Carney on ‘Kudlow’: The Collapse of Russia and China’s Currencies Shows Why BRICS Is Not a Threat to the Dollar
https://www.breitbart.com/economy/2023/08/18/carney-on-kudlow-the-collapse-of-russia-and-chinas-currencies-shows-why-brics-is-not-a-threat-to-the-dollar/
The collapse of the Russian ruble and the Chinese yuan shows why a potential BRICS currency is not a threat to the U.S. dollar’s status as the world’s reserve currency, Breitbart Economics Editor John Carney told Fox Business host Larry Kudlow Friday.
As the BRICS countries of Brazil, Russia, India, China, and South Africa prepare to meet next week in Johannesburg, the currencies of two of its members are falling fast.
“I would bail out of that club if I were Brazil and India,” Carney quipped.
When asked if BRICS is a threat to the dollar, Carney shot back, “Absolutely not. And what we’re seeing in the collapse of the ruble and the collapse of China’s currency is the rest of the world wants nothing to do with these controlled economy currencies.”
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(Article does continue. Zim.)
Also,
A quick search of 'news' suggests that China and Russia both have dropping currency values . . . And that China has 'halted the slide'.
I've also heard that China has a very high 'youth unemployment rate' and several 'economic powerhouses' are flirting with bankruptcy.
Of course, the way biden is fouling up the American economy . . . In my opinion all bets are off.
Euro anybody?
Zim.
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