- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
cross-posted from: https://lemmy.world/post/24960701
In a fiery Truth Social post on Thursday night, the president declared that any country backing an alternative currency would be hit with 100 percent tariffs and effectively cut off from American markets. Trump made it clear there would be no room for negotiation, dismissing any possibility of an international shift away from the dollar.
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“So they did and ditched the dollar”
I am actually in favor of the world finding a competing reserve currency (just NOT Chinese or Russian ruble!). The US$ being the reserve currency means the rest of the world has been SUBSIDIZING the US, by bringing in trillions of dollars to US banks and federal reserve LOWERING US interest rates which also has helped fuel all the bubbles we’ve seen. Having another reserve currency in turn cause interest rates to return to their natural levels bringing down ASSET values (i.e. housing) to more affordable levels.
It’d be a good idea for everyone. The plans being floated around the BRICS would just replace US puppet strings for Chinese puppet strings.
How to get a currency that doesn’t have any one country holding the puppet strings? I dunno. It’s tempting to say crypto, but…yeah.
Honest question. What about the euro? I don’t know enough about it ATM to really evaluate it. But it definitely seems a darn sight better than our currency.
This is his buddies Putin and Xi!
Isn’t South Africa in BRICS too?
Yes, they’re the S in the acronym, although the bloc has grown to the point where the acronym doesn’t make much sense anymore.
" Brics" was named by an US Goldman Sachs banker. Idk, if it really amounts to anything, they probably would have changed their given name. Afaik, it has been mainly been an instrument of China to evade dollar transactions in yuan(renminbi), for the The Chinese Belt and Road Initiative. It’s almost an acronym.
