De-Dollarisation: Can BRICS Currency Upend the Dominance of the Dollar? | Vantage on Firstpost
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- Опубліковано 25 тра 2024
- De-Dollarisation: Can BRICS Currency Upend the Dominance of the Dollar? | Vantage on Firstpost
Amid the shifting geopolitical landscape, BRICS foreign ministers are pushing the boundaries, advocating for a multi-polar world that challenges the West's dominance. The potential use of alternative currencies is part of this vision.
As the de-dollarisation trend gathers stream, the BRICS nations have sought guidance from the bloc's bank on the functioning of a potential new shared currency. How will this initiative affect the US dollar's dominance?
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Can a BRICS currency challenge the domination of the US dollar?
Leave a comment and let us know your thoughts.
Old ways cannot address new ways.
Dr.JS said it.
Of course they will
A currency backed by something in addition to a bond market with competitive rates and now you are talking. Until then it is mere wishful thinking.
Absolutely
If any county doesn't accept your currency don't accept his....
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BRICS seeks to create a new currency, considering gold's historical role as a store of value and medium of exchange. However, the functionality and acceptance of a gold-backed currency in the current global financial system are uncertain. Creating a new currency requires careful consideration of economic, political, and logistical factors.
The discussions and proposals surrounding BRICS nations' potential use of gold are intriguing. People choose to buy gold for various reasons, such as its historical role as a store of value and medium of exchange, its potential as a hedge against inflation or currency devaluation, and its relative scarcity compared to other commodities. Gold also offers diversification benefits to investment portfolios due to its low correlation with stocks and bonds. However, investing in gold carries risks and may not be suitable for everyone. Investors should carefully evaluate their objectives, risk tolerance, and financial situation before deciding.
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Saudi Arabia will be joining Brics, including Nigeria 🇳🇬
Grande Saudi Salman grandissimo Principe 😊😊❤❤❤🎉🎉🎉
Nigeria is dead waiting to be buried. Nigeria is a BONDAGE OF COLONIALISM preventing all the NATIONS in the country to possess their potential as a NATION. England wales Scotland and Northern Ireland are NATIONS just like IGBO YORUBA MIDDLE BELT HAUSA & IJAW. All the NATIONS in the country would decide what kind of NATION they want for themselves and their generations to come. Nothing last forever Nigeria is gone for good
This is becoming groups of Oil Cartel. The world is seriously changing. America will be a history soon.
So Naija here, whatta up Naija
nigeria is USA
De-dollarisation is a symbol of change. Wind of change
Lets go BRICS❤
let India go first
❤
Short answer ;NO long answer :NOOOOOOOOOOO -this is absurd the economic of Brics countries, are completely unmaching and rivals to each other
@@bogdanmeleszczenko1271 india and china literally have troops facing off in the border lol
This group of BRICS leaders are intelligent and capable. 20 years ago BRICS was not ready, but today it is possible.
BRICS just replaced the G77 as the global comedy act
Can’t believe India has a brave and independent leader like Jaishankar. First time in history india has a leader that dares to stand up against the U S A and U K. Unbelievable. Congrats to India
@@blardymunggas6884 he is only capable of talking. china has been running rings around him for fun
Yea, all because of China
Bravo for BRICS and the new multipolar humane world! May BRICS expand to all the world and succeed soon to change the humanity for the better! Blessings!
If BRICS comes, the dollar will fall very fast. And as a Indian I would like the BRICS currency to come very soon.
Indian and China don’t get along though so how is this going to work?
@@fistonnembalemba2351 china russia and usa don’t get along. Why did they use the same currency system? Use your brain
@@fistonnembalemba2351 until we want !
life will get cheaper for Indians because Iran is a huge seller of oil but India can't use USD to buy Iranian oil. Fuel cost is one of the big reasons holding back the Indian economy
As an American WE DONT WANT THAT TO HAPPEN. Play with us and we will just make all our own goods.
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Gratifying to see the west’s long standing divide and conquer strategy is actually unifying the global south.
You missed your daily injection, Ivan.
@@BaumerPaulGefreiter stinking neocon you are
LOL!
Totally agree. The more the US tries to stir unrest and plot countries and peoples against each other, the more it will unite countries outside the satellite sphere of the US. Already China contributes more to world economic growth than the entire G7. BRICS is expanding rapidly while the west is declining.
yes it can , it will help kill lgtbqt and satanism but then we pray that it doesnt fund islam into our countri, we dont want to also lose our freedoms and switch to multipolar that cannot be held accountable , we will eventually limit the liberalism imperialism and pedophiles but at the same time muslims should not be given such principal powers to oversee the block, the dedollarization is fundamentally important, we as christians we know this from the prophecies of book of daniel , this block is gog and magog and muslims may hijack it to fulfil their global dominance fantasy which will be damaging to mankind
I believe that BRICS currency will definitely cause USD to fall and that will be good for new generation
Lol keep on dreaming
@@300_spartansoldier5 you keep dreaming nothing lasts forever you need to accept that
@@Strong70 communist will never dominate the world
The Petrol dollar is on it's way out Saudi Arabia is giving the U.S the cold shoulder. Just a matter of time tick tock.
@@talkeetna911ify lol keep on thinking that
No need for BRICS currency to up-end the dollar. All it has to do is to provide an alternative to the USD for trade between the Global South countries. That'll be quite sufficient for now.
I agree. I that what it is alternative currency all countries can pick what they like or keep it both it smart idea. 🎉
Do you believe what you ate saying? South countries? This only serves china.
@@carlosgarcao2847
Dollars been around for too long and squished a lot of countries to do things the west likes careless those countries objective are.
correct
That is reasonable and rational. And honestly, the US could not care less. It does not hurt us if you trade in other currencies.
But what will you use? Selling Saudi Oil to (for example) China, will the deal be in Reals or in Yuan? What is the exchange rate between them? Because China is ABSOLUTELY known to manipulate their currency. They don't even deny it, they call it a normal tool of economics. So the Saudi's aren't keen on being ripped off. How do they solve this? They both refer to their own exchange rate to a 3rd party currency. Say... the US$. This is NORMAL. It won't change just because they agree that the payment is in something other than US$.
Love it....the US might not...but that would be icing on the cake
Mr Jaishankar my favorite Indian😅
Yes of course if the brics countries issued one currency to replace the dollar.and this is fact of the reality that the world tired for dollar demons which rules many countries in the world by indirectly,and i am sure this is the end of dollarization period.
Even at the height of the Cold War, the United States and the Soviet Union were able to cooperate successfully in eradicating smallpox. Cooperation for common interests and continued struggle on border differences between China and India are two sides of the coin.
yes, it is only the selfish and small minded people that think a relatively minor border dispute should stop cooperation.
Same KM who created it came together to eradicate it . This absurd they are trying to kill us wake
Well done BRICS Leaders and for sure they can do its.❤❤💪💪👍👍👏👏💯💯❤❤
the dollar is getting closer in value to toilet paper. as long as it is still supported by old merits. But the time has come to abandon the old and boldly go into the future.
I wouldn't bet much on the fact that Russians understand how important trust is in financial services and in the creation of currency. Just look at the fate of Sberbank here in Europe.
Indians and wishful thinking
@MSD Group Learn math. The UN's total budget is some $3.4 Billion. That's pocket change in the scale of the global economy.
3.4b vs global GDP of about $120,000b
or...
3.4b vs US GDP of 23,000b
Paying your UN dues in local currency isn't going to effect the US$ in any way.
@MSD Group You don't do math much, do you?
The ENTIRE budget for the UN, money from all members, is less than 1 in 7000 parts of the US GDP. And it's money that does not come to the US, it goes to the UN. Is that sinking in? The US economy is MORE THAN SEVEN THOUSAND times the size of the UN budget.
To put is another way, your symbolic gesture is meaningless twaddle. Not only won't it hurt the US, the US will literally NOT EVEN NOTICE IT.
It won't change who uses US$ for trade, or how much is in circulation, or the existing dollar denominated contracts... it's meaningless.
@MSD Group You are building a house of cards on a piece of nothingness. NO ONE CARES HOW THE UN COLLECTS ITS DUES! You keep acting as though that trivial detail would change anything for anybody. It won't.
And if you don't want to trade in US$ today... don't. There is nothing and no one stopping you. The reason the US$ remains so popular is trust. Everyone trusts the US not to play games to destroy someone else's economy. They don't trust each other.
Your other points like the value of the US$ causing increased costs in secondary currencies would be exactly the same with any other currency! That's how FOREX WORKS! No one is stopping anyone from using alternate systems here!
You keep acting like the US is actually making any effort to block or prevent these things from happening. You even used the term "weaponize" about our monetary policy. We're not. At all. The US$ is so ubiquitous and the US GDP is so huge and isolated that we LITERALLY DON'T CARE what the rest of you do with your currency! And if we lose some edge that is useful for sanctions (Because we do that to so very many nations...) it's not like the US does not have other levers to pull.
Old ways cannot change new situations " Jaishanker 🎉
The BRICS members should put aside all their petty problems and push forward with the fruition of the proposed new currency. They should be aware that the US, as usual, will try to drive in a wedge to break it because it's against their hegemony interest.
South Africa is the wealthiest country in Africa and also influential in Africa, but is the most vulnerable member.
The US has started all kinds of diplomatic bullying towards SA.
It's wonderful wish you all member States, good luck 👍
Wonderful job and great speech Wonderful planning ahead in world order
BRICS currency will beat all the currencies. I think Dollar has become the past story. Because mere India, China and Arab countries make the almost half population of the world.
So any step taken by BRICS will be the world's step.
Sure
BRICS leaders make a smart decision by dumping US $ currency 👍👍👍👏🏻👏🏻👏🏻
God bless, let’s stop western bullies.
These countries ditching the USD - don't want to become another Ukraine. Best Wishes to BRICS 👍💕
BRICS is one of the nice solutions of the problems we are facing Africa countries as they are forced by Neo colonialism of the Western Countries. Thanks for this Good idea. I hope one day Tanzania will join to liberate his people from the Neo colonial forces of the West.
Perfect !
Economics freedom is the key for many countries to achieve a good economy. Under the SWIFT system you are sanction and your economy is destroy. Also, oil is now being sold in other currencies this is key because oil is the fuel that moves the world and was traded only in dollars.
Good luck with that.
Under the SWIFT system you are sanctioned for being a total asshole. It takes AN AWFUL LOT for the US to limit or block access to the SWIFT system. Name me anyone other than Russia who has ever been blocked.
And people misunderstand "petro dollars". When you sell a million barrels of oil... no one sends you a pallet of money. Or ships you a ton of gold. They do a wire transfer, bank to bank. And how do they value that transfer...? By saying X of your local currency = Y in US$, which = Z in the sellers currency. Just because no dollars are involved, that does not change the fact that the transaction exchange rate is based on both currencies in relation to the US$. There really isn't much difference from the US point of view.
Dollar has had its day.. Its over with, let's face it, there's a new kid on the block.
Excellent move BRICS.
When the US actually said, the dollar is our currency but it's your problem, you should avoid it as much as possible.
Very insightful. Thank you!
LET'S GO BRICS🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉
Can’t spell India’s FM name, but, l have tremendous respect for him and he’s 100% correct.
I never heard BRICS want dumping dollar. They want a currency to do trading within their block which is nothing wrong like EU have their own currency. When Europe created euro were they dumping US dollar?.
See, that is a very reasonable point of view. If they arrange a local, internal trade currency, it will facilitate local trade. And honestly, the US would not care less. It does not harm the US economy in any way.
But too many people see this as a threat to dollar dominance (which it is not) or a replacement for the global reserve currency (which it laughably would not be for DECADES AT BEST).
@@markpukey8 43 trillion dollars will be sell shorted in the Market......
@@evilgod6887 Which means what exactly? Did your strange, incorrect information source provide any details on how that works, or what it means, or what it does?
Yeah, I didn't think so.
Love the Lady from South Africa, brilliant with honesty and integrity.
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Pls BRICS nation don't waste any time on rolling out your new currency, the New Development Bank and a new payment system to replace SWIFT! Because Majority of Asian, African, South American and Latin American countries want to join.
We're a symbol of change and must act accordingly so that dollar hegemony is buried
2:36 I will certainly convert my savings to the currency invented by this lady at the first opportunity
At the moment the word OPTION is very powerful.......
Bravo BRICS …. It’s high time for a change. 🎉
Cannot be stated better!!!!
I've been hearing this for a long time now over and over,but nothing changes,its still the same.
Awesome 👍🏻
It is time for BRICS nation add new members and expand countries and also new Brics currencies to dedollrisation and ltd hegemony should be finished
Yes! Theres your answer.
Thank you I was sick and tired of the Palki
🎉🎉
gd effort
I love the grounded reality of this channel!!,Despite the recession, I'm so happy withdrawing my $20k profits out of my investment with a new platform in town..
Bot
That’s good, sounds promising
And if dollor dumped these all 3 countries will be like..fastest train❤
May God united China India and Russia
be careful what you wish for. unless of course you wish for an authoritarian world. Imagine simping over Russia who has invaded its neighbor and china who wishes to invade Taiwan. So in other words you wish to go back to a world where great powers just take what they want. Im sure that will work out well after all if you think that China wont weaponize the Yen your out to lunch, after all if you cant pay back the debt to them you will only have to sign over a piece of our sovereign territory for a century or so. but good luck I wish nothing but good will and a prosperous future to everyone.
love you 😘
This is good for BRICS
My country Kenya MUST Join the BRICS ,please keep your comments for yourself.
Прекрасно! Нужна валюта союза БРИКСА
Let's Go BRICS 🇧🇷 🇷🇺 🇮🇳 🇨🇳 🇿🇦 💪💪💪🤝 Please India and China please have good relation and no let warmongers usa, europe exploit this, we need India, China to work together.
Its good for the world and will reduce on starving as measures focus on the world being a better place to live in. The developed west and NATO, European union, G7 etc are overwhelmed and so brics come in to feel the gap .
Good luck...
I think the BRICS should have 1 common currency (eg. Brics dollar ir central dollar) and the launch it with the exchange rate equivalent to the USD. Eg 1 BRICS dollar = 7 RMB ( same as USD:RMB) and so on. After that kick start then the rates will be change with time based on BRICS own valuation tools. I think this way all BRICS nation can agree more easily. Hope BRICS can roll out something fast to destroy the dollar🙏🏻 Enough of waiting already. What do you think?
A chain is only as strong as its weakest link...and the weakest link in BRICS is India. An underdeveloped nation with corruption in the top (and middle and lower level society). Call it the Greece of the EU when the Euro (sadly) got introduced and we all know how that ended. I think there is a very long way to go for any alliance to challenge the dollar. But the dollar will face competition undoubtedly, but not as fast as a lot of new internet videos wants us to believe.
From now on BRICS will lead the world
Do it already💪💪💪💪
Africa will not ride the flow and at least Africa Must lobby for a minimum of 3 Countries to be part of BRICS .
With clever leadership it could outmatch both the dollar & the Euro.
Yeah, no. That's not how it works.
We support BRICS
India Russia and Brazil and South Africa are wonderful Country too immigrate too you are welcome there
Have you been to any of these countries.
@@tonythebomb sarcasm is a thing
@@andrewsing3568 not sarcasm.
The truth, but you haven't answered my question.
Rajiv Malhotra is the most important Indian Intellectual as we speak and it is Tragic but True that his Insights shall come to pass.There shall be weeping and gnashing of Teeth.
Do it and you will see how hard it is to fight the dollars without earning some harsh economic backlash
The BRICS currency on the anvil & at the earliest to enter the market.
PLs Succeed, Africa will learn from you.
BRICS kinda looking like a superhero right now
This lady is awesome - neutral and even handed reporting.
Calling president Putin, just Putin is very disrespectful towards the Russian People and the leader of one of your (& our) important allies.
It's shameful that this lady is embarrassing the wonderful people of India this way.
For her it should be: Vladimir Putin, pres. Putin or preferably pres. Vladimir Putin.
Optional will be Putin the Great....
😜
YES ! IF THERE IS DETERMINATION AMONG ALL BRICS MEMBER COUNTRIES ! THERE IS NOTHING IMPOSIBLE IF THERE IS A WILL ! MUST END USD MONOPLY AND HEHEMONY ,FOR THE MUTIPOLA WORLD 🌎! ❤
I really hope it happens.
Me too.
I know the time with Indira Gandhi, His son and See, that India is coming a Big Player for freedom and education, Like Africa AS a friend of Russia. Go straight on!
There's no need to have BRIC to set up a fair alternative currency to the US dollar. All that is needed is for a few lead countries or one country, for example China, Taiwan, S Korea, Japan or India, to set up a currency based on the value of a gram of gold. And other countries will follow suit.
Gold can be manipulated by others non brics supported countries.
Screw you and your dollar 🤡bot
Let's brics!
It's possible, if the Brics create their own economic market, and decouple from the current American post- war global market. Good luck!
LETS GO ,,BRICS,,
With regards to the border friction between India and China : just how much of one anothers territory does each of them claim ? Maybe a compromise can be reached ?
I cant imagine thise countries agreeing on a common currency. They would sell their dollars and lose money. That would give the US the opportunity to buy dollars at a discount and pay off debt with the savings.
The international community is interested in learning more about the BRICS countries' significant de-dollarization accomplishments. Recent global financial problems and a more assertive US foreign policy have encouraged the BRICS countries to consider this option. They seek to serve their economic interests better while reducing the world's dependency on the US dollar and euro.
De-dollarization has arrived. How will the new BRICS currency affect the US dollar? Even though the project is still in its early stages, the BRICS' continued attempt to de-dollarize is more critical than ever.
The decision to de-dollarize occurred in response to the United States imposing extraordinary sanctions on Russia, a BRICS member, intending to strangle the Russian economy. The purpose was to bring the Russian economy to a halt. The global south is stunned and terrified.
As a new economic and political force, the BRICS have had far-reaching consequences for the global economy. They want to be someday able to "de-dollarize" or become less reliant on the US dollar and US sanctions, to stay financially afloat.
The US dollar has been the world's primary reserve currency for the past seven decades. A BRICS currency might challenge the dollar's dominance. The BRICS countries will use it in international trade and business.
These countries demonstrate their economic independence while competing in the global financial system. Today's US dollar reigns supreme, accounting for over 90% of all cash and nearly 100% of all energy transactions. Several factors influence the BRICS countries' issuance of new money. A new currency might benefit BRICS members by enhancing financial inclusion and improving the efficiency of foreign transactions. Using blockchain technology to build digital currencies and intelligent contracts has the potential to change the global financial system entirely. It could speed up international money transfers and enhance commercial and economic cooperation among the BRICS countries and beyond.
A hypothetical transition to a new BRICS currency might substantially influence the North American economy and investors in the current global financial landscape.
When it implement practicaly
As long as the yuan doesn't become an alternative it will be ok.
Where is palki sharma? 😢
Go India go!
Upending the USD dominance means a big reset for the biggest borrower in the world … please do it sooner. I cannot wait to see the equalisation happen
South Africa should sieze all British owned gold mines that haven`t been acquired by payment in hard currency to the black people of South Africa.
HEAR YE! HEAR YE! Western Imperialists have begun bribing thier way through in Africa, using stuges to halt de-dollarization in Africa. And I quote below,
"Analysts say that although the idea was good, it was hardly practicable given the current level of economic development on the continent".
“It is a good idea. The concept is good. But before we jump on that train, we have to develop our economies,” said a business consultant"
For example, the above explains why Nigeria, one of the most damaged by colonial mentalism, signed a curreny swap agreement with China over 5 years ago, but it never came into fruition.
It's no surprise that annual inflation rate is 100% in Nigeria. Corruption in collaboration with western Imperialists is Keeping Nigerian leaders from doing what is in the best economic intrest of the nation. How sad!
When this will happen? Keep hearing for long time.
South Africa cannot dare to arrest anybody. This is a shameful arrest warrant.
We ain't arresting sh*t😁
it should be a single currency for Asia
Hello, ladies and gentleman. You just noticed that dollar will not be dominant currency? You do not notice this before few months or even before few years? Well, years of financial games and unfair gains for deep state (U.S.) are over. Other participants on the market learn money manipulation tips and tricks and they want to take over. Same field, same players, but with change in strength and power between them. For U.S.A. and EU hard time is coming. Collapse of economy will be nothing compared with collapse of society pushed with sick, ill, pervert social engineering in the form of false "human rights". Only very heavy, hard prayer and work on consciousness can help us.
No, it will not. No matter how much some people wish it would
Change is only constant.
That is not the correct saying...try again!