The BRICS have not issued their currency yet, it will take significant time for it to impact the dollar. The majority of commerce is still conducted in dollars and will be for years to come. Like you I look forward to the dollars destruction as the only means of removing the cancer in DC from power. They can still print dollars even if its not the reserve currency it will just devalue much more quickly
Yes. And devalued will mean inflation to the level seen in Germany pre-ww2. So yes, they can print, but it won’t work to keep us afloat. Also, it won’t get us out of our foreign debt which is the real test of empire. Also, BRICS operates in local currencies so no 1 currency can take over the world. It doesn’t need to replace the dollar to destroy the dollar. Also China is buying up all the gold it can find and I’m waiting to see what that does. I share your fear that the empire won’t crash fast enough, but I’m chalking that up to a benevolent Universe which will maybe protect the poor a little as the elites fall on them. Perhaps if it’s in slow motion, they can get out from under.
The poor has never survived inflation by retaining value of their money, they have always survived by being the producers of food and raw materials. The urban poor will be wiped out, this is exactly what happened in Rome when Nero debased the dinerious.
Except that oil runs the world, especially the world of trade, and both Russia and Saudi Arabia have scads of it. So now that we’ve lost Saudi Arabia to the Chinese and Europe has lost Russian oil from NordStream we have to chase gas all over the world and don’t have the military to do it and Europe has to go to India and pay in rupees to get Russian oil and gas at twice the price Russia was selling it to them for before we blew up the pipeline. The smartest men in the room have got us into a lose-lose situation. Empires don’t recover from such zugzwang. I give it 6 months. 🤓
Are you sure it isn’t in local currency or Euro’s? I missed that. I do know they pay twice as much to India as they did to Russia for the same thing. And exorbitant amounts to the US for our oil and gas. Which is why their “welfare state” has collapsed and why the French are in the streets. For every action…🤔
Don't kid yourself. The Empire in general and the war on Ukraine in particular are sacred cows, and at the same time, labor must be brought to heel.
if the Fed has to offer an unlimited backstop to the banks, wipe out savers, print unlimited free money, whatever, they will do it in a heartbeat.
If we learned nothing else from the GFC, it is how far The Powers That Be will go to get what they want.
They can’t print money if the dollar is no longer the world currency. And BRICS is seeing to that.
The BRICS have not issued their currency yet, it will take significant time for it to impact the dollar. The majority of commerce is still conducted in dollars and will be for years to come. Like you I look forward to the dollars destruction as the only means of removing the cancer in DC from power. They can still print dollars even if its not the reserve currency it will just devalue much more quickly
Yes. And devalued will mean inflation to the level seen in Germany pre-ww2. So yes, they can print, but it won’t work to keep us afloat. Also, it won’t get us out of our foreign debt which is the real test of empire. Also, BRICS operates in local currencies so no 1 currency can take over the world. It doesn’t need to replace the dollar to destroy the dollar. Also China is buying up all the gold it can find and I’m waiting to see what that does. I share your fear that the empire won’t crash fast enough, but I’m chalking that up to a benevolent Universe which will maybe protect the poor a little as the elites fall on them. Perhaps if it’s in slow motion, they can get out from under.
The poor has never survived inflation by retaining value of their money, they have always survived by being the producers of food and raw materials. The urban poor will be wiped out, this is exactly what happened in Rome when Nero debased the dinerious.
World trade is still largely denominated in USD. What slack there is has mostly gone to EUR.
Except that oil runs the world, especially the world of trade, and both Russia and Saudi Arabia have scads of it. So now that we’ve lost Saudi Arabia to the Chinese and Europe has lost Russian oil from NordStream we have to chase gas all over the world and don’t have the military to do it and Europe has to go to India and pay in rupees to get Russian oil and gas at twice the price Russia was selling it to them for before we blew up the pipeline. The smartest men in the room have got us into a lose-lose situation. Empires don’t recover from such zugzwang. I give it 6 months. 🤓
Europe pays India USD for Russian oil. Otherwise, it pays USD for US LNG, but nobody in the US or Europe cares that Europeans suffer.
Oscar Pistorius, German Foreign Minister, put it in black and white.
Are you sure it isn’t in local currency or Euro’s? I missed that. I do know they pay twice as much to India as they did to Russia for the same thing. And exorbitant amounts to the US for our oil and gas. Which is why their “welfare state” has collapsed and why the French are in the streets. For every action…🤔
The US would have some very stern words with its European vassals if they were to pay for oil in INR or EUR.