China and Russia announce their own reserve currency

This will devalue the American Dollar. Why is the media not talking about this. This is one of the biggest things ever to devalue US Currency.

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PicturesOfABetterTomorrow · 41-45, M

This was only a matter of time. This has been in the works since the early 2000s. The war likely just fast tracked the process. My guess is Washington will lean hard on the Indian government not to play ball.

Elessar · 26-30, M

China got its own reserve currency*

Russia is at most obligated to accept adopting whatever Beijing told them to go with.

Pitchblue

@Elessar This has been in the works for at least a decade. With Brazil India, and S Africa joining and Turkey, Egypt, Saudi Arabia pending.

Pitchblue

@Elessar This currency will be based on rare earth minerals like gold. China and Russia are the top 2 producers of gold. The US dollar isn't based on anything after it moved off the gold standard in the 70s.

Northwest · M

Announced during a virtual BRICS summit? good luck.

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Pitchblue

@Northwest If US dollars are not the standard reserve anymore that devalues US dollars. The US is already 30 trillion in debt and their dollar isn't based on anything tangible like precious minerals.

Northwest · M

@Pitchblue There are a lot of if's in there. No one uses gold as a basis to evaluate currency. That concept disappeared 50+ years ago.

The Ruble is no position to replace the $, not with the entire Russian economy being smaller than Italy's.

Elessar · 26-30, M

@Northwest It was smaller than ours pre-sanctions, they're probably below that of Spain too right now..

Crusher69 · 61-69, M

Its part of evolution - as one empire declines, others try and take their place. A reserve currency is one of the factors of power

Pitchblue

@Crusher69 No more trading oil in American dollars. That's a big loss.
Very few people know what the real reason was to go to war with Iraq. Saddam threatened to sell his oil in Iraqi currency.

Crusher69 · 61-69, M

@Pitchblue An empire will try to hold power for as long as it can

Crusher69 · 61-69, M

I did laugh when I saw South Afrixa was part of this deal. Their economy is on very shaky ground

Pitchblue

@Crusher69 So is Russia's. Because of sanctions their economy is completely f'd right now.

royalblue1193 · 31-35, M

That'll be 20 Russia/China dollars

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