The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance. | Spyke

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world·World Newsbytkonicz

The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance.

"This credit crunch, triggered by the fight against inflation in Western countries, is an important factor in the huge rush to join the BRICS group. Many crisis-ridden countries, such as Argentina and Venezuela, which are currently seeking membership, are simply hoping to tap alternative sources of financing – especially from China."

https://www.konicz.info/2023/08/02/the-money-of-the-upstarts/Open link View original on lemmy.world

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5 replies

Bernie Ecclestoned

sh.itjust.works

Fight against inflation in Western countries?

Argentina inflation rate is 116% !!!

Venezuela 404% !!!!

And there is no credit crunch, it's a liquidity crunch

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livus reply

1

Yeah this is the rumour that's circulating but there haven't been any formal announcements about BRICS currency.

I think the bank is happening though.

5

imapuppetlookaway

Money and Macro has an excellent video clarifying this.

https://www.youtube.com/watch?v=49iLl-V4xos

1

PipedLinkBot reply

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3

Yup, I can confirm this firsthand by quoting my South African friend:

Dude I don't give a shit, we just want to destroy the US and then invade Europe.

Pretty based stuff huh?

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The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance. | Spyke