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Ice9
3X Ban Lotto Champion



Registered: 03/20/14
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28447241 - 08/26/23 10:23 AM (4 months, 30 days ago) |
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My thoughts on BRICS -- All hot air and much ado about nothing UNLESS -
India and China adopt a common currency similar to the Euro and replace their currencies with it. This would end the dollars dominance of international trade and world reserve currency.
That won't ever happen though, as neither country wants to cede control over their own currencies, and it is a lack of trust that these two countries won't manipulate their currencies in ways harmful to others that prevent further adoption of them.
-------------------- The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw
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Ice9
3X Ban Lotto Champion



Registered: 03/20/14
Posts: 11,225
Loc: daterapeville,USA
Last seen: 5 hours, 38 minutes
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Re: The Official BRICS Discussion Thread [Re: SirTripAlot] 1
#28449237 - 08/27/23 11:55 PM (4 months, 29 days ago) |
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BRICS meeting ended with no agreement on a euro style currency and contradictory reasons for why
Seems what I said about India and China was prescient https://www.yahoo.com/news/brics-summit-ended-no-currency-045430858.html
Also
Quote:
As this dollar alternative was being discussed, data from SWIFT showed the greenback was used for a record 46% of foreign exchange payments via the communications system in July.
-------------------- The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw
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Ice9
3X Ban Lotto Champion



Registered: 03/20/14
Posts: 11,225
Loc: daterapeville,USA
Last seen: 5 hours, 38 minutes
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
#28450126 - 08/28/23 04:12 PM (4 months, 28 days ago) |
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Quote:
The Ecstatic said:
Quote:
SirTripAlot said: If sanctions don't work, why is Russia trying to circumvent SWIFT?
It causes a clusterfuck for them, which is the point. Not every sanction works, but to make the blanket statement that they don't work at all, is not kosher.
Unless Russia’s response is to end its invasion of Ukraine then it isn’t working.
The explicit purpose of economic sanctions is to force the affected party to relent. Russia clearly is not, they’d rather build a parallel global systems of transactions than relent. So yeah.
Sanctions are a tool of pressure. Alone, they won't make any country such as Russia, abandon a course of action. They do inhibit said course of action, which despite your claims, is the intention. Widespread sanctions shows the country against whom they are aimed, that the international community as whole condemns the behavior. It may not be super effective, but abandoning a tool simply because it is not blunt enough is foolish.
-------------------- The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore, all progress depends on the unreasonable man. -- George Brenard Shaw
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