> “Curious as to how everyone feels about this.”
They’ve been spewing that line for decades now and they never pull it off because they can’t trust each other in the follow through, that’s the bottomline. They do not have sound rule of law behind them which means no enforcement mechanisms.
Basically they are adopting a 3rd world currency exchange arrangement for a selected few goods and services that no one else wants and which they can’t deliver consistently and faithfully.
For example, Russia is not going to sell oil for Paki Rupees unless the Pakis have something of equal significance the Russians need to buy in return.
So it’s all a bunch of talk. It’s just wishful thinking of being independent of the global banking system.
Well, I hate the global banksters also but I am developing technology to hit them in the ass rather than burping about trading sheep for blond Latvian females in defiance of UBS Zurich.
What they are doing is like a neighborhood of homeowners throwing a garage sale and deciding that dog food, socks, and paper clips will be the currency trade.
It’s bullsh*t.
Thanks for this explanation!
Well said, and I agree.
They’ve tried this before, and using precious metals made sense, but apparently that fell out of use.
I believe Venezuela was also involved, then.
Well stated and also a sign of how poor some of these countries are. With dollars being so costly now, even the BS local currency looks like a tempting enough deal to get a little better margin on some stuff sold to each other.
Did no one notice that this currency is to be backed by gold?