{"id":65238,"date":"2023-04-06T05:16:49","date_gmt":"2023-04-06T10:16:49","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65238"},"modified":"2023-04-06T05:17:05","modified_gmt":"2023-04-06T10:17:05","slug":"brics-nations-developing-new-currency-as-quest-for-global-de-dollarization-accelerates","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65238","title":{"rendered":"BRICS Nations Developing \u201cNew Currency\u201d as Quest for Global De-Dollarization Accelerates"},"content":{"rendered":"

BRICS Nations Developing \u201cNew Currency\u201d as Quest for Global De-Dollarization Accelerates<\/a><\/h3>\n
\"\"<\/a><\/div>\n

China and Brazil recently finalized a trade deal in their own currencies<\/a>\u00a0completely bypassing the dollar, but that\u2019s not the only bad news for the world\u2019s reserve currency.<\/p>\n

Last week, a Russian official announced that the BRICS nations are working to develop a \u201cnew currency,\u201d yet another sign that dollar dominance is waning.<\/span><\/p>\n

State Duma (the Russian legislative assembly) deputy chairman Alexander Babakov said the transition to settlements in national currencies is the first step. We\u2019ve already seen this occur with recent oil deals between India and Russia being\u00a0settled in currencies other than dollars<\/a>.<\/p>\n

The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders\u2019 summit], the readiness to realize this project will be announced, such works are underway.\u201d<\/p><\/blockquote>\n

That summit is scheduled for August.<\/p>\n

Babakov said the BRICS nations are developing a strategy that \u201cdoes not defend the dollar or euro\u201d and that \u201ca single currency\u201d would likely emerge within BRICS, pegged to\u00a0gold<\/a>\u00a0or \u201cother groups of products, rare-earth elements, or soil.\u201d<\/p>\n

Brazil, Russia, India, China, and South Africa make up the BRICS block. It accounts for about 40% of the global population and a quarter of the global GDP.<\/p>\n

Last year, Iran officially applied to join BRICS, and according to\u00a0a report by\u00a0The Cradle<\/em><\/a>, several nations have expressed interest in joining the bloc, including Saudi Arabia, Algeria, UAE, Egypt, Argentina, Mexico, and Nigeria.<\/p>\n

Former Goldman Sachs chief economist Jim O\u2019Neill coined the BRIC acronym. In a recent paper published by Global Policy Journal, he urged the expansion of BRICS.<\/p>\n

\u201cThe US dollar plays a far too dominant role in global finance,\u201d he wrote. \u201cWhenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic.\u201d<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

BRICS Nations Developing \u201cNew Currency\u201d as Quest for Global De-Dollarization Accelerates China and Brazil recently finalized a trade deal in their own currencies\u00a0completely bypassing the dollar, but that\u2019s not the only bad news for the world\u2019s reserve currency. Last week, a Russian official announced that the BRICS nations are working to develop a \u201cnew currency,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[90,1860,130,951,1025,422,441,23123,694,18779,3701,827,834,839,5482],"class_list":["post-65238","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brazil","tag-brics","tag-china","tag-currency","tag-de-dollarization","tag-india","tag-iran","tag-michael-maharrey","tag-russia","tag-schiffgold","tag-south-africa","tag-united-states","tag-us","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65238"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65238\/revisions"}],"predecessor-version":[{"id":65239,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65238\/revisions\/65239"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}