this post was submitted on 30 Nov 2024
153 points (95.8% liked)

World News

39364 readers
2108 users here now

A community for discussing events around the World

Rules:

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 2 years ago
MODERATORS
 

Summary

Trump has threatened 100% tariffs on BRICS nations (Brazil, Russia, India, China, South Africa, and others) if they pursue de-dollarization efforts, including creating a new currency to challenge the U.S. dollar’s dominance in global trade.

Trump warned these nations could lose access to the U.S. economy.

BRICS members, frustrated by U.S. financial dominance, have explored alternatives, with Russia advocating for a new payment system to bypass sanctions.

Analysts say the dollar’s global reserve status remains secure in the near term despite these challenges.

you are viewing a single comment's thread
view the rest of the comments
[–] Paragone@lemmy.world 1 points 2 weeks ago (1 children)

https://investingnews.com/brics-currency/

They're VERY big on breaking the West's hegemony..

Due to their grass-roots pragmatism ( China's "Belt & Road" initiative, being an example of how to surrepticiously-own countries )

they may well succeed, sufficiently..

_ /\ _

[–] HK65@sopuli.xyz 2 points 2 weeks ago

https://www.visualcapitalist.com/ranked-the-worlds-top-reserve-currencies-in-2024/

It's not just "the dollar", right now the ranking of reserve currencies is:

  • USD 59%
  • EUR 20%
  • JPY 6%
  • GBP 5%
  • CAD 3%
  • AUD 2%
  • RMB 2%

I'll check back again when the RMB reaches like 10%.

Also, your article is not talking about the RMB as a world reserve, it says BRICS is aiming to create a new currency backed by gold, so essentially a return to the gold standard. One could argue for or against that, maybe it's better than the dollar if you ask me, but IDK. But adopting that as a national currency would break Chinese manufacturing, as they rely on being able to devalue the RMB to keep doing what they are doing.

Point is, fuck the USD, but it's not so simple that we can switch to the RMB and be done with it.