/biz/ - Business & Finance

backed by international realism. That cant work by design doofus

>>50590334
I don’t want to buy any Russian or Chinese products because I don’t want my things to explode

>>50590334
anything that at least has the potential to fuck the US financial hegemony is a step in the right direction

>>50590334
BRICS is a marketing term. Do you really believe that China, Russia and India can cooperate successfully?

>>50590334
>new fiat coin backed by communist countries
What could go wrong?

>>50590334
This shit will never see the light of the day. A basket of currency means they all agree on the weighing and they will become buttmad at each others the moment China begins to devalue its currency to maintain export or when a shithole like Brazil or Turkey tries to print away its deficit while a country like Saudi Arabia or South Africa needs to import basically everything that isn't a commodity (and so benefits from a stronger currency).

The euro already barely works despite countries with very similar economies, standards of living and strong political goodwill, now imagine chinks and jeets or saudi and turks trying to get along, especially when they're all accustomed to be autocrats.

>trusting Russians and Chinese

hahaha no

>>50590334
>based on the basket of currencies
So basically BRICS version of SDR. Would probably be better than SDR but not exactly USD killer

>>50590617
hey look I posted le epic orangerino swamperino drainerino

>>50590661
>trusting US and EU
Ooops all of your money was just straight up stolen. Wait hold on according to CNN that's because you're evil, so it's okay.

>>50590617
based and most-likelypilled

>>50590334
On XRPL.

>>50590405
>I don’t want to buy any Chinese products
nice b8 m8

>>50591246
XRPL is public, more probable they use a private sidechain

>>50590334
I sleep

>>50590661
And indians. And brasilians. La crem de la crem

>>50590334
So why are you laughing, retard?

>>50590528
Yes

>>50590617
Cope, dumb burger
Pax Americana is over

>>50590405
Most products you use are already produced in China or India. Boomers moved production there for short term profits with zero care for the fact that they were throwing away their economic hegemony

>>50591246
>>50592057
what is a fork? What is open source? Did the UAE banks buy stellar XLM back in 2017? No they forked it. Welcome to crypto retards.

>>50590405
You won't be able to buy shit from China, go watch your savings erode in purchasing power.
Fun Fact, the BRICS currency will be backed by gold. BRICS are returning to the gold standard.

>>50590617
What is gold? What is a gold standard?
The new BRICS currency will be backed by Russian Oil, Gas, Gold and rare metals.

The only weapon the west has is more money printing.

>>50590617
>basket of currency
Its just a fakeout. They will come out with new currency that they all use, like euro but pegged to commodities(oil, metals,natgas etc) and blow us and eu fiat fakery away

>>50593115
it'll be more like ECU but yeah it's the beginning of the end of USD hegemony in earnest now. If KSA joins in and accepts this new currency for oil it's over.

>>50590334
>trusting the scamming countries that start unprovoked wars with money
what are you, stupid?

Lmao, USD is bad enough. Like I really want to just absolutely fuck my shit up holding Russia and China's marx coin?


>international reserve currency based on a basket of currencies of our countries.

WOW, can't wait to hold a basket of rubles and chinese yuan! Just inflate my shit up for Putin and Xi.

>>50590617
the truth hurts the russian shills / contrarian /pol/ teenagers

>>50593247
Go back

>>50590415

Honest question: Do you think a China/Russia Hegemony would be better?

Two more weeks?

>>50590334
Oh no, not the hecking BRICSerinos!

>>50590617
>only the US and West can be rational actors
shills and state department need to work harder on their talking points, we aren't reddit.

>>50590617
It is supposed to be backed by commodities like wheat.

>>50590334
I don't care about all these things going on between these countries. All I care about is the adoption of crypto and blockchain as a global decentralization ideology to concur every angle. With projects coming up incredible use cases and solutions such as the Lox Network that's providing global security to mobile devices

>>50590405
You're better off just like that. Enjoy your lonely life, oldfag

>>50594916
Or crypto. Because it has proven to be valuable and worthy

>>50590334
BRICS vs NATO
=
Axis vs Allies

>>50593376
He's right, and you're a faggot

>>50595017
>>50595055
>>50595082
no one cares about your ponzi scheme or your shill-filename pepes

>>50590334
Oh no, monopoly money backed by bloodthirsty dictatorships with no allies, no army and economy constantly on the brink of collapse.

China is going to fall harder than Japan did and people will laugh at you in 20 years for being stupid enough to think china had any chance to compete.
Russia on the other hand is competition but for individual states or cities in US. The poorest ones.

>>50590334
this will flop so hard

>>50590334
What will they back it with? The Chinese building bubble?

The BRICS have gold. A LOT of gold. A gold-backed currency could cut the USD off at the knees. All they really have to do is agree on the peg and make it redeemable in metal.

COMING SOON TO NEWS BROADCAST NEAR YOU:

>all 5 brics nations suddenly are having civil wars and the new governments need IMF loans. More news at 11.

>>50595533
lmao amerishits couldn't even start a civil war in venezuela

>>50590334
Zeihan tried to tell you all

>>50590334
ye gl with that. Shitskins will be shitskins. Hopefully EU and US bombs Asia and Africa already. Global population needs to be reduced anyway

>>50590334
Russians are too retarded to do anything successful that lasts. It's a simple fact that has been proven time and time and time again. They get in their own and each others way. To them every other Russian is a rival that needs to be beaten into submission sooner or later. This is really how Russians think. Even when not drunk. Ask, and they might admit if they trust you enough.

>>50590617
cope

Everybody was so afraid of Ahmed when we should've worried about getting Chang'd and Ivan'd all this time.

>>50590334
people were so distracted about russia ruining its image, they didn't notice how america did the exact same with the way they handled sanctions
>threatened/blackmailed countries like india to sanction russia; bluff was called out
>confiscated assets of random rich russians under the vague notion of them being "oligarchs" (association with putin not necessary)
>confiscated hundreds of billions of russian fiat from international (lmao) markets
>demanded russian oil for free (since russian USD cannot be spent), accused russia of breaching contract for refusing
>forced swift to kick russia out of its payments system
>refused to accept russian debt repayments; claimed that russia defaulted because they wouldn't accept their money
>forced random companies to block russia

now all countries that are not US-aligned are aware that the same could happen to them at any time
they set this retarded precedent and now they will come to terms at the fact that independent countries will do everything in their power to ensure this will never be possible ever again

>>50593115
>>50593155
This wont work either, not without "equalization payments". For the same reason the Euro doesnt work, but dollars like the US and Canada and Australia do work. In US the equalization payments are made by the various tax structures of the different states, allowing for different types of economies. In Canada and Australia, the equalization payments are made by the federal governments.

You simply cannot have a huge geographical area and no form of equalization, because wildly divergent geography determines wildly divergent economies. For instance the Russian economy is largely resource extraction based, same as Saudi's, however the chinese economy is largely manufacturing based. India is largely agricultural. India will be the massive loser here, China the big winner.

Even in a country like canada, with its vast geography, you have different economic zones. Ontario the manufacturer, Alberta the resource, quebec the agriculture, and we have to subsidize those with poorer economy. Look at whats happening to Europe. All the agricultural economies (Italy, Portugal, Spain) are suffering, while the manufacturing economies (Germany) are getting richer and richer, and the resource economies just tread water. Thats the real reason the Euro is fucked.

A single currency is met to be manipulated to some degree, to remove the "spikes" , by a central bank. But this only works when the area encompassed by that currency is wholly one type of economy. All of the big nations (Canada, Australia, Russia, USA, - big in terms of varied geographical areas) require the currency to be equalized over the different economic regions.

So any "basket of currencies" will also require this.

>>50590334
The Shitcoin

>>50595834
its the old adage "use your power, lose your power". any time one attempts to exercise control over something which wishes to be independent of that power (even amongst nature), that thing or person will seek a place where that power cannot be exercised over them. "The more you tighten the grip, the more will slip through your fingers." People are like that, nations are like that. Of course China and India and all the others are watching, they see how USA and its allies abuse thier power, and seek to escape its ability to project that power.

>>50590334
All you retards mocking a commodity backed currency while singing the praises of the fiat west deserve every single thing you've got coming, you have no idea.

>>50595606
Zeihan thinks Russia and China are about to collapse within the next 10 years

>>50590405
Sounds more like US products to me, horrible quality these days for anything American but they still charge up the charge.

>>50597074
*charge up the ass

>tfw there is finally a competitor for the USD and it means being economically dependent on a global pariah state with an economy the size of Spain and a communist dictatorship that is in the early stages of a complete collapse of its economic system
This is bullish

>>50596839
Based Biden dismantling globalization

Wow, a new currency backed by poor/totalitarian countries. the west is doomed.

ok but is it virtual/crypto related? tether teached us that a literal money printing machine is completely possible after all
might use some of my eternal qom bags to buy it

>>50598053
>Russia
>China
>poor
Holy shit >"""whit"""oids seething

>>50596954
Yup. The USD became the world's money because it was backed by gold. And at the time, the USA had most of the world's gold to back it with. Now the USD is no longer backed by gold and it has been manipulated and weaponized by an evil empire to the detriment of the world.

MANY countries would like to be out from under the USA's financial bullying if only they had an option. Well, the BRICS can FULLY back a new trade and reserve currency with gold so that it will be more trustworthy than the dollar. And it looks like they will do exactly that. It will not be long now.

I'm an American born and raised but I have my fingers crossed that the BRICS succeed in dethroning the dollar. It will hurt me for sure, but the taste of justice will be sufficient compensation.

>>50598660
The US dollar is backed by the US Army, Navy and Airforce. Stability is what counts.

>>50598777
You have no idea what "backed" currency means. As long as the US government can create an infinite quantity of dollars redeemable for nothing at all, it is totally and completely unbacked. Having a military with which to bully people doesn't make your currency any better. The USD has lost 90% of its value since the breaking of the gold standard in spite of its military.

>>50590617
Realistically the currency would just upset western powers and possibly might snap them out of their retardation while forcing Russia/China/India and others to play along, but if one actor (China) engages in shit economic practices, it would immediately become an annoyance to the others and could potentially create worsening relationships down the road.

Ultimately the whole thing is still a nothing burger.

>>50594648
holy fuck thats savage.

>>50598866
You make half of a good point. If the BRICS issue a gold backed currency, the USA will have no choice but to follow suite, although it will kick and scream and shit its pants first.

>>50598962
Why would exporting countries want gold backed currencies? Why would anyone want to pay gold for anything. If China demanded all payments in gold for its products no one would pay it. Gold isnt coming back, everyone agreed it sucks.

>>50598989
DAS RITE
Countries much prefer holding reserves that counter parties can devalue at will.
Everyone agrees real assets are gay and the future is magic funny money all around.

>>50599049
>peg basket currencies to gold
>change the valuation of currency to gold redemption rate
Doesnt change anything dude. Its just adding extra steps where somehow india and south africa will allow china to dictate central bank policy for their countries.

the dump is going to be massive

>>50598286
Canada has a bigger economy than Russia kek. As for China, GDP per capita is much lower than the United States. At least half of their population is poor as fuck.

>>50598989
Hahahahaha! Now you are being silly. Gold was the world's money for most of history. It was only the world wars of the last century and the greed and dishonesty of the American government that derailed it. But it is coming back.

>>50599164
Oh yeah lets tie our economy to south african gold miners. No thanks. Gold has no value as a currency. It was just what was picked. It doesnt have any special powers.

>>50599108
They could do that if they wanted to destroy any meaning behind the currency, but they won't be too motivated to harm the stability and accompanying demand a currency backed by more that blind trust will bring.
Over time it might be necessary to revalue but unless it's realtime, in which you get the same garbage as we have now, it will at least bring stability and demand in the short term (think years / decade).

>>50599108
Until WWI fucked everything up, the Western world was on track towards a standard gold currency. France, Italy, Switzerland, USA, and others all circulating gold. Because a gram of gold is always a gram of gold, in Russia, China, India, Brazil, the USA.

>>50599188
You're right, it has no intrinsic special magic value.
However, many other real world goods have been tried, but gold proved to be the best suited.

>>50599188
You don't know much about gold, do you? China, Russia, Australia, Canada, and the USA all produce more gold than South Africa. You should stop now since you obviously know nothing about this topic.

Russian shills are incredibly retarded. But I really hope they try this because that would mean an immediate advantage to the west. Anyone retarded enough to try the new currency would fall behind.

>>50599234
>>50599249
Gold sucks because you allow outside manipulation of your currency. China could step up mining gold or restrict it and your economy crashes or has inflation. Its a dumb idea.

>>50596746
Good post

>>50598989
>>50599108
A common reserve currency is not the same as a common currency dumbass.

No one is advocating a common currency for the BRICS, that would be considerably more retarded than the failed experiment of the euro.
Currently all those countries have USD as their reserve currency.

CNY will probably be pegged to it so yes its prone to manipulation by China but being backed by gold gives it some layer of stability where it can't just go to zero like fiat and at this point giving Beijing leverage over your economy instead of Washington is an improvement

>>50599279
Gold is not some overabundant resource, as the easily accessible gold gets mined first whatever remains will be more costly to mine.
While they can certainly prioritise mining gold to trade for your currency and thereby your goods, the relative value between other goods and gold will continuously rebalance itself to make mining gold less or more viable.

>>50595307
das rite china has no powah, only america has powah, america has military base and powah, china has product? not powah. china largest exporter? not powah. countries dependent on china? not powah

>>50599380
>giving Beijing leverage over your economy instead of Washington is an improvement
But its not. If its backed by gold behind the scenes then the US can just redeem it for gold and cause inflation.
>>50599397
>continuously rebalance itself to make mining gold less or more viable.
No it wont. If they prioritize mining gold in the US say, it lowers the price of gold on international markets. That means that the gold backed reserve currency loses it value as well. To keep parity of its reserve. It allows the US to devalue anyone using it without their own governments approval.

>>50599459
I guess the US would be welcome to cripple itself spending all those resources mining that increasingly worthless gold at increasingly expensive cost to attack "our" currency.
This would either have to be a temporary attack, or for it to be permanent with meaningful impact, some agreement across all other parties that 'yeah gold is kinda worthless now', leaving us holding the currency, gold and our limp dick.
But I find that hard to imagine given that gold has been synonymous with value for the better part of humand history, up until we started the world's greatest paper money experiment last century. (Not to mention the industrial uses that are currently mostly ignored due to its price)

>>50599188
If it's so worthless then why are literally all of the banks gathering as much as possible while fudding it to oblivion?

>>50599562
>cripple itself spending all those resources mining that increasingly worthless gold at increasingly expensive cost to attack "our" currency.
Its not going to cost the 900 billion military budget to mine enough gold to undermine BRICS. It would be cheaper than the military, hardly a cripple. The argument gold bugs always go back to is the value for human history. Human history also didnt have stock markets and the internet. Doesnt mean software companies cant make money.
>>50599582
I dont know but maybe they will use it to dump on the market at some point.

>Russians Chinese and jeets can outsmart psychopathic old money anglo Saxons and Hebrew people

Why are you betting against the blood thirsty maniacs in city of London?

>>50594454
one way to find out

>>50596746
>All the agricultural economies (Italy, Portugal, Spain) are suffering
I just read this. I retract my previous positive remark, you seem to be a bit clueless about the reason why the Euro failed.

>>50590334
>Trying to blame the econimic calamity

Why can't they ever just admit bros it was because they printed too much fucking money? God I can't wait for the us dollar to fuck off