threat to Europe. The BRICS all have the denial of human rights and the rule of law. There is no way that they will ever come to dominate the world.
Early 1900s United Kingdom never thought it’ll be replaced. Think about it
All empires end. All.
Nothing else to think about.
Well, the UK just cancelled Christmas. It's gone full blown Communist.
Like Charles mum . 😂
USA three hundred thirty millions immigrants . Brics larger than g7 .
Mughal Empires Have 4 Millions Military They Thinks Same
I came across your channel through this video-
case studies are incredibly valuable, and I'm eager
to see more in the future! Building wealth involves
establishing routines, like consistently setting aside
funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is
to spread out your investments. By putting
your money into different asset classes like
bonds, real estate, and stocks from other
countries, you can lower the risk if one part of
the market goes bad.
That sounds like a good plan. In the past two
years, working closely with a financial market
specialist, I've built a six-figure diversified
stock portfolio. Now, I aim to diversify even
more this year.
I'm a newbie talking about a financial market specialist, do
you consider anyone worthy of
recommendations? I have about 10Ok to test
the waters now that large cap stocks are at a
discount
I was skeptical at first till I decided to try. Its huge returns is awesome.
Ms Martha Ann Hammerton was my hope during the
'bear summer last year . I did so many
mistakes but also learned so much from it
A lotta countries around the world will be celebrating 💯
I already prepare my coffee for this celebration😂😂😂
America tried its hardest to make frenemies around the world with profound help of israhell
Dr.Wolff thanks for your education on economics i listen to you daily to enlighten myself
Professor Wolff's podcast are much more than enlightenments, in my opinion they are Eye Openers of What is to Come to the us, We must prepare ourselves thru education on What WILL affect us all.
When the dollar goes down...its OVER...
is already down ⬇️
It will only be down for America, the reality is your politicians have been killing America for decades. 😊
Argentina all over again.
The dollar has been going down since the passing of the FRB in 1913. It’s actually old news. .
Over ? No way. What will happen is that the value of USD will slide a little and all imported goods will cost Americans more. Walmart won't like it. In addition foreign holidays will cost Americans more.
As President Putin said: we're gonna give the US some of their own medicine and see how they like it. Personally I think it's very well deserved.
Too many sanctions. Too many confiscations. Too many annual budget deficits. Too much money printing. Too much arrogance.
ARROGANCE
The American Oligarchs have strangled all other classes, especially the middle classes, to the point that the Empire is crumbling away. And those who can, might look at the possibility, of literally, leaving or relocating to another country.
@jjmars9160
The federal reserve should of lowered the interest rates starting in August 2023. The inflation started going lower in June 2023. Look at historical charts for the past 20 years. Home mortgage rates should be around 4.25% right now.
Slap coming up!!! Surprise on the way ! It will finish ugly if trump will continue with blackmailing???!!!👎 There will be surprise!!!🎉
G7 too small and weak now.
No country with such a huge self-inflicted national debt can be considered to be truly rich. Wall Street Weasels HAVE to be properly regulated--and that did not happen in the past to any great extent--and it sure is not going to happen in the future.
BRICS is looking also at a 3rd option and they are already using it, and that is an EXCHANGE system where one country sends a product to the second country and in return different goods of equivalent value are sent to the first country. Basically a barter system where no currencies are actually changing hands.
Most of their leaders have real estate or stock investment in UK or USA.
The reason why there is money is two fold. One, the barter system is a completely untenable system for anything other than basic goods in micro economies. Two, you can not borrow barter goods. Without borrowing, you can not do any long term projects and you can not grow your economy. So barter system is a drive to the bottom.
@@behruz1535 with high crime rate it’s coming to an end
@@behruz1535 and they are selling them and reinvest in the BRICS countries which is the future.
@@jeffmason2691 i am talking about leaders and ministries corruption funds.
Richard always on the spot.BRICS are getting stronger and it will happen soon maybe 5 years or more.
Yes, just long enough for Trump to completely destroy U.S. strength and credibility.
I believe it will be faster than that now that the orange baboon is in charge soon.
Ivan tries
Very well explained, thank for your insight into the BRICS impact on dollar.
Thank you Richard for being such an amazing teacher… I am a middle aged self employed woman and what I learned about economy from you in short period of time is amazing.. thank you for your hard work 🙏🏼
30 years ago there was no Euro
Part of the US dollar problem is how is preys on its friends.
The NZ dollar started off at more or less par. Now US says it is oonly worth less than 50cents so they get our goods for less than half price while paying more than double for US products.
Have you ever wondered why more trade is being diverted to other countries?
It would make more sense for countries like us to dump the US dollars and join brics.
NZ DEVALUED their currency that's why it's now worth HALF.
You are right NZ backed the wrong horse at the trots, while WINSTON PETERS would go crazy if NZ turned to BRICS.........
And what currency will the BRICS use? Maybe they will define an exchange rate between all members' currencies? Maybe they will index this exchange rate against Gold.
The way I see it, looks like the same process when the common market in Europe was replaced with a common currency, the Euro.
May the BRICS made sense when it was only the BRICS.
Too many countries with different cultures, different populations, and different resources, different economic models, will destroy this initial good Idea. Not to forget that the USA will not be looking at it without actions from their side.
I may be wrong, but deep inside, at my age, I do not care.
Dedollarization will cause massive inflation so you will care alright
Traditionally, the Chinese people are well known for their astute business acumen, and they thrive and excel in a democratic environment of free trades.
The USA on the other hand depends on dominance and use of force on other nations to do what they say & do with absolutely no objections & competition.
You are comparing the people of one country to the government of another. Really bad argumentation.
@@rockstarofredondo You must be a proud graduate from Trump University.
It's unfair and not good for the world's countries to pay extra money to US whenever in trade, it's understandable. Thing is changing that is life !!
You don't know what you are talking about.
When this transpires the result will be hyperinflation in the USA.
Trump tariffs will speed this up
we’re still 50 years ahead of our. competition. and i wouldnt worry about it if you have assets. If you only have your labor and some cash, youre screwed
@@glennmorris25😂 watch Inside China business ❤ or go visit to see whos ahead 😂😂😂
It’s already starting.
@@glennmorris25so are you people with assets because those of us 'screwed' people will be taking them from you.
❤Thank you very much for your TRUTHFUL advice and professional insight Professor Professor Wolff
06:25 He speaks truth. If I say the same thing in canada, I'm called a kon speer a see theo risst and a ray sist.
Thousands of apartments, condos, and houses continue to sit empty in the city I'm in, while the number of homeless seniors and people of all ages who have no addictions or mental health issues continues to skyrocket... because foreign owners here are _not_ selling. They're holding on, and gobbling up even more properties, spurred on by interest free loans for houses, cars, businesses... loans only available to them.
Don't worry about it! Trump will fix it! Ofcourse I'm joking! 😂😂😂
No one can fix this. They just change the pretend fixer every 4 years to keep the false hope flowing.
We better drop our arrogance a little here in the US and accept we have real competition. These tariffs, wars, and the whole rest of it must stop.
Ya think? This is a reality check for your country.
Oh good. 55 yr old GenXer here. Thoroughly enjoyed your last presentation. Thank you for your knowledge and insight on what the hell we are going through. 🇺🇲🌐🇺🇲🌐
What the hell indeed.
Bro, we were taught this was coming back in high school, class of 88 here. Reagan was the beginning of the end. It just took a tad longer than expected.
BRICS countries have the foresight to replace a toilet paper like value paper currency with real money. US is printing money with impunity, this is the price they have to pay for debasing their own currency.
The reelection of the former ‘Celebrity Apprentice’ NBC reality tv host won’t reinvigorate global confidence on the U.S. as a serious nation and the $ as a reliable global currency.
Oh....US capital markets are SCARED. LMAO
Thanks so much for the honest excellent advises! Richard Wolff is the best!
"500 Years Of Western Dominance Are Coming To A Close End." ~ Sergei Lavrov, Russian foreign minister 🤔
Said the guy whose country is getting its ass kicked in Ukraine. The Russian Ruble is worth ONE U.S. Cent and FALLING.
That's just a Russian wet dream.
Baloney! 1 Russian Ruble equals
0.010 United States Dollar
And when the poor get to be to many in America, something terrible will happen.
.999 physical gold will be revalued to pay off debts denominated in dollars. That’s why China and others are accumulating large amounts of gold. Gold will settle global debts via BIS. Silver, petroleum, grains, rare Earth minerals will be the base along with gold for individual countries to conduct business.
Sound money or no money at all ... Usury should be outlawed.
Well said, the US and the EU called it "freeze" instead of steal Russia's assets.
All good things come to an end.
And also bad things like Capitalism.
NO GOOD things come to demise
@@SagittarianArrows Such as?
Everything, good and bad, comes to an end.
Good?...LOL....
That is right Professor
See also Prof Wolff's superb parley at the Community Church of Boston. 👍🤔
I keep trying to tell people this will happen and they just call me crazy. Im so tired. I've been predicting the down fall of this country since being in high school in 84 to 88. Only thing I wasn't correct about was all of this occurring during Bush Jr. I'm exhausted.
No one knows the future
I do.
You're right....but we do know empires end no matter how great they are...how much weapons they have will not matters...
A few absolutes were used. Nearly and almost could have been added here and there.
Some super wealth folk invest in the YouKaye as the U.S. refuses them entry.
Neutral countries didn't incur much damage in WW11.
Actually, in the recent meeting of BRICS, they decided they were not going to create their own currency anytime soon
True, so one currency can not ruin others. It’s a system of equality!
Putin told all the attendees they had to pay for everything while in Kazan in U.S. Dollars. Rubles were unacceptable. THAT tells you everything.
This guys doesn't care about facts, just selling us hate for money. For over 40 years he has been talking about the fall of the us
@@annaradic5767Lesson from EU Euro
Yeah all of the BRICS are net exporters so which one of them is going to take the economic hit of running a persistent trade deficit for them to replace the USD as reserve currency? Certainly not China, which is larger than the rest of them combined, so what, will the BRIS reduce their exports and therefore their employment? Will they put themselves into a situation like Greece where if they are less productive than another country their currency is tied to, it destroys their prosperity? These are the questions that need to be answered before a BRICS currency is even feasible in theory .
totally agreed
A well spoken oracle who speaks of a never coming.
Sooooo... you don't pay attention to world events at all... GOT IT!
Brics are not against the US dollar but need new currency too.
APEC, ASEAN, BRICS, BRI (belt & road) & so on... red dragon at the middle kingdom only getting bigger and stronger - well done china!
Brics, China is helping Peru to becoming next Singapur. I hope Brics adopt euro €. Make Europe and Brics great again....😊
Lena Petrova on YT has lot of info on the economy and BRICS too. 💡
She has interviewed many on this subject including Richard Wolff. Her channel is highly rated on global economics discussions.
One of the first channels to discuss indepth the Saudi's coming off the 50 year petro dollar agreement and selling its oil in three different currencies instead opening up its business to a wider base through doing so.
Yes its replacing but not in few decades.
Unless the US is accelerating the factors
Pepe Escobar regularly appears on George Galloway's "Mother of All Talk Shows" & Judge Napolotano's "Judging Freedom" shows. He, along with Prof. Wolff definitely have their fingers on all things BRICS & U.S..hegemony. 👆 👏 🥉
Yes, replacing US dollars is able to save many countries, make many poor countries rise up again. America is cruel to use their dollars to swindle ....
🙋🏽♀️ professor Wolff
My respect and appreciation to everyone. The reason for the economic problem and debts in America, Canada, and Europe is the failed financial system, and the reason is the major companies that worked for their own interests. They stole everything and sent it to other countries and moved their companies to China and Asia. They caused the destruction of the economies of America, Canada, Europe, and the world that relied on this. Failed system Regarding the financial system, the digital currency, this system is not a successful system, and the intention is to dominate and control the money. The digital currency works via the Internet. When the Internet stops, it will be a devastating disaster for everyone. It is an unsuccessful system, and the intention is to control the world.
I hear that BRICS already had $72 trillion in gold and silver
That can't be good. I'm so worried. Even worse, you can't look away.
When trump does not like the Chinese goods then he talks about the tariffs but if other countries don’t like the dollar then they should have the right to using their own currencies that’s normal isn’t it ?
Central Banks do not work that way.
How can I Get BRICS
I think it's more a matter of paying attention to what the BRICs nations are doing moving forward and what currency they are going to start using amongst one another. A new economy is emerging. Global citizens need to take notice.
Invest in Brics etfs, invest in Brics stocks and countries
@@BT4EVER silver and gold are viable investments too
Home Depot.
brics don't want you. Stay in your lane.
In regard to the statement the foreigner's that own apartment buildings and other properties in the United States. I think that's great they are selling them off this creates more opportunities for U.S. citizens and places to live for U.S. citizens.
When I was a kid the biggest currency was the banknote with the Queen’s head on it and it was worth two times Uncle Sam’s dollar.
From all the comments below, no one mention US is not stealing or to defend US as in this case. But rather putting on other reasons to reasoning the stealing.
The interest rates and inflation rates don't make sense to me. The interest rates are higher than normally should be. I looked at the inflation of 2011 and interest rate then compared them too now.
Yes, the world still has USD currency, around the world. But, they will would have to use the dollars to trade with US. China still has trade surplus with the US, it will become a bi lateral trade currency instead. While trade or loans repayment also can be made in USD or local currency
Thank you that's very interesting I didn't know that the US had assets in Russia
Russia has Assets in the United States. One of them is soon to be in the White House and the rest of the assets will be his cabinet cabinet members and whatever other people who had ties to Russia just like during 2016 when Trump's campaign manager who had been working in Russia for two decades anointed himself the campaign manager because of all of his connections to Russia. Sweeten the deal he said he would not need to be paid. Because he full well knew that if things went right his position would make him a hell of a lot more money than any salary he might take to be campaign manager for Trump.
How many American will understand what Prof Wolff said? 5% will understand and the rest still sleeping and having American dreams.
why use legacy credit cards where merchants pay almost 2% fee for every transaction when can use alternatives with almost no fee.
Time to GTFO.
Modern Monerary Theory tells us you can't think of US debt as real debt. We can print dollars and give more dollars around the world. They need dollars and we print more dollars. If the world need less dollars we roll over a decimal point in accounting and the problem is solved. Accounting errors don't equate to disruption.
😂😂😂
Mathematically this can never happen
The money to pay interest has never been created. It doesn’t exist
It’s a cost on top of the money created.
It compounds and increases exponentially till it becomes equal to the money created and eventually exceeds it whereby the system simply implodes in a major way.
How accountants and financial pundits or commentators don’t understand this amazes me.
The system as it stands now is on the precipice with interest consuming near 50% of new borrowing and increasing rapidly.
The system is totally unsustainable.
Brics is Putins desperation.
How much should we be worried if dollar will not be leading currency?
Quite. Since the end of WW2, the US has been able to borrow much more than a normal country precisely because the rest of the world was using its currency. That huge pool of US currency being traded meant low risk for the USD, and low risk means much cheaper interest rates, so the US could borrow and spend much more than it produced. You take that away, the US will not be able to service the spike in interest rates, and will have to either default on its debt, or print lots of money to pay it off. The result is the same - hyperinflation.
@@cyansadventures
You forgot to mention very few nations have the ability to print their own currency.
The US fed reserve & UK bank of England for instance both can
meaning they can print what they require to offset debt during a recession whilst other smaller nations in the global south get hit hard instead.
Many countries have joined Brics because having to keep US foreign exchange currency is no longer safe in a western boom & bust economy.
Once the US hits a recession then all that foreign exchange held by other nations gets devalued.
Saudi Arabia now has far more control over its oil exports since it shunned the petro dollar agreement back in August once the 50 year agreement ran out and has chosen to sell via three different trade currencies including a digital currency. Now their oil exports need not be affected by a US fluctuating dollar value or US recession when selling oil to non US affiliate nations.
A big part of Brics is about the global south recession proofing itself.
WHAT BRICS COUNTRYS DO TRADE IN OWN CURRENCY FOR TRADE, YOU BUY / SELL 🇿🇦🇿🇦🇿🇦
I have a couple of dollars in my pocket and I'm going to save it to wipe my ass in the near future 😅
Looks like it's time to invest in crypto.
Which countries would hold on to the US dollar as reserves when the US can take it at any time? 😂😂😂😂😂
3:55 bs
Go with Dollar only
I read, Gold Reserves and there's a "Crypto Currency" (?)
Lol, this guy. He’s always THE marxist economist, because he’s the only marxist economist! Even the chinese economists arent marxists, only the CCP leadership and this lonely fellow…
Richard Wolff is just one of many who have been discussing this subject for some time.
Certainly since the Saudi's came off the 50 year petro dollar agreement back in August 2024 and are now exporting oil in three currencies including digital currency, Brics has been a topic of discussion between many global economists.
Marxist? Wth are you talking about.
Its global trade, try to keep up.
@@ljt3084 Their way to shutdown an arguments
@ cool story. name 2 other marxist economists?
We are gonna end up like Argentina.
Watch Inside China business ❤
Trump will expedite this process
Still 5-10 years away
Will you quit saying that? Russia's economy is cratering and so is China's!
Brics isn’t replacing anything
the most evil form of economice is the history of human kind
BRICS
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Impossible the reaction from the United States would be ungodly.
Seems like the trump regime is going to reek havoc on 🌎 😢. ✌️world.
At the last Brics meeting a few weeks ago they did discuss replacing the dollar. They also told all of those attending to bring only dollars or Euros to use as currency while in Kazan.
go brics！ go
First up in here.
How exciting and what an achievement in this day & age.
@gegwen7440
I want to be nice, I'll be vague and discreet... That won't be the LAST THING THAT I COULD BE FIRST "UP IN"... at least for 1 day! 🤔🤔🤔🤔🤔🤔
I sold all my dollars
ALL 5 of them? Congratulations! I hope you bought Rubles Comrade. LOL!
Nonsense
stole the money
OPERATION SANDMAN
Let them. We can survive and get along just fine with our Dollar. Many many countries still do business, trades with us and need us, respect us.
Mexico should join brics
BS
Rick has no neck.
XRP
This is sad to hear. Bring every manufacturing job we can, back to the states.
Wont solve the problem because the prices for goods and service will only increase while the US standards of living continue to go down.
The Mark of the Beast is on the way
Maybe what you saying is true. But do you have to looks like an angry goblin?
The US dollar does 90% of world currency trades. Demographically the US is adding population every year and because of immigration, is not aging as fast as Russia, China, Europe or Japan. Demographically, China and Russia is aging, are under educated and their population is shrinking. There is a lot of evidence that shows that this is Russia's last chance to have a standing army that could be a conventional threat to Europe. The BRICS all have the denial of human rights and the rule of law. There is no way that they will ever come to dominate the world.
Hahaha, great joke! you are really funny, why not become a comedian?
@@zilvente The punch line was literal, not figurative. China and Russia are in demographic collapse. Whether you love the U.S or not, this is a fact.
@@zilvente Facts Comrade. FACTS.
Go on, keep parrotting nonsense, one very ignorant self ego loser.
@@besomewheredosomething😂😂😂 watch Inside China business and Traveling with Russell ❤ and Rafa goes around