2024-10-18 Mexico said was that they will Not buy anymore USA Treasury Bonds and that they will heavily buy gold instead, they will continue to use USA dollars for their transactions but they will back up their Mexican peso with gold as a reserve instead of USA issued bonds, they are preparing for the new gold standard backed currency's
@@Winston-lf7sbmost of this guys dont get it it is not the dollar there is the issue. Remove them self fron the dollar dont solve their structures issue….
@@zzzz6511 in 1933? your russian history is off by a few decades chekov. it was dropped because its too unstable and no longer worked for modern economics.
@@pierre2193 How bad has the US manipulated the USD? The US is a very corrupt regime on earth. You can see the following: 1. USA-allies' currencies a. UK - 1 USD = 1 Pound b. Europe - 1 Euro = 1 USD c. Jordan - 1 USD = 0.3 Jordan Dollar d. Singapore - 1 USD = 1 Singapore Dollar e. etc 2. Non-USA allies a. Iraq, When Saddam was alive 1 USD = 0.3 Dinar. Now, 1 USD = 1400 dinar b. Indonesia, in 1969, 1 USD = Rp 7.5. In 1998 when Soros came, 1 USD = Rp 16.800 c. Venezuela, in 2023, 1 USD = 2,722 Bolivars. Now, 1 USD = 31 million Bolivars. d. Iran, every year the USD has increased 2x. e. etc In 1997, Indonesia total debts were USD 150 billions. In 1997, 1 USD = Rp 2,000. Thus, Indonesia total debts were USD 150 billions x Rp 2,000 = Rp 300 trillion. In 1998, Soros came and 1 USD = Rp 16,800. Thus, Indonesia total debts were USD 150 billion x Rp 16,800 = Rp 2,520 trillion. Gees due to USD manipulation, Indonesia total debts were Rp 300 trillion -------------> Rp 2,520 trillion This is 8.4x increment! Who will have cash flow 8.4x higher over night? That's why the world should stop using USD and globalization in finance.
Countries just love the United States, they don't need to be puppetted unlike Communist China which needs to debt traps to enslave countries. Long Live Democractic Singapore!
The Digital Yuan will be worse,1st it will be politicized like everything that doesnt support CCP self interest e.g. SCS, Taiwan, Myanmar take-over, its Allies Ru & NK or its cold war with US. 2nd, when countries use the Digital Yuan, they are killing their own currency even with tourism or trade as it then does not promote the exchange of currencies e.g. the Laos currency has fallen 300% when the Chinese only pays in RMB, like when the Banana Notes was used.
not only that but because the USD and globalization in finance are very corrupt systems. For example, How bad has the US manipulated the USD? The US is a very corrupt regime on earth. You can see the following: 1. USA-allies' currencies a. UK - 1 USD = 1 Pound b. Europe - 1 Euro = 1 USD c. Jordan - 1 USD = 0.3 Jordan Dollar d. Singapore - 1 USD = 1 Singapore Dollar e. etc 2. Non-USA allies a. Iraq, When Saddam was alive 1 USD = 0.3 Dinar. Now, 1 USD = 1400 dinar b. Indonesia, in 1969, 1 USD = Rp 7.5. In 1998 when Soros came, 1 USD = Rp 16.800 c. Venezuela, in 2023, 1 USD = 2,722 Bolivars. Now, 1 USD = 31 million Bolivars. d. Iran, every year the USD has increased 2x. e. etc In 1997, Indonesia total debts were USD 150 billions. In 1997, 1 USD = Rp 2,000. Thus, Indonesia total debts were USD 150 billions x Rp 2,000 = Rp 300 trillion. In 1998, Soros came and 1 USD = Rp 16,800. Thus, Indonesia total debts were USD 150 billion x Rp 16,800 = Rp 2,520 trillion. Gees due to USD manipulation, Indonesia total debts were Rp 300 trillion -------------> Rp 2,520 trillion This is 8.4x increment! Who will have cash flow 8.4x higher over night? Soros thanks to globalization in finance can transfer those finance crimes to the USA. That's why the world should stop using USD and globalization in finance.
About time. Nobody is saying get rid of the dollar completely, but there need to be alternatives for the rest of the world. We should not be held to ransom by a country that has lunatics on its presidential ballot. We should not be at the whim of somebody in rural Pennsylvania deciding the fate of the global economy and political environment.
The extra-ordinary privilege enjoyed by US with their dollar hegemony is really unfair to the rest of the world. I mean, US can buy and pay for anything in the world with just a piece of paper printed out of thin air, while the rest of the world have to sweat and work hard to earn it. How is that fair?? Not just that - US is able to maintain 800 military bases around the world because they can print unlimited amount of dollar which is just a printed paper for them. - They can have $35 trillion dollar in debt because they never have to pay it back literally, if they don't want to waste paper. - On top of that, how about having the power to sanction and starves any country they don't like! It's crazy how the world has been so accommodating to US dollar hegemony for this long since the end of WW2!! Let's support BRICS Pay or any alternative payment system for a fairer world. Americans have had their time doing whatever they want. It's time for a change now, for the good of all and not just the Americans.
Dollar has made almost free goods and services for the USA. USA only spends inks and paper to get natural resources around the world. What stupid people who believe in USD.
Yep I agree with that, USA's time as a world leader has come to and end,But and its a BIG but,who takes there place,not the incompetent UN I hope,how many wars have we had since the UN was formed, A damn lot as far as I know,it's the oldest trick in the book,Rule by fare
@@dominik3482 china is a paper dragon and india is barely holding it together. granted india is doing better but they are still in an extremely tenious position. if both of them tried together, they would crash their own ecomomies and currencies. russia is merely desperate and trying to assure its brics parteners it actually has wealth and is not just bald face lying about its gdp numbers. it doesnt and it is but its a good try.
@@Buddha-bless123who the hell are you to be telling people where to live you don't own Australia everyone has a right to live how ever they want just because you hate the Russians doesn't make everyone hate Russian so sit your a$$ down and chill with that hate of yours chocking you so bad
@@kirstenberg4869 Dollar has made almost free goods and services for the USA. USA only spends inks and paper to get natural resources around the world. What stupid people who believe in USD.
@@kirstenberg4869 The most important goal for BRICS is to trade food and energy without using $ . To by pass the $ancti0n , so people can have food and energy. - as a human
CNA - I think your framing is wrong. Russia and BRICS are not pushing for the end of the USD. They are proposing an alternative to trade using USD because some countries are sanctioned and the default trading system in USD and SWIFT is not an option. This will be a mechanism by which trade can still proceed so that the peoples of the sanctioned countries will still be able to strive for economic and financial development and not be subject to hardships - such as in Cuba for example.
The most important goal for BRICS is to trade food and energy without using $ . To by pass the $ancti0n , so people can have food and energy. - as a human
@@jallopenoman1126 Dollar has made almost free goods and services for the USA. USA only spends inks and paper to get natural resources around the world. What stupid people who believe in USD.
CCP sinister motives are already out in the open Unrestricted Warfare is one example. CCP is caught with its pants down by intelligence agencies, secrets we are not privy to like challenging US global order. Personally i find CCP pretends to be benevolent by committing all kinds of immoral crimes and espionage, why trade 1 pair of shackles for another worse off.
How bad has the US manipulated the USD? The US is a very corrupt regime on earth. You can see the following: 1. USA-allies' currencies a. UK - 1 USD = 1 Pound b. Europe - 1 Euro = 1 USD c. Jordan - 1 USD = 0.3 Jordan Dollar d. Singapore - 1 USD = 1 Singapore Dollar e. etc 2. Non-USA allies a. Iraq, When Saddam was alive 1 USD = 0.3 Dinar. Now, 1 USD = 1400 dinar b. Indonesia, in 1969, 1 USD = Rp 7.5. In 1998 when Soros came, 1 USD = Rp 16.800 c. Venezuela, in 2023, 1 USD = 2,722 Bolivars. Now, 1 USD = 31 million Bolivars. d. Iran, every year the USD has increased 2x. e. etc In 1997, Indonesia total debts were USD 150 billions. In 1997, 1 USD = Rp 2,000. Thus, Indonesia total debts were USD 150 billions x Rp 2,000 = Rp 300 trillion. In 1998, Soros came and 1 USD = Rp 16,800. Thus, Indonesia total debts were USD 150 billion x Rp 16,800 = Rp 2,520 trillion. Gees due to USD manipulation, Indonesia total debts were Rp 300 trillion -------------> Rp 2,520 trillion This is 8.4x increment! Who will have cash flow 8.4x higher over night? Soros thanks to globalization in finance can transfer those finance crimes to the USA. That's why the world should stop using USD and globalization in finance.
USA doesn't support equality. The USA doesn't want any country to surpass its GDP. Thus, India GDP = the US GDP. This means, USD 27 Trillion/1.5 billion India population = USD 18K/head while the USA has experienced USD 27 Trillion/300 million of the USA population = USD 90K/head. Can you see how corrupt the USA system is?
Dollar are the most powerful words to describe the common used of currency. Does anyone prefer to carry a 100 note of USD or a 100 note of other currencies.
Its a meeting for those who want to join meaning those who dont want to take part in policies can simply walk out, there is no forcing everyone must agree. Those who agree in BRICS will join him in this policy
Remember , Trump announcing to impose a 100% tariff on goods from countries that stop using the US dollar in international trade. This threat will drive many countries queuing to join BRICS.
Why must payments between two countries completely separate to the US must pass through New York banks and Swift messenging system thats in Belgium, why? Why should a country risk its sovereignty by risk of sanctions and blocking messenging between banks, again a transaction completely separate to the US or Belgium, and why should for example South Africa and China or Brazil and India trade in US dollars when they can trade in their local currency of which would boost their currency's from depreciation especially important for developing and poor countries as they can get lower interest rates for loans, loans that build schools, hospitals or industry development, saying this is about Russia is complete foolishness or propaganda to paint BRICS as anti west when in reality it's about securing sovereignty, fair win win trade and development loans. Russia and China just have the balls to not only say it but begin the process of doing, when Gaddafi was planning to do the same for Africa as a continent we all know what happened to him
The answer to your first question - they want to know exact details about trade between 2 countries so that they come to know the market & profit valuation of commodities. For example if Russia exports tractor machinary parts to Brazil and in return imports corn from Brazil, they will come to know the valuations of these commodities which helps them to decide which trade is more profitable. It helps them to decide whether US should setup tractor machinery manufacturing plant or grow corn.
@@nikhilhamand nah that's not the answer. It is about the US hegemony. It is part of the US controls over the world in order for the US to take maximum advantages. For example, how did Soros know which month Asian countries needed the USD more than other 11 months? So did to Goldman Sachs with Greek. Swift codes are just like the internet, the backbone is always the USA banks in the US. Thus, it acts like a fish tank to all world money transactions. If the US is used for monitoring money laundry or countering terrorism is OK but this is not. the US takes advantages on this system. Below is one of the examples how bad the swift codes are. How bad has the US manipulated the USD? The US is a very corrupt regime on earth. You can see the following: 1. USA-allies' currencies a. UK - 1 USD = 1 Pound b. Europe - 1 Euro = 1 USD c. Jordan - 1 USD = 0.3 Jordan Dollar d. Singapore - 1 USD = 1 Singapore Dollar e. etc 2. Non-USA allies a. Iraq, When Saddam was alive 1 USD = 0.3 Dinar. Now, 1 USD = 1400 dinar b. Indonesia, in 1969, 1 USD = Rp 7.5. In 1998 when Soros came, 1 USD = Rp 16.800 c. Venezuela, in 2023, 1 USD = 2,722 Bolivars. Now, 1 USD = 31 million Bolivars. d. Iran, every year the USD has increased 2x. e. etc In 1997, Indonesia total debts were USD 150 billions. In 1997, 1 USD = Rp 2,000. Thus, Indonesia total debts were USD 150 billions x Rp 2,000 = Rp 300 trillion. In 1998, Soros came and 1 USD = Rp 16,800. Thus, Indonesia total debts were USD 150 billion x Rp 16,800 = Rp 2,520 trillion. Gees due to USD manipulation, Indonesia total debts were Rp 300 trillion -------------> Rp 2,520 trillion This is 8.4x increment! Who will have cash flow 8.4x higher over night? Soros thanks to globalization in finance can transfer those finance crimes to the USA. That's why the world should stop using USD and globalization in finance.
187 for, US and Israel against, 1 Ukraine, Abstained. They know sanctions kill people, but they still use them widely. Since 1960, though the pandemic, these are blood thirsty people. (The UN General Assembly on Thursday voted by a large margin against the United States’ economic and trade embargo against Cuba, first imposed in 1960. A total of 187 States voted for the resolution put forward each year against the embargo with only the US and Israel voting against and Ukraine abstaining.)
Votes are another corrupt system that the USA has established. No matter what effort each country has but it will be gone if the USA with the other 2 allies said no. That's why the BRICS should create its own UN. It is about justice.
How bad has the US manipulated the USD? The US is a very corrupt regime on earth. You can see the following: 1. USA-allies' currencies a. UK - 1 USD = 1 Pound b. Europe - 1 Euro = 1 USD c. Jordan - 1 USD = 0.3 Jordan Dollar d. Singapore - 1 USD = 1 Singapore Dollar e. etc 2. Non-USA allies a. Iraq, When Saddam was alive 1 USD = 0.3 Dinar. Now, 1 USD = 1400 dinar b. Indonesia, in 1969, 1 USD = Rp 7.5. In 1998 when Soros came, 1 USD = Rp 16.800 c. Venezuela, in 2023, 1 USD = 2,722 Bolivars. Now, 1 USD = 31 million Bolivars. d. Iran, every year the USD has increased 2x. e. etc In 1997, Indonesia total debts were USD 150 billions. In 1997, 1 USD = Rp 2,000. Thus, Indonesia total debts were USD 150 billions x Rp 2,000 = Rp 300 trillion. In 1998, Soros came and 1 USD = Rp 16,800. Thus, Indonesia total debts were USD 150 billion x Rp 16,800 = Rp 2,520 trillion. Gees due to USD manipulation, Indonesia total debts were Rp 300 trillion -------------> Rp 2,520 trillion This is 8.4x increment! Who will have cash flow 8.4x higher over night? Soros thanks to globalization in finance can transfer those finance crimes to the USA. That's why the world should stop using USD and globalization in finance.
Since 2009 only one BRICS` country have had any growth in economy rest are status quo or worse.. China... Also Too many disagreements and different interests has had a big influence on the collaboration... I dont think this will change...
@@Virtus555 Because if not, they will be forced to leave. Instead of throwing away money in unnecessary war they should use it to make living conditions in Russia bearable for Russians not living in Moscow or St Petersburg. Russia is a backward country, ruled by a corrupt oligarchy and crazy Putin
Many countries used to be less concerned about America's control of the global monetary system "when the US was viewed as a responsible leader of the world economy." However, that status quo is now changing as the actions of the American leaders become far less predictable. Now more and more countries around the world start to see no reason why their trade with other countries (beside America) and their economic growth should be imperiled by unilateral American policies premised on the use of dollar as a weapon. Here too America could undermine it's own long-term interests by weaponizing the US dollar.
South Africa has a unique and notable stance on nuclear weapons. It is the only country in the world that has voluntarily dismantled its entire nuclear weapons program after developing nuclear weapons. As a South African, it concerns me that we are dealing with a country that flouts its nuclear capabilities to the rest of the world as a threat.
Coorporation, collaboration, partnership work & #inclusive much better for the long term then fear, invasions, threats, greed, #exclusive & arming your neighbord. Weaponizeing the dollar was a big mistake 😉. "Ketika 2 negara tetangga slg brperang, anda tahu bhwa amerika tlh mngunjungi slh satu dr mreka." Nelson Mandela. Goodbye, #USD. Welcome, #BRICS 😎
Ehmm.. I thought that's EXACTLY what they're doing now. And EXACTLY what you have just seen in this video. To deal outside the USD is not just a plan. It's happening and it's gaining traction. Again, NOT just a plan as you just diss.😅
🇺🇸 THEIR Economies are more unstable but We, must be Aware of these type of implications & take note who is involved🌏and fortify ourselves against them-take note, True Patriots👍 they're already here amongst us🇺🇸
For Peace and humanity in a multi-polar world there is a need to dump the USD and all American financial instruments denominated in USD namely insurance policies and stocks and bonds.
It’s about time the world takes care itself. I’m curious to see how long BRICS will last before these countries start accusing each other of corruption.
Lets be honest, it is the interest of all non Western countries to have alternative international payment system. Nobody knows who the West will sanction in the future. This is the best momentum since Russia is forced to take the initiative because otherwise no countries will dare to take the first step.
Countries with smart and forward thinking leaders don't have to be persuaded to end dollar dominance. They have been looking for safe alternatives to the dollar for quite some time now.
As always, the media transgresses things. Russia never said that it wanted to do away with the dollar, but rather that countries that want to do business with local currencies are free to do so. Why can't you pay with local currencies or other types other than the Dollar??? Why do they force us to pay in dollars? . Very good what many countries are doing. Nobody wants to end anyone!!! 👎👎👎👎
The most important goal for BRICS is to trade food and energy without using $ . To by pass the $ancti0n , so people can have food and energy. - as a human
U$A blockade of Cuba, making it difficult to obtain fuel and spare parts to run its fuel plants. For the 30th year in a row, almost every country on Earth voted at the United Nations to oppose the six-decade U$A blockade of Cuba. Nov 05, 2022 Entire world votes 185 to 2(U$ , is-ree1) against blockade of Cuba.
It seems to me that the "boss/bully" has kept world peace for many years and some reasonable policies. it's good that there will be more options. Russia and China suck though. I would recommend right now that 'developing countries' lean on each other and Europe. I think Brazil should trade more with Africa and India, but going to Russia and China is generally not a good idea. I don't think because the West has been abusive in the past it's a good idea to go to Russia and China. They would sell you guys out for a sandwich... They're 'exploitive'- today. The wes t has been exploitive to that level in the past. Those are my thoughts. Anyway, have a nice day.
@@Victor-tl4dk On May 12, 1996, on a 60 Minutes segment . "We've heard that a half-a-milion children have died in [Iraq due to sanctions following the 1991 Gulf War]. And that's more children than that died in Hiroshima. And..and... you know...is the price worth it?" Albright: "I think it's a very hard choice, but we think, we think the price is worth it." Still blows my mind how the American govt and vassal can criticize any country while they still have these same people walking around in office to this day.
@@Victor-tl4dk Nobody is interested in your thoughts anymore, because west(NATO-USA) is terrorist country(Nord Stream) , also killer(1 milion death in Iraq and Libia, also killing people in other countries without any court decisions via drone strikes ! plus weaponizing dollar for illegal sanctions... No one is interested anymore in such a disgusting relationship with USA !
They are perfectly allowed to use their own currencies and deal with less stable exchanges. They haven't even set up a system to allow transfers. That shows you how much they were happy using the dollar until now.
Absolutely no currency can replace the dollar as the reserve currency except for the European euro the euro is the only currency on this planet that can come close to replacing the dollar.
🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂🤣😂😂😂🤣🤣🤣🤣😂😂😂🤣🤣🤣😂😂😂🤣🤣🤣😂🤣🤣🤣🤣🤣😂😂😂🤣🤣😂🤣 this guy is funny!!!
The king is died 🤪. Coorporation, collaboration, partnership work & #inclusive much better for the long term then fear, invasions, threats, greed, #exclusive & arming your neighbord. Weaponizeing the dollar was a big mistake 😉. "Ketika 2 negara tetangga slg brperang, anda tahu bhwa amerika tlh mngunjungi slh satu dr mreka." Nelson Mandela. Goodbye, #USD. Welcome, #BRICS 😎
✅✅ if the EU, US, Japan, Skorea can do it.....BRICS+ will be bigger and MORE SUCCESSFUL. NEED OPTIONS TO US DOLLAR...AFTER ALL, OPTIONS IS ALWAYS POSITIVE FOR AN OPEN MARKET!
Printing money and getting more and more into debt not the way......what each other country wants to trade with, is up to them....commodities, minerals, goods are king...pieces of paper is just facilitating...raising interest rate and lowering...is just a game
it is strongly rumoured that the BRICS countries are working on creating a new Reserve currency as a way of reducing their dependence on the US dollar. According to Vladimir Putin, who announced the plan at the 14th BRICS Summit in 2022, BRICS countries are ready to work with all fair partners on developing a new Global Reserve Currency, and said that BRICS countries are working on building a joint Financial infrastructure that would enable such a currency to be created. If BRICS does indeed launch this new currency and if BRICS is expanded with the new countries that wish to join, then i believe this new currency will be a serious challenge to the US dollar, as the newly expanded BRICS+ organization would represent a large share of both the World's Trade and the world's resources, and it would make sense for the trade between them to be conducted in this new currency, hence making the US dollar redundant for inter-country trading between the group. China have long been aware of the U.S. plan to isolate them and as a result the Chinese government have been decoupling themselves from U.S. economy for some time now, however this has accelerated since the US's tariffs and sanctions began under the Trump Administration, and as a result China Holding of U.S treasury Securities have been decreasing at a faster rate since around June 2021. The de-dollarisation in favor of other currencies will not happen overnight, however events are now in motions which cannot be stopped. The USA weaponising the dollar has effectively shot itself in the foot, and i'm sure that many in the US can see the writing on the wall. As the U.S. Dollar diminishes as the reserve currency of the world, the U.S. economy will face much upheaval and turmoil. The US has currently in excess of 34 trillion dollars of debt, it will also mean the end of the almost one trillion dollars a year military budget which keeps the US's 800 plus military bases around the world funded and which its Empire depends on. And this is exactly why the U.S. are using every tools in their box to keep China down. The consequences of the U.S. Dollar losing Reserve currency status are unprecedented. We now see the USA accusing China of disrupting the so-called rules-based International order, and the pursuit of profits at the expense of human well-being. What's missing is that rules require the Perpetual exploitation of the developing world, the window of opportunity for the US to slow China's rise is rapidly closing, if not closed already.
@@angelosupsup3726 India is the fastest growing economy among major developing countries ( World Bank) 2 countries you mentioned can not compete with india because of their small size and less population. They will eventually saturate, India has immense potential , if global scenario remain in it favour and it can address it's domestic issue it can reach the level of china
@@BadOmen-y9c although India is our good friend, India can't be like Vietnam and Philippines. They've massive populations to feed and geopolitical is the main issues...
That's super good news if it's true 👍. Atleast don't let that country control their dollar to other thrid country whenever they want to ✋️. Hope it's about time those thrid countries should need to think about get rid off that country's money by now 🤔.
@@andrean2247 yup It’s more of just talk and threat Brics has been around since 2007 If you look clearly at the members Their corruption index is wild No way you can unit such discrepancies in economies so quickly Brics is a tool for china to be top dog specifically xi Questions is will Modi or Putin want to play second fiddle?
No doubt. These countries are basically protesting Western domination of the global trade/financial system, which they believe is often unfairly used to advance Western interests at the expense of other countries (read developing/middle income)
Russia needs it more than anyone. Doesn't make sense that Russia is a very old empire but is stuck as middle-income economy. China which was comparatively poor during the 20th century cold war compared to USSR now has a GDP to the tune of USD 13 trillion, yet Russia's GDP is at USD 2 trillion. Crippled by economic sanctions obviously.
It's the way Russia is operating. Cheap labour is important. But prices are cheap too (on many things like food, utility bills, public transport, Internet, services etc)... And it's always free delivery of food in Russia. You can order just one apple or an icecream, and they will deliver it to your appartment in an hour or even faster (in Moscow).
@SuperbizonR American and European MNCs moved to China and South East Asia for cheap labor. Look at those economies now. They're thriving. So, cheap labor cannot be the reason Russia is still a middle-income economy after all these years.
@@SuperbizonR Russia now is high income country too. However, all BRICS countries beside Russia have been labeled as low-income earner countries by the world bank. What a funny statement. Dollar has made almost free goods and services for the USA. USA only spends inks and paper to get natural resources around the world. What stupid people who believe in USD.
Whichever currency is held as a foreign reserve, that currency can lose value from money creation. Best to not hold to have any trade imbalance, spend the currency immediately or else risk losing value. However, oil rich countries, i don't think they can spend it quick enough, they will have to hold some reserve. You have to take a risk; what should one hold? Which country is the most stable? Will they backstab you? If one holds massive reserve of another currency, and relationship sours, your reserve becomes worthless because of sanctions/embargoes. Unless you channel it through other countries, but then those countries will take a huge tariff/profit for sure.
