2023 BRICS Summit | Countries plan to introduce new currency
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- Опубліковано 6 жов 2024
- The Brics summit gets underway in Sandton tomorrow and apart from representatives from the main members, Brazil, Russian, India, China, and of course South Africa, there are many other African countries who have expressed interest in joining this partnership. Brics represents 40 percent of the world’s population with India and China the world's two most populated countries. Could establishing a currency for the BRICS nations lessen our dependence on the US dollar and strengthen our economies? After all, we are now suffering with a weakened rand to dollar rate that means another fuel price hike is likely on the cards next month. Professor William Gumede of the Wits School of Governance has more. Courtesy of #DStv403
OMG!!!!Brics history changer and the future is brighter .We have been robbed from our own resources for many years
Incredible, we are witnessing history. We are finally pushing the continent of Africa as the leading economic powerhouse. I do feel bad for European nations but Africa deserves it, they’ve been so suffering for no reason for too long
My friend this are bad news for middle class people, every time a world reserve currency was changed to something different, people sufferd, rich are getting richer and poor will get more poor, good luck to you counting pennies and dreaming about bentleys. Getting rich will get harder than ever before!!!!! Be aware what you wish maybe your wish will come true but with fatal consequences!
Hopefully Africa can do it alone. Without Russia China India. Africa alone is a powerhouse. Including other countries is disastrous
@@thematrix3569there is no middle class. Wake up.
@@18rollinhardAfrica supported by BRICS,
Africa is a powerhouse of what really. You have been sitting on all those mineral resources and fertile agricultural land since the beginning of time. You didn't even know the use of any of those minerals until the colonialists got here. You are never going to be anyone's power house unless you start converting your resources, take your iron ore and turn it into iron and steel, take your copper ore and turn it in copper and the same goes for everything else. But you have a long way to go, right now you can't even plant your own food on the fertile land you have. It will be good to see Africa moving ahead but it is going to be a long, long time before you can say that you are a powerhouse. Australia, with just 25 million people has an economy that is larger than Africas three largest economies put together. You are looking at around 400 million people against Australias 25 million. It seems to me that Africans don't have a will to build, they love to flee to other places that are built up.
I am crying. Can you imagine how this can shift things up.. This is as close intention to a global stability. I hope my Country as eager as I am, can't wait for this to happen.
R u from China??
Wow!! Africa is now deliberated from American slavery .America should know that all the wealth is from africa and Asia as well as india.Imagine that huge change that will improve the economy of Brics.I really appreciate and applaud BRICS for unpacking such brilliant ideas
Wonderful splendid
Don't be to happy to excape slave who told u the slave master will take no action to get u back to the plantation 😂
The U.S will always win you really believe they just sitting around in watching it happen lol. I would tell you but it’s valuable information. My bags loaded when it’s done I’ll be in the B club add me to Forbes.👍🏾
@@businesscryptobags7098 What can they do? They got no power over us anymore
@businesscryptobags7098 Not right, No one will need $ for big trade and the value will go down and down , Natural wealth will have another value
THE BRICS IS THE ANSWER , THE NEW HOPE AND THE NEW FUTURE AND THE ENDING OF THE WESTERN DOMINANCES HAPPENING FASTER THAN EXPECTED , SAID MAJORITY OF ANALYSTS AND ECONOMISTS , PERIOD .
China will never survive without the USA, EU and G7 countries.
✌💯
😂😂😂😂in your dream.. brics..from🇵🇭...
@@princezoetemblor1605 YEAH RIGHT 😛🤣🤣
The Most High is the answer The real Jews got next!!!!!
A new currency for the BRICS group will translate to No sanctions! Get that. Economies will grow IF you reduce corruption and bribery. Get that. Now go do. Take action!
THEY HAVE CORRUPTION IN THEIR BLOOD PLUS CHINA RUSSIA DICTATOR GOVERNMENT GOD BLESS WORLD 😭😭😭😭😭
somehow I feel like this will fail...HARD. I want it to work, I want our economy to flourish, I want our people to have easier lives, but I can't help having this BAD premonition
best to buy foreign currency and do research
Have courage. It’s not easy fighting the windmills Don Quixote
Ramaposa why are we paying fuel according to US oil prices? We are BRICS getting our oil far below the Western prices....please explain
Most of our fuel price is Tax, go look what it costs sasol to make a litre of fuel then you will see the rest is tax. If we wanted to we could slash fuel price in half, but the ANC knobs won't do it because they won't have monies to steal then.
We believe in developing countries that South Africa we be restored & transformed through tourism.
You need aim for restoration through manufacturing not tourism. You not Mauritius.
No, removing the ANC will though!
How can you remove the US dollar? most of the buyers are using US Dollar!
When the dollar goes, everything else goes... including your shitcoin portfolio.
Be careful what you wish for people.
Only those who deal in dollars. If your not in the system. No worries.
The dollar is a slave master we are all suffering from success of the dollar
Lol Oppenheimer boy Mr. Moonshot Pact talks up digital DUMB dollars!
Domkop Steenhuisen need a brain....
That's what we all need, to be honest, remove the Westen colonizers from Africa and everywhere else and focus on growing underprivileged economies.
The BricsRand, South Africa will take the fall, heavy as a brick.
It is very urgent, our Rand has no value against the Dollar …and all the developing world have the same problem and all is getting poorer day by day ‼️🤷🏼♀️
WE ARE MOVING AWAY FROM THIS 💲
My friend this are bad news for middle class people, every time a world reserve currency was changed to something different, people sufferd, rich are getting richer and poor will get more poor, good luck to you counting pennies and dreaming about bentleys. Getting rich will get harder than ever before!!!!! Be aware what you wish maybe your wish will come true but with fatal consequences!
China will never survive without the USA, EU and G7 countries the USD will be King for the next 50+ years. The yuan is not a free-floating currency, China does not want audits and transparency look what happen to their real estate?
@@thematrix3569 yeah right 😛🤣
💲hit
@@thematrix3569 its better than THIS SLAVERY OF SOME COUNTRIES PRINTING MONEY WHILE OTHERS WORK FOR IT
if new currency is out, what would have impacted forex in the future
Good question
I'm all eyes and ears how Bric's will force the Anc into a direction they won't be able to refuse...they will hang themselves, if they do refuse...😅😅
Dream on !!!!
IMO not sure how a BRICS currency will compete given that all BRICS currency are at all time lows currently?
A BRICS currency won't need to be competitive. It just needs to be the de facto transfer currency for intra-BRICS trade or intra-global south trade. As an alternative transfer currency for settling trade and state loans. I don't think it will be a currency like the EURO that ordinary people use. More like a mechanism for major traders and financial institutions to make settlements between countries. The US managed to elevate the USD to transfer currency through the creation of the petrodollar. This was done by convincing Saudi Arabia to exclusively accept USD as payment for crude oil. Saudi Arabia has already showed interest in joining BRICS.
Father more this is equally a political currency in the making
So what I wanna know of the bricks currency will it be in form gold coins and are brics gonna use one currency
Brics will be used as part of network payment than using visa /mastercard
"peterdenham9510" It cuts both ways when a currency gets stronger or weaker. Let us take the dollar as an example. If the dollar becomes too strong it means other countries won't be able to buy as much from the USA but USA can buy a lot and that is why the USA has like a 1.7 trillion dollar deficit in trade while China has like a 1.2 or 1.3 surplus in trade. If the dollar is too weak then USA can't buy as much in the world and the world will hurt as well. This cuts both ways.
As to a BRICS currency - not happening soon. What will happen is trading in local currencies which will b pass the dollar in the SWIFT systen controlled by the west, especially the USA. USA can use the SWIFT system to sanction any country since international trade is mostly done in dollars. Russia has been blocked using SWIFT but Russia quickly turned to using the Yuan so Russia continues to grow even at a slow pace. Also, the west confiscated Russia's 300-350 billion dollars in reserve because it was held in dollars in USA banks. India has 600 billion dollars in reserve and China has 3.2 trillion dollars in reserve and India and China are nervous about that. The alternative allows these countries to put their reserves in other currencies or gold.
There won't be a direct or immedaite challenge to the dollar yet and there doesn't need to be. The power of the dollar will fade away gradually year by year and this is already a win for the BRICS nations.
But the real action is by 2050 as projected by all western insitutions when China will be like a 55-60 trillion dollar economy with India second or third with 32 trillion along with USA at 31 or so trillion. By this time, there will be no use for the dollar on a lrage scale with or without BRICS. The Chinese economy will just be too big and Asia will represent 65% of total GDP-its just too big to be using the dollar.
Because USA can print and borrow, rate hikes can crash weak economies because the inflation gets passed to the other countries since their economies are pegged to the dollar - trading in local currencies will reduce that impact and now has more impact on the USA. Due to excessive borrowing, Americans are wanting 4% return for loans to the USA government. The USA is borrowing 1.8 trillion a year and in a cpouple of years will be borrowing 2 trillion dollars a year and so by 2050 America's payment just on the interest will be like 2-2.5 trillion with taxes revnue of 3.2-3.5. USA is in real trouble. The sad situtation for the USA is that 10 trillion dollars are from external parties (meaning parties outside of the USA like China and Japan and others).
Current national debt 32 trillion
Next 30 years of borrowing = 60-80 trillion
So by 2050 the debt will be 92 to 112 trillion at 3.5%---it means interest per year by then will be 3.22 trillion which is the same amount of revenue collected by the USA government from taxes.
The writing is on the wall for the USA and countries know it, and the USA knows it. There is no way out. It is estimated by the USA that by 2070 the debt of the USA will be five times her economy. The writing is on the wall. No one wants to be a part of that debt but they can't jump off 100% yet thats all.
How many currency companies does our human species ambitions needs..???
What the rand or the birr?
On point
hope bricks takes over
Can we please have Eusebius McKaiser raised from the dead to comment on BRICS! He is the only one that would offer us different perspectives without necessarily taking sides!
It will be interesting to see the rise of a new trading currency. But everyone has to be in the game here, no more hidden dollars under matrasses. It is no use changing one currency to another unless there is a benefit. For starters our fuel price must come down.
That’s actually a bad thing long term taking about one world currency it talks about that in the Bible can’t buy or sel without a mark
@@jdog4usmc1gold was once world currency so was silver and Bronze coins ...alot of currency were backed by gold until USA started running out of gold so they decided to change the system started printing paper money removed gold as currency backer.....and here we are today controlled by da dollar
Ah there’s the clutch. Know your history or be doomed to repeat it. That’s how Rome fell and that’s how the US will fall because well before oil runs out in 45 years at best the power of the monetary monopoly will be diminished by competing currencies and dwindling demand. No longer will they earn 23 trillion a year in passive income just for exchanging money into dollars when trading for OIL
Let me guess.. The banana?
Way to go
Brics alliances is the way to go
AFRICANS COUNTRIES TALKS TO MUCH DID THEY HAVE ANY AUTO ROUTES OR CITY ROUTES DID THEY HAVE ANY INDUSTRY NOTHING SO WHERE IS MONEY ???? ?????😭😭😭
Sound like they need a digital currency. That’s the only fix blockchain technology / crypto.
Rupee to be adopted as the common currrency for BRICS nations
Yea one rubble is worth 0.20cents ZAR.. what's Russia going to do for South Africa when the west has finished the war criminals off.? Build roads? Make cars ? Please Russia are getting better in their technologies, admittedly they managed to hit the moon now.
Next joke muppet. They are planning to come up with a new currency
“Hier kom groot kak” this is a bad idea
XRP
hell yah...
😂🤣
Con of the century. If you can't hold it, you don't own it.
Usa don't even have oil how you will stand ?
Are you crazy or what. The US has a lot of oil. Do your research..
You're a boomer infact
@kenyatodaynews423 wow people from USA so misinformed. You are using your reserves and selling the whole urope.
Reserves don't mean mines. Mines are will never last.
That's why gas price so high
@@KakaaransevyannUS still hold the largest oil reserves in the world… the US just haven’t tapped into their oil reserves while using the expense of Saudi Arabia oil, which will eventually run dry 😂😂😂
@@HowtoKenya26hey African niggas..why u r bootlicking usa as an African....do Focus on your kenya😂
They could have found a better speaker for this
Inclusive society is so important to include woman! They aren't going to include themselves!
The dollar is a curse😂
JetPack Gumede
Where did I hear the fesses derisk
Bitcoin left the chat room.🏃🏽
Let me say. Countries that have United States military base should NOT be allow to join BRIC including Japan Philippines Singapore
The USA soon will be unable to pay for those military bases
Start using your head man, you haven't even got it going and you are thinking so far ahead. Changing currency is just one thing. Get your economies going fast forward first and then talk. Don't think money is going to suddenly fall from the sky and everyones problem will be over.
@@JesusFernandez-fv3vt Are you crazy or what. Brics will never surpass the dollar in usage because the EU, Australia, and the US will never use or support Brics. Brics will never be used by the common people. US Military bases will never be affected by Brics.
@@nelsonchinasamy9857 don’t get mad…conference start today and we will see what really happens…you are too nervous lol!!!
@@HowtoKenya26 how do you feel? Kind of worried? Sorry for you but the World is tired of usa and nato…we dont like you at all.
The next bitcoin!!
indonesia masuk KEBRISC ALHAMDULILLAH
Ayoooo Bible Prophecy Go Brr
Can you give more info scriptural. We know prophecies are being fulfilled
@@sonenibeatricemhlongo7953 ua-cam.com/video/koMH6HuU5I4/v-deo.html this’ll better explain it.
US Dollar have no business to do with countries that are not American 😂
Facts
Yet these countries still want western technology, food and medicine 😂😂😂
The US dollar are exstremely expensive Countries must buy US dollars for Trade...Whose the Country & people benefits the most... United States...It has a negative inpack in our daily lives the cost of living bcmes very expensive...Like now another fuel increase, of wish South Africans can nolonger afford...
The majority Black population in South Africa cannot even afford to travel around in their own Country....That is undemocratically & unConstitutionaly wrong hence we promote Democracy and Constitutional values as equal to all of us...For every Nation, different Clans and Tribes in South Africa .But thats not the case, is a lie to the World....
Is discusting to say the least, I'm original frm Kakamas/Kâi-garib... Currently a resident of Ekurhuleni Benoni 4 almost 40yrs...I can nolonger afford going to my place of birth in Kâi-garib..What we called going home while White people called it on holiday, to visit my Parents, Grant parents & great grant parents graves...Is to expensive...Goverment must really pull-up their socks...And focus on how to better our lives and makes things affordable to the Majority of us ....
The Americans are traveling around the World...because they have a strong US dollar...and can afford to do so...This is the tipe of topics our media must discust...
Russia, China, North Korea & United Africa should send a strong warning signal to the *US Regime,* Japan, South Korea and Australia not to "play fire in waters" around in the North Pacific and South China Seas. 😊
Make ruble the BRICS currency lol
Pound of BRICS = £1...😮😮😮
Bad idea leading us into a 3rd world country
Game over for 👉🏿🇺🇲🇪🇺😢😢😢😢🤪.