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Re: BRICS will break the dollar and usher a return to gold - Mises Institute

By: Decomposed in 6TH POPE | Recommend this post (0)
Wed, 30 Aug 23 8:52 PM | 29 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 45410 of 60008
(This msg. is a reply to 45408 by Zimbler0)
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Zimbler0:

Re: “What BRIC's seems to be talking about is moving to 'other currencies' - as in Brazil and China trading in each others currencies . . . Russian oil selling in rubles . . .”If BRICS would really like to de-dollarize the Global Financial System... and I expect they'd love to do that... they need to issue a new currency that the world trusts as much or more than the dollar. BRICS isn't stupid. It knows that they have a terrible reputation. Therefore, I think that they WILL back a new currency, if they create one, with something tangible.

But we'll see. Not much of my thinking is "inside the box" these days so the likelihood that I'll be wrong is high.

The next meeting is in October 2024. That's probably when we'll learn what BRICS - and, particularly, Russia (who is hosting) - has in mind.








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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months


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The above is a reply to the following message:
Re: BRICS will break the dollar and usher a return to gold - Mises Institute
By: Zimbler0 in 6TH POPE
Wed, 30 Aug 23 8:39 PM 		Msg. 45408 of 60008

>>>
gold has never actually been proven inferior to fiat.
>>>


What does one call it when 'Good as gold' ETF's are 'trading' more gold than actually exists? (Sounds like fiat to me.)

And then from what I've been reading the 'BRICs' have NOT been talking about 'gold based currency' - nor are they talking about a 'new currency'. No new currency as that would require a new 'central bank' and that would mean surrendering some of their sovereignty to said bank.

What BRIC's seems to be talking about is moving to 'other currencies' - as in Brazil and China trading in each others currencies . . . Russian oil selling in rubles . . .

And yes, more than a few countries would love to see the end of the 'dollar dominance' . . . But the problem remains - who's currency is liquid enough and trustworthy enough for the job.

>>>
He writes that “this rather upside-down theory appealed to politicians” because “it gave them carte blanche to spend, all with money created out of thin air by the central bank.”
>>>

And right here the author points out one of the two reasons no polotician is going to go for a gold standard.

1.) Under a gold standard inflating fiat currency will get a LOT harder (for them).

2.) Under a gold standard the shortage or oversupply will wreak more havoc upon the economies than 'they' can stomach.

And do not forget that joe biden is wrecking the Dollar and the American economy . . . So, once again, I ask - "Which currency is liquid enough and trustworthy enough to do the job?"

Zim.

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