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For the first time, Xi is missing a China-backed BRICS summit. Why? (www.aol.com)

submitted 5 days ago by 52fighters@lemmy.sdf.org to c/worldnews@lemmygrad.ml

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[–] GreatSquare@lemmygrad.ml 6 points 4 days ago* (last edited 4 days ago) (1 children)

Yes. The PetroEuro was Iraq trying to move away from USD and take advantage of interest rates and the rising Euro. The US invaded and overthrew Hussein, forcing Iraq to switch back to USD.

I think the point of the BRICS currency is to give stability for global trading. Something that currently Trump is threatening with all the dumbass financial and trade moves to MAGA. BRICS isn't trying to collapse the USD. There's just less demand for USD when BRICS trade with each other using currency swaps as they do now.

I don't have a good understanding of how gold is going to back this BRICS currency so I am interested in what the next moves are.

As for Europe and UK, fuck em I reckon austerity nuts are going to cut all sorts of government spending. I don't see any big moves to save themselves economically.

[–] Maeve@lemmygrad.ml 3 points 3 days ago

BRICS isn’t trying to collapse the USD. There’s just less demand for USD when BRICS trade with each other using currency swaps as they do now.

They may well not be, but this seems a natural outcome, especially with the stable genius's oscillating "policies" unless I'm missing something.