BRICS Emerges As New Global Powerhouse, US Dollar Faces Uncertain Future

https://www.benzinga.com ^ | July 22, 2023 11:36 AM | 2 min read | by Murtuza Merchant, Benzinga Staff Writer

[EEGator]

It’s 5 +13 with 20 interested parties.

Right now isn’t a problem but the coming de are or so could be.

[ought-six]

Are all your bags packed; and are you ready to go? (Apologies to John Denver.)

Have you converted your dollars to rubles, or yuan, or rupees, or Rands?

Don’t delay!

[BobL]

“The hubris of the self-appointed masters of the universe is trashing our country and most of us in it.”

And notice that their reps seem really angry that their move to cut Russia off from SWIFT is far more likely to result in the US economy crashing (as the BRICs currency starts to replace it), rather than the Russian economy crashing (as they easily survived the cutoff).

[zeestephen]

Ping me when Japan and Switzerland decide to join.

Thanks in advance.

[zeestephen]

Re: "Right now isn't a problem..."

I forgot to mention my favorite Wall Street epigram...

Being early is the same thing as being wrong!

[MarMema]

What happened to the pound when the British empire collapsed?

[Chickensoup]

Many would if they knew where to jump

[EEGator]

Except that it’s largely not true. Almost zero people hit exact highs and lows.
Long term people ride trends.
You sound like a Gordon Gekko fan.

[AlaskaErik]

I still haven’t figured out where South Africa fits into this.

[icclearly]

The Dollar’s status as “reserve” currency relies on trust.

Yes.

And that trust is rapidly disappearing as the US captures/seizes/steals reserves of countries and people they do not like or agree with.

Rapidly -- as in fast!

Paybacks are a bitch.

[EEGator]

Necklacing. They bring necklacing to the table.
And then there’s the wonderful raping a virgin cures AIDS.
All cultures are equal.

[Secret Agent Man]

The usmdollar has its own inherent issues regardless of brics

That said, theres no way these 5 major countries will stay together with a currency. Many have animosity towards another and i just dont see them making it work long term despite the dollars problems.

[zeestephen]

Re: "Long term people ride trends."

True, but it requires short term traders to make a market.

The traders say this is not happening in the foreseeable future.

[EEGator]

That’s what I said. I said a decade or so…

[Tolerance Sucks Rocks]

Belgium, 1986.
Mexico, 1991.
USA, 2023.

[MattMusson]

This will be a complete Disaster. Mark my words.

[Right_Wing_Madman]

This move away from the US Dollar needs for 2 things to happen.

You're thinking that the BRICS are releasing another paper-based currency, like the Euro in 1999. What the BRICS have in mind is a different asset class altogether, something the world hasn't truly seen in almost 100 years. There's is nobody alive today who remembers a gold-based currency, and you can tell when you read these comments.

[aquila48]

Why on earth is basket case South Africa the group?

They couldn’t get Zimbabwe to join?

[Jane Long]

Russia intervened in U.S. elections to get Obama, Hillary, and Biden elected

---

Russia, Russia, Russia.

Sure, Chan.

Another lefty talking point. 🙄

[DUMBGRUNT]

—”This has allowed the federal government to run up a huge debt, secure in the knowledge that there will always be someone willing to buy up our debt.”

Until US government printing kills the last of the “full faith and credit” in the dollar.

That said how could anyone have faith in the yuan or ruble, their numbers are mostly pretending.

But it will be backed by gold! And stablecoins are pegged to the US dollar...

A reserve currency requires basic trust developed over time.

And yes, the US treasury keeps printing away...