Will Brics be the downfall of the US Dollar ?
 

Brics the 5 nations Brazil, Russia, India, China and South Africa have talked about a new world wide monetary system and a currency to rival the US dollar.

What u think ?

South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.

This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.

The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.

In the 30s, several nations competitively devalued their currencies to give their domestic economies an advantage over others.

And this led to a worldwide decline in overall trade volumes at the time.

The north will be pitted against the entire south in a historic competitive currency battle ? whose terrain has moved to the Indian capital New Dehli ? where the Brics (Brazil, Russia, India China and South Africa) nations will assemble next week.

China seeks to find new markets for its currency and to lobby to internationalise it throughout the Brics states.

For China this is not a new game. In 2009, senior Chinese banking officials issued a statement that the international monetary system was flawed owing to an unhealthy dependence on the US dollar and called for a ?super-sovereign? international reserve currency.

More here

http://truthaholics.wordpress.com/ta...netary-system/

http://news.yahoo.com/exclusive-braz...175634043.html

While the majority of oil still trades in the US$, the $ will be supreme.
But still, never underestimate the power of the underdog(s) - these emerging economies (India and China particularly) will soon be a force to be reckoned with on any market.

Not too worried.

How has this worked out for the Euro zone?

the FED is the destroyer of the US dollar.

Yes it does but if you notice more and more China and Russia are sticking two fingers up at us...

"BRICS: Not bound by ?unilateral? sanctions on Iran"

http://rt.com/news/brics-iran-us-sanctions-684/


I think China and Russia are kinda fed up with us now lol and just maybe they will pull this off over the comming the years

Cue the GFY Brain Trust and NWO talk.

I don't think China and Russia are anymore fed up with the West than they have been for the last 10-XX years. They will always argue the opposite of what the West argues. It's ingrained into their culture and their people depend on it, like the people of the West depend on being anti-China and anti-Russia.

no it wont - what a lot of nonsense

Canadian Illuminati.

:2 cents:

China, Russia, Brazil, India.... those are big boys. Just so happens those are some of the biggest buyers of precious metals right now too, especially gold.

Here is the deal. Everyone is going to say it will never happen and the USD will be god until the end of time, but in reality, and beyond the reach of the old rich American men who will try to stop it, the fact of the matter is these large emerging nations all can see the demise of the USA in the future. Stevie Wonder can see it coming. They are stupid to not have their ducks in a row when that eventuality happens. The USD is the world currency right now, but it won't be forever. You can count on that.

Face the facts, the USA had a great run. Every great nation before it also had a great run. If history teaches us nothing else, it is that EVERY empire eventually falls. There are no exceptions to the rule. And with the incredible amount of debt the USA has doubled with doomed global fiat currency, there is but one ending to this story and it's not a happy one for Americans. There is no other way to put it.

http://theeconomiccollapseblog.com/w...hart_20101.gif

Good luck with that.

I think Greece has demonstrated quite well on what happens when you have a consolidated currency with multiple countries. I can't see China or Russia ever being on board for something like this, they have nearly nothing to gain and everything to lose.
WG

Can't have no scrubs. :upsidedow

I have no doubt some countries may TRY to do something new, but unless the currency is actually worth something, it won't stand long term. I'm sure many nations are trying to find or will in the future, alternatives to the dollar.

everything is great. don't worry about anything :2 cents: go shopping !

Maybe they'll be more successful than the last person who tried to unseat the US $

organized plan to bring it all down and introduce the NWO currency

China is busy harvesting everything they can out of africa. Makes sense to try and do it in their own currency.

Was thinking the same.

Also both China and Russia are very much out for themselves and would have a real hard time *sharing* anything.

There is a need for something to be done as the USD is only getting worse :mad:

And so it begins..


:1orglaugh:1orglaugh

China needs to liberalize the fuck out of the currency before it has any hope of worldwide useage

That's what I'm talking about. I'm gonna hit the mall and max out my credit cards.

Soon? How about yesterday?

They're not planning on phasing out their own currencies and replace them with another. They just want to define a new reserve currency which, currently, can be backed by more than a printing press owned by the FED.

Yes and no. While their currency is admittedly undervalued, it's also backed by some serious assets and surpluses. Compare that with the "liberalized" (yeah, right) USD, which has pretty much no backing nowadays, and the renminbi wins hands down.

Excellent post, I completely agree.

One thing is for sure though, The USA will not go down without a fight. My guess is when American finally default on their debt it'll be the start of World War III and I would not bet against American in that scenario :2 cents:

The US dollar being the world currency hurts our exports. The US is a super cheap place to live. If our currency got beat up, we would sell more abroad.

Your sig is too big. I'm going to report it.

They want to do what the US has been doing for decades= exporting their inflation....

You see everybody wants the US$...if the USA wants oil all it has to do is print a fuck load of pertodollars and viola! you have cheap oil! Your economy prospers! + the fact that global oil trade is dictated exclusively by a currency that belongs to only 5% of the population brings an unfair advantage to the US$ against all other currencies and economies ...

Time for russia/china/India to catch up :2 cents:

the only way for something like this to work is every country on the planet adopt the same currency, and that wont happen because it will but an ass load of people out of work.

after this, bitcoins to be made worldwide currency.

http://en.m.wikipedia.org/wiki/Renminbi#section_5

i have a bunch of RMB in my pocket right now

i wonder how useful it is at even a bank here

just a matter of time. !

funny, a force to be recon with, emerging market, underdog. You are so high on your chair its not even funny.