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Why Russia is Trying to Create a New BRICS Currency
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Aiming to disrupt the dollar’s power as the world’s reserve currency, Putin continues to talk up the prospect of a new common BRICS currency. So what would that actually look like? Is it even feasible? And is it likely to damage the dollar in any way?
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1 – Adam Tooze, Crashed, Chapter 5
2 – https://financialtribune.com/articles/world-economy/86102/putin-calls-for-de-dollarization-in-oil-trade
3 – https://www.ft.com/content/a5187880-c553-11e8-8670-c5353379f7c2
4 – https://en.wikipedia.org/wiki/BRICS
5 – https://economictimes.indiatimes.com/news/economy/policy/brics-explores-creating-new-reserve-currency/articleshow/94628034.cms
6 – https://www.agenzianova.com/en/news/lavrov-the-hypothesis-of-a-common-currency-in-the-BRICS-countries-will-be-discussed-at-the-August-summit/
7 – https://cointelegraph.com/news/russia-talks-up-prospects-of-brics-countries-developing-new-currency
8 – https://www.imf.org/en/About/Factsheets/Sheets/2023/special-drawing-rights-sdr
9 – https://foreignpolicy.com/2023/04/24/brics-currency-end-dollar-dominance-united-states-russia-china/?tpcc=recirc_trending062921
10 – https://www.ft.com/content/ef0cac54-48f5-418f-9d7a-634634592724
11 – https://moderndiplomacy.eu/2022/12/21/a-brics-reserve-currency-exploring-the-pathways/
00:00 Introduction
01:05 Why Putin Hates the Dollar
04:45 What Would It Look Like?
05:40 Could It Actually Happen?
source
@senoner90
February 18, 2024 at 6:55 pm
You explain that a BRICS currency would only work if the economies are similar and then you give the example of what didn't work in the eurozone with the deficit countries.
But earlier in the video you explained that a BRICS currency would NOT be like the euro, it would be a common currency and not a single one, existing alongside the national ones. So I find it a bit contradicting that you use the euro to justify why it wouldn't work. You should use a more comparable case.
@bekind1775
February 18, 2024 at 6:55 pm
They don’t need a currency. XRP and on demand liquidity will solve it!
@MuditSharma1234
February 18, 2024 at 6:55 pm
6:16 neutral channel you say good one nice joke
@doncare8976
February 18, 2024 at 6:55 pm
good job, hopefully BRICS can compete with the dollar and be supported by countries that don't like American policies. The global elite are rich because they print dollars at will and oppress other countries.
@TryRickPayton
February 18, 2024 at 6:55 pm
All these sanctions are gojng to come to a end
@TryRickPayton
February 18, 2024 at 6:55 pm
They probably gong to use it like a cc for buying oil and raw materials
@TryRickPayton
February 18, 2024 at 6:55 pm
Mybe not this year eventuality the dollar will fall due to nothing backing it
@shellylofgren
February 18, 2024 at 6:55 pm
BRICS seeks to create a new currency, considering gold's historical role as a store of value and medium of exchange. However, the functionality and acceptance of a gold-backed currency in the current global financial system are uncertain. Creating a new currency requires careful consideration of economic, political, and logistical factors.
@The2wanderers
February 18, 2024 at 6:55 pm
It's such a stupid concept. Think of the problems the Euro has, despite a largely integrated legal system and some ability to apply fiscal policy across the whole group to make up for the shortcomings of monetary policy.
And then move those problems to a group with little in common, border clashes between some of them. Some have serious capital controls to restrict the conversion of their existing currencies.
And how would this kind of monetary alliance play well with India's commitment to being non-aligned?
Overall not a recipe for a successful common currency. And IF they were to create one…who would buy it? Lots of countries might prefer the US not run the global economy, but I can't imagine many of them would appreciate Russia or China any more.
@75echo
February 18, 2024 at 6:55 pm
The truth of the matter is that Europe has plundered and stolen (and still are) from Africa for hundreds of years, Russia and China knows this and is milking this fact. Russia and China are no saints, but they have never colonised or enslaved Africa, they pay for what they take and do not make unrealistic demeaning demands. If Europe and USA do not change their policies on Africa, Russia will establish a stronghold there. Remember that most of the worlds minerals (incl. Uranium ) are found there.
@Vitoria20237
February 18, 2024 at 6:55 pm
Only LIEvrov goes from ruzzia 😂😢😅 and Lies as much as Pudin 🧌🧌🐽👿 SHAME!!
@coco_bold
February 18, 2024 at 6:55 pm
there is already the euro, but doesn't have the power of the dollar
@apololast
February 18, 2024 at 6:55 pm
F us
@Razzle_Dazzle-
February 18, 2024 at 6:55 pm
Yes for BRICS+ currency. So tired with USA bully the world with their dollar
@bcnidiomas2906
February 18, 2024 at 6:55 pm
BRICS taking over
@sakhelemcimbi247
February 18, 2024 at 6:55 pm
I never saw the person whom supposed to be neutral with your topic you clearly untibrics country
@hoseinmirnejad7075
February 18, 2024 at 6:55 pm
It is not a replacement for local monitory system currently in use in those countries but more a method for inter-country payments and transactions. There is absolutely high chance for such a mechanism to be implemented successfully. One way or another, dollar is doomed.
@cleancutguy1892
February 18, 2024 at 6:55 pm
The only reason I watched this clip is because this guy is very cute.
@MJ-eb3xc
February 18, 2024 at 6:55 pm
hope this happens because really everyone is tired of bullying of U.S
@corey2232
February 18, 2024 at 6:55 pm
This has been a thing people have talked about for ages, and it never changes. There's also no requirement for any country to use the dollar, it's just a choice countries make due to its ease of use internationally. Nothing is stopping anyone from just using whatever currency they deem most useful at any point.
@-Pamela
February 18, 2024 at 6:55 pm
BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.
@SlipdeGarcondeJour
February 18, 2024 at 6:55 pm
Even if this happened, it would be China at the helm, not Russia.
@Amon-ht7po
February 18, 2024 at 6:55 pm
This aint no neutral channel
@chronosschiron
February 18, 2024 at 6:55 pm
WANT TO COMBAT ALL THIS STUPID SHIT OR CLICK BAIT MAKE MONEY FROM IT
LIKE THIS CHANNEL DOES
LIST ALL BRICS NAITONS AND STOP BUYING THERE SHIT
@DaGoyDidGood
February 18, 2024 at 6:55 pm
lol! Would a good standard resolve said problems? Not listening [state propaganda alert! See how they plug government info gathering/propaganda spreading fake news app!]
@FrankHRitz
February 18, 2024 at 6:55 pm
Too much ads, sorry I quit
@janrautenstrauch4729
February 18, 2024 at 6:55 pm
Even if Putin succeeds in "establishing" this new currency, having a common currency between autonomous states without common financial and economic policy (or at least some kind of alignment) can really backfire. That's essentially what the euro taught us. And i doubt if attaching oneself this close to china is such a good idea.
@dxd42
February 18, 2024 at 6:55 pm
SIMPLE, the countries dont want to be overexposed to Dollar… that is massivelly printed by US as they please.
Say that the BRICS is a Russian toll is a LIE.