They’re not even going to stop buying Russian gas & oil lol.
They can’t, the economy would drop into a sinkhole.
It’s been kind of hilarious to watch Europeans talk smack and their leaders pretend how Europe is now independent from Russia, while the only thing that allows European economy to continue to hobble along is buying Russia energy at a markup through third parties.
The US has already demonstrated, by seizing Russian central bank assets denominated in USD, that the USD isn’t worth the paper it’s printed on and can’t be trusted further than you can throw it.
The Euro is already getting hit hard by the growing trade and balance of payments deficit with regards to the USD, showing the world the Euro isn’t a safe and trustworthy currency by unilaterally seizing the assets of a sovereign central bank would only make the problem worse and add longer term consequences.
Lol compared to what?
China? India? Russia?
A huge defining fact in a currency is how stable it is. Those competitors aren’t as stable and more than half of those are far more politically unstable.
Meaningless
USD is based on the extraordinary privilege of global hegemony. That privilege has an expiry date coming up soon.
Meanwhile other countries are starting to trade with their own currencies, which are based off the production within their own borders. They’re dedollarizing and they’re creating new international norms based on the principle of respectful cooperation and mutual benefit.
It’s very clear which model is more stable and sustainable.
brics coming up to challenge the almighty dollar
If you think that’s what BRICS is you’re clueless
what is it then
A continuation of what has been happening for decades. Other people are just trying to get a piece of their pie. It is nothing new.
The problem with BRICS is more than half those involved aren’t stable. They’re politically or financially corrupt or worse depend on the West to even function in the first place. Doomed to fail mostly because of the involvement of selfish actors: Russia, SA, India.
BRICS has more beef with each other than the West half the time. How are India and China going to work together economically when they can’t even settle land disputes? How will BRICS continue when fossil fuels are worthless and half of them are financially empty now? It’s just not realistic.
Yes thats why BRICS exists. To stop having to rely on the west (under their shitty terms), breaking up the hegemony of the dollar in the process.
Also it is a long-term project, we won’t be seeing a miracle overnight.
More than just about petrol, too.
The only countries that rival the dollar are falling apart what are you talking about?
Russia. Lol.
Every single time America experiences a financial tumble China over shadows that tumble far far worse. There is literally cities unused because nobody bought that property. China is bleeding hard as hell these days
India is constant political turmoil.
So I ask again. Who is better than the dollar? Because it ain’t those three.
Why do you assume that the USD must be replaced with an equally hegemonic and extraordinarily privileged currency?
Why do you believe what the US government and US billionaires tell you to think about foreign countries?
Ok so who will replace it?
It’s hard to say for certain as these things are in constant development and refinement, but the broad themes are clear. It’ll likely be a combination of bilateral currency swap deals, as was common practice pre-WWII, and multilateral institutions governing currency baskets or supranational units of account, similar to Keynes’ proposed Bancor, and thus keeping international balance of payments within healthy and sustainable parameters.
The bilateral agreements are already starting as the US is no longer able to militarily or economically threaten anyone who doesn’t use USD as their international unit of account. The second will take more time, but institutions like the BRICS bank and the Shanghai Cooperation Agreement are working in that direction. These institutions are based on cooperation and mutual benefit of all parties involved, in stark contrast to the US and its Bretton Woods institutions which make sure the US always wins.
BRICs is a mess. Call me when they actually can mobilize something significant.
I’m not saying America can’t fall but there just is no alternative right now and likely not soon at all. When the dollar falls everyone else will fall before it and likely little places will boil to the top as history always shows. It will not be the members of BRICs or China or India. It will be some country is the shadow of the US similar to the US only overtaking England because they piggy backed off its fall
Wait, wait, wait, you seriously think that China is less politically stable than the US? 😂😂😂😂
Actually that was the one I didn’t because Xi has it pretty tied up.
Ironically that’s why people wouldn’t also trust China. He will do what you’re all pointing at the US/EU doing to Russia far more because he has already, often.
So again how is anyone better than the dollar?
That’s the most delusional thing I’ve ever read. Go look up world perception of China outside the western bubble, especially relative to perception of US. The dollar will be used by US and the states US managed to vassalize, everybody else will move on. It’s already happening, but people living in the belly of the beast still can’t see it.
And I’m asking you who will they use?
Because it won’t be the countries I named. China isn’t financially stable, India isn’t politically stable, Russia is lol.
So who will they choose?
The fact that you think China isn’t financially stable simply illustrates your ignorance of the subject you’re attempting to debate here.
However, the reality is that you don’t need to have a global reserve currency. Anybody who has any historical literacy would know this. Trade can be done in local currencies the way it is already being done increasingly.
All that said, the reality is that yuan is being increasingly used for trade and even western media openly acknowledges this.
- https://asia.nikkei.com/Business/Markets/Currencies/China-s-yuan-rises-to-4th-most-used-currency-in-global-settlements
- https://finance.yahoo.com/news/chinese-yuan-gives-us-dollar-093000096.html
- https://www.bloomberg.com/opinion/articles/2023-12-07/yuan-shows-some-muscle-increases-share-of-global-trade
Maybe spend more time educating yourself instead of trolling here?
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That’s disappointing
Europe confederates in shambles
