The new BRICS map

[gipper]

Ditch the Dollar?

• "The prospect of establishing a common currency will be a top agenda at the upcoming BRICS Summit in Durban, South Africa later this year.
• The Shanghai Cooperation Organization (SCO) is working towards trading in their own national currencies.
• Roughly 40 percent of international trade transactions in goods are invoiced in dollars."

"Should the common currency be formed, it will be based on a basket of the currencies of the BRICS countries; the Chinese RMB Yuan, the Russian Ruble, the Indian Rupee, the Brazilian Real, and the South African Rand."

BRICS Countries keen on having common currency to replace US dollar

The dollar-based financial system has been built up since the end of WWII; how long before excessing sanction usage puts an end to that economic "free lunch?"
View attachment 771997
The Hard Fist of American Imperialism | Michael Hudson

If losing reserve currency status results in termination of the USG war machine, I’m all for it. Though I suppose the consequences could be economically harmful for many Americans.

 

[YoursTruly]

If losing reserve currency status results in termination of the USG war machine, I’m all for it. Though I suppose the consequences could be economically harmful for many Americans.

It would be catastrophic to all middle class and lower. So many jobs tied to global US currency. All those ships coming in and out of our ports, are tied to so many companies through out the USA. All of them rely on our reserve currency status.

 

[georgephillip]

If losing reserve currency status results in termination of the USG war machine, I’m all for it. Though I suppose the consequences could be economically harmful for many Americans.

I've seen projections of potential costs to US consumers should its currency lose its status as the principal global reserve currency that allege supermarket prices could rise by two to three times their current levels?

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status – Economics Bitcoin News

"Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of 'catastrophic' consequences if the U.S. dollar loses its status as the world’s reserve currency. 'That would mean the end of the U.S. dollar,” she said, predicting that 'there would be a complete implosion of the global economic system.'"

 

[gipper]

I've seen projections of potential costs to US consumers should its currency lose its status as the principal global reserve currency that allege supermarket prices could rise by two to three times their current levels?

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status – Economics Bitcoin News

"Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of 'catastrophic' consequences if the U.S. dollar loses its status as the world’s reserve currency. 'That would mean the end of the U.S. dollar,” she said, predicting that 'there would be a complete implosion of the global economic system.'"

The link doesn’t work.

 

[georgephillip]

It would be catastrophic to all middle class and lower. So many jobs tied to global US currency. All those ships coming in and out of our ports, are tied to so many companies through out the USA. All of them rely on our reserve currency status.

We also have to consider the price the rest of the world pays for our "exorbitant privilege":

The Hard Fist of American Imperialism | Michael Hudson

"Here’s an example: Let’s suppose that you go to the grocery store and you buy food and then sign an IOU for everything that you buy. You go to a liquor store, IOU. You buy a car, IOU.

"You get everything you want just for an IOU. But when people try to collect the IOUs, you say, 'That IOU isn’t for collecting from me.'

"'Trade it among yourselves. Think of it as your savings, and trade it among yourselves. Treat it as an asset, just as you treat a dollar bill saved in a cookie jar and not spent.'”

"Well you’d get a free ride.

"You’d be allowed to go and write IOUs for everything, and nobody could ever collect.

"That’s what the United States position is, and that’s what it wants to keep."

 

[georgephillip]

The link doesn’t work.

It's working for me

Bitcoin.com is the website and Kevin Helms is the author of this particular post which was published four days ago:

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status – Economics Bitcoin News

 

[gipper]

It's working for me

Bitcoin.com is the website and Kevin Helms is the author of this particular post which was published four days ago:

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status – Economics Bitcoin News

Thanks. Got it now.

 

[sparky]

the end of the American Empire

lots out there on this....~S~

 

[22lcidw]

I've seen projections of potential costs to US consumers should its currency lose its status as the principal global reserve currency that allege supermarket prices could rise by two to three times their current levels?

Former Treasury Official Warns of Complete Economic Implosion if US Dollar Loses Global Reserve Currency Status – Economics Bitcoin News

"Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury Monica Crowley has warned of 'catastrophic' consequences if the U.S. dollar loses its status as the world’s reserve currency. 'That would mean the end of the U.S. dollar,” she said, predicting that 'there would be a complete implosion of the global economic system.'"

If it happens it is deserved. All private, public and social security pensions' must be dealt with in a fair and equitable way after the great reduction in worth. It would be far better to do this before the event. Areas where people moved to and benefitted from the massive influx of retirees and/or people collecting these checks will suffer even if it looks good right now.

 

[Kruska]

"It's the end of the world as we know it." Or at least it's looking like that. This map is scary AF.
View attachment 771817

It isn't the end of the world as we know it, - it's the rise of a new economic world order in a world that is known to us, which naturally will also have an impact onto the political world order known to us.

 

[YoursTruly]

It isn't the end of the world as we know it, - it's the rise of a new economic world order in a world that is known to us, which naturally will also have an impact onto the political world order known to us.

"The end of the world as we know it." Doesn't necessarily have a gauge. It could be catastrophic or minimal. Simply a change. But the USD crashing, IMO will be catastrophic.

I just hope is later than sooner.

 

[georgephillip]

If it happens it is deserved. All private, public and social security pensions' must be dealt with in a fair and equitable way after the great reduction in worth. It would be far better to do this before the event. Areas where people moved to and benefitted from the massive influx of retirees and/or people collecting these checks will suffer even if it looks good right now.

When the crash happens who should lose the most, creditors or debtors?
Wikiwand - Financial position of the United States

"Despite the popular perception, consumers carry 13 percent more debt as a percent of GDP than in 2000.

"U.S. private debt growth has disproportionately affected the least well-off Americans.

"In fact, since 1989 (the year the Fed started a survey of this statistic), the debt level of the 20 percent of U.S. households with the lowest net worth has grown two and a half times faster than all other households.

"And though consumers have deleveraged since the crisis, and the popular perception is that consumers are in much better shape today, consumers are in fact carrying 13 percent more debt as a percent of GDP than they were in 2000, the moment before the ill-fated private debt boom that led to the 2008 crisis began."

The Private Debt Crisis

 

[Kruska]

"The end of the world as we know it." Doesn't necessarily have a gauge. It could be catastrophic or minimal. Simply a change. But the USD crashing, IMO will be catastrophic.

I just hope is later than sooner.

Let's hope so since it wouldn't serve anyone. China would lose out on what US$ 1 trillion on US treasury Bonds? BRICS IMO has nothing much to do with weakening the US$ - but simply to circumvent the US$ political power/influence.
The "eventual" decline of the US$ is far more related to the self-inflicted US state debt, and the USA's inability in the past 10-15 years to come up with a significant economic concept and stabilizing it's populations social shortcomings. Just my 2 cents.

 

[YoursTruly]

Let's hope so since it wouldn't serve anyone. China would lose out on what US$ 1 trillion on US treasury Bonds? BRICS IMO has nothing much to do with weakening the US$ - but simply to circumvent the US$ political power/influence.
The "eventual" decline of the US$ is far more related to the self-inflicted US state debt, and the USA's inability in the past 10-15 years to come up with a significant economic concept and stabilizing it's populations social shortcomings. Just my 2 cents.

I personally think the US government has been over backwards when it comes to social funding. But since most of that money stays in the economy, to be taxed over and over and over, it's not really a loss.
Where I have a problem is our government spending money on things outside of this country.

It's been many MANY years now, But I remember reading something back when the national debt was about $15 trillion. And there was something listed in this article that stated that just over $15 trillion is what has been sent out of this country on everything from foreign aid to just down right welfare for some foreign country. Like paying for some dam to be built. And everything in between.

China is now dumping money into places like Africa. This is the "winning the hearts and minds" of Africans. Instead of our way of doing it. Occupying them or bombing them. With all the money they're making just off us, they can afford to do that. Apparently they don't have a federal Reserve they can treat as an unlimited credit card.
Fact is, they're more fiscally conservative with their money than our politicians.

 

[frigidweirdo]

"It's the end of the world as we know it." Or at least it's looking like that. This map is scary AF.
View attachment 771817

Inevitable really, people see the problem of the US being in charge of things.
And more and more countries will jump on board.

 

[j-mac]

If losing reserve currency status results in termination of the USG war machine, I’m all for it. Though I suppose the consequences could be economically harmful for many Americans.

Meh, screw them, right?

 

[Kruska]

China is now dumping money into places like Africa. This is the "winning the hearts and minds" of Africans. Instead of our way of doing it. Occupying them or bombing them. With all the money they're making just off us, they can afford to do that. Apparently they don't have a federal Reserve they can treat as an unlimited credit card.
Fact is, they're more fiscally conservative with their money than our politicians.

I wouldn't be so sure - since I live and work in China now for 20 years. The state deficit China really has - no one really knows. It could be 75% as they state it could also be close to that of the USA.
The difference that I can see between China and e.g. Germany or the USA is the huge improvement in it's infrastructure (Germany's Autobahn is a wreck and so is a lot of it's infrastructure) also in regards to social and educational structure/matters - still far off from Germany but getting better every year. In other words as a Chinese citizen at least you get to see and experience improvements in regards to the $$ the government spends.

As for China's "dumping money" policy - I think you might not be aware that 80-90% of China's G2G business is financed via Barter trade. Chinese large scale private enterprises business in e.g. Africa is also done via Barter trade - e.g. 600 Buses for country x for y palm-oil and coal. The Chinese state will pay out the respective Chinese enterprise in Yuan and collect the goods. The great side effect is that corruption practice in e.g. Africa is thus undermined and the people themselves profit from those e.g. 800 busses, or schools, hospitals and other infrastructure projects.

There are huge lists in China in regards to subsidization of e.g. imported machinery, hospital equipment, etc. e.g. US company Haas. Bottom line, the Chinese enterprise pays around 60-70% of what a US or German company pays for the same Haas CNC center.

When Trump started his economic war - China simply started to cancel US companies from those lists - and replaced them with e.g. German or Scandinavian companies. If you check onto the international trade statistic you will see that almost 80% of the trade that was lost with the USA was replaced via increased trade with other countries or via simply taking over US companies. The only issue that really hampered China's growth was that of COVID - but that unfortunately hit every other country on this planet as well.

Yeah well - the future development will be interesting to watch.

 

[gipper]

Meh, screw them, right?

Do you have any idea how many millions have been killed, maimed, or displaced by the USG war machine these past 30 years?

 

[j-mac]

Do you have any idea how many millions have been killed, maimed, or displaced by the USG war machine these past 30 years?

So, the world will be a better place with the US taken down?

Like I said gipper, screw em, right?

 

[luiza]

My guess is the neolibs and neocons running the nation will start WWIII, before the people rise up.

Still contend we have been in WW3 for some time with Khazaria a part deflection from the really big currency, oil ,general financial and hacking moves -- the real weapons that can move nations .
The only scenario that I can imagine to prevent a complete US collapse , imo , is a full confession of its true and full economic situation with honest intent for a global united reset , one which lowers US control almost totally .

But that is surely Pie in the Sky , which is why I am 98% pessimistic and have planned acccordingly.