{"id":65637,"date":"2023-08-14T07:18:47","date_gmt":"2023-08-14T12:18:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=65637"},"modified":"2023-08-14T07:18:47","modified_gmt":"2023-08-14T12:18:47","slug":"what-are-the-brics-planning-with-the-august-22nd-durban-accords","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=65637","title":{"rendered":"What Are the BRICS Planning With the August 22nd Durban Accords?"},"content":{"rendered":"
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What Are the BRICS Planning With the August 22nd Durban Accords?<\/a><\/h3>\n<\/div>\n
\n
\"What<\/p>\n
Photo by\u00a0Khashayar Kouchpeydeh<\/a><\/span><\/div>\n<\/div>\n

In my\u00a0first explainer about the BRICS nations<\/a>, you met the players and you know why their decisions affect the global economy. But why do their decisions affect us?<\/p>\n

You need to understand that first \u2013 before the August 22nd Durban Accords will make any sense. (But once you\u00a0do understand<\/em>, you\u2019ll be astonished\u2026)<\/p>\n

Professor Reagan\u2019s class is now in session!<\/p>\n

Global trade runs on U.S. dollars<\/strong><\/p>\n

Since World War II, the U.S. dollar has enjoyed the role of\u00a0global reserve currency<\/strong>. You may have heard those words before \u2013 here\u2019s what they mean\u2026<\/p>\n

Worldwide, when companies or nations transacting with one another don\u2019t share a common currency,\u00a0they use U.S. dollars.<\/strong>\u00a0When a Chilean copper mine sells tons of raw ore to a Canadian refiner, they invoice (and get paid) in U.S. dollars.<\/p>\n

Obviously, most nations don\u2019t have a common currency (the exception is the Euro zone). So the use of dollars for international trade is\u00a0simply huge<\/em><\/strong>,\u00a0approximately 85%<\/a>\u00a0of the global total.<\/p>\n

So the world relies on dollars to do business. That\u2019s\u00a0a great deal\u00a0<\/em>for us! That means, for example, that deficit spending and newly-printed money\u00a0always have a home\u00a0<\/em>somewhere in the world. Simply because the world\u00a0has to have dollars.<\/em><\/p>\n

Like I said, that\u2019s a great deal for the nation that exports dollars. It\u2019s not such a great deal for everyone else\u2026<\/p>\n

\u201cIt\u2019s\u00a0our<\/em>\u00a0currency, but it\u2019s\u00a0your<\/em>\u00a0problem\u201d<\/strong><\/p>\n

In 1971, President Nixon ended the convertibility of dollars to gold.<\/p>\n

The rest of the world, to put it mildly,\u00a0went nuts.\u00a0<\/em>The gold standard was\u00a0supposed\u00a0<\/em>to prevent inflation \u2013 but it hadn\u2019t (primarily because American citizens weren\u2019t allowed to\u00a0swap dollars for gold since 1933<\/a>).<\/p>\n

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

What Are the BRICS Planning With the August 22nd Durban Accords? Photo by\u00a0Khashayar Kouchpeydeh In my\u00a0first explainer about the BRICS nations, you met the players and you know why their decisions affect the global economy. But why do their decisions affect us? You need to understand that first \u2013 before the August 22nd Durban Accords […]<\/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":[2,5],"tags":[18769,33904,1860,33903,679,827,839,5482],"class_list":["post-65637","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-birch-gold-group","tag-bric-nations","tag-brics","tag-peter-reagan","tag-reserve-currency","tag-united-states","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65637","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=65637"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65637\/revisions"}],"predecessor-version":[{"id":65638,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/65637\/revisions\/65638"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}