Trump Warns BRICS Against Ditching The Dollar: ‘Go Find Another Sucker Nation!’
(www.mediaite.com)
from Redditsux@lemmy.world to world@lemmy.world on 31 Jan 2025 17:41
https://lemmy.world/post/24960702
from Redditsux@lemmy.world to world@lemmy.world on 31 Jan 2025 17:41
https://lemmy.world/post/24960702
cross-posted from: 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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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.
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.
Euro is weird. The central bank is independent on paper but you have political figures trying their best to get in there. The current president is that bitch from the IMF. With so many countries throwing their chips to influence the central bank, things tend to level out but the Euro Zone is known to be slow to react to fluctuations and even worst on how to plan ahead. Just look at how they managed the 2008 market crash aftermath and the Covid debacle; most experts defend they should have had the opposite reactions they did, as in, they should had had lowered the interest rates and facilitate liquidity then and control money flow during Covid.
The Euro was once floated as an alternative to dollar for oil trading but it caused a shit storm.
Yeah IMF association is definitely not a positive in my book for sure. I figured there had to be some catches or else it probably would have been adopted. On paper at least it seems the thing. But reality is always where you get screwed.
Aussie Dollar? 😜
Yeah as someone from a BRICS nation, I would not trust or put my faith in these people any more than I would American institutions. And I feel pretty confident in saying that even if a BRICS backed currency became dominant, absolutely fuck all would change in the quality or cost of life for the majority of people and the only ones that would be smiling would be the fat cat piece of shit politicians and elites that are already smiling.
The clear answer is the Euro, its a decently strong currency and the EU can’t stop bickering long enough to pull off a conspiracy like that.
“So they did and ditched the dollar”
Brics chain, euro and dollar That sounds balanced