←back to thread

Malaysia to Join BRICS

(www.aljazeera.com)
79 points eatonphil | 2 comments | 18 Jun 24 09:44 UTC | HN request time: 0.454s | source
Show context
whatever1 ◴[18 Jun 24 11:18 UTC] No.40716387[source]▶
checks USD exchange rates

Yep it's still the only currency that matters.

Checks Indian-Chinese relations

Yep they still have effective visa bans against each other.

So what is this BRICS club exactly? A dictionary club?

replies(6): >>40716428 #>>40716443 #>>40716495 #>>40716605 #>>40717371 #>>40721110 #
krmboya ◴[18 Jun 24 11:22 UTC] No.40716428[source]▶
> Yep it's still the only currency that matters.

That's what the US govt thought when it sanctioned Russia. It only resulted in Russia falling back to their local currency without any significant problems, while making the rest of the world wary of reliance on the US dollar

replies(7): >>40716476 #>>40716480 #>>40716494 #>>40716549 #>>40716614 #>>40716620 #>>40716656 #
Etheryte ◴[18 Jun 24 11:31 UTC] No.40716494[source]▶
I wouldn't really say that either one of those is true. Russia has spent considerable time and effort to work around the currency problem, crypto and stablecoins are currently one very prominent set of tools they use for that. Similarly, I don't really see anyone phasing out the US dollar as a reserve currency.
replies(2): >>40716586 #>>40716602 #
FpUser ◴[18 Jun 24 11:41 UTC] No.40716586[source]▶
>"I don't really see anyone phasing out the US dollar as a reserve currency."

The pig has grown way too big and is drowning in debt. Way too much overhead to keep feeding it. On top of that the US dollar is being used as a club which is an issue for countries that do not want to toe the line. Given a time the world will find a replacement.

replies(1): >>40719375 #
Etheryte ◴[18 Jun 24 16:03 UTC] No.40719375[source]▶
This is a non-falsifiable nothing-burger. You could've made the same claim ten, twenty and thirty years ago, yet here we are.
replies(1): >>40719961 #
FpUser ◴[18 Jun 24 17:06 UTC] No.40719961[source]▶
The debt was smaller and other countries were weaker. Obviously the US and $ are not going to disappear (bar all out nuclear war) but at some point in the future it might have to accept that it is not a navel of the Universe
replies(1): >>40720123 #
1. Etheryte ◴[18 Jun 24 17:25 UTC] No.40720123[source]▶
The problem with claims like these is that there is no criteria to check against, e.g. has this happened or not, and there is no actual timeline, e.g. is it at the heat death of the universe or next year. Thoroughly vague propositions like this don't really add any value to the discussion.
replies(1): >>40721652 #
2. FpUser ◴[18 Jun 24 20:02 UTC] No.40721652[source]▶
Keep wearing that hat