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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28447288 - 08/26/23 11:05 AM (4 months, 30 days ago)

Its an uphill fight, I see no tangible way forward as most of this is a pipedream...its all planning at this stage. Are these respective countries going to drop thier own individual currencies? Are they goung to adopt something like the Euro? I havent seen shit regarding this.

If not, this doesn't seem like a currency at all but a  back door payment processing scheme to avoid using the dollar. Ask Russia how  getting around SWIFT is working out.Are they going to have a credit rating agency? An institution similar to the FED? If not, they will surely fail as this is a major tenant of ANY notable central banking system. There has to be command and control, so to speak.

I did read that they have made a "New Development Bank" for BRICs...they started giving out pretty aggressive loans. But guess where they had to borrow the money? Wall Street, i.e. in dollars....so the institution that was designed to de dollar the world, is now heavily dependent on the dollar itself? Turns out 2/3 of everything BRICs is because of the dollar itself....because of this:

"..... the New Development Bank was told that interest on any new loans could quadruple, and the premium the bank charges its members to borrow has doubled, shrinking loan disbursements to a trickle..."

https://markets.businessinsider.com/news/currencies/brics-bank-china-dollar-dominance-debt-ukraine-war-russia-dedollarization-2023-6


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/26/23 11:14 AM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: koods]
    #28447329 - 08/26/23 11:48 AM (4 months, 30 days ago)

I guess,  additionially Xi from the PRC, just skipped last week's BRICs meeting, abruptly. Looks like China is starting to feel their own economic heat, why bother with this payment processing scheme for the moment. Putin was even there, albeit virtually.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28447409 - 08/26/23 12:52 PM (4 months, 30 days ago)

Right now, most of BRICs existence is due to the dollar, as in not just competing with it, but brick and motar.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/26/23 12:53 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28448804 - 08/27/23 04:26 PM (4 months, 29 days ago)

I remember the UN was willing to trade oil for food and such, the offer was declined.Are you saying that these 500,000 deaths was a result of war and sanctions? This study said those figures were fabricated.

https://gh.bmj.com/content/2/2/e000311


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


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OfflineSirTripAlot
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Registered: 01/11/05
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28448929 - 08/27/23 06:18 PM (4 months, 29 days ago)

I agree to an extent, but not near your scale; first, it was also the UN not just the US that imposed the sanctions. A follow up offer for food and supplies tried to minimize the damage in which, Iraq declined. That is also on them....and Iraq doubled down by inflating mortality rates among children.

Trying to tiptoe and say no innocent life was lost is ridiculous and is not my point. What arbitrary line is "good"? Eight thousand deaths? Five hundred? There would be zero sanctions if it was entirely based on the loss of one human life. "What about the children?" would stop any war, and in a perfect world, yes, that is preferable but we humans are known for our proclivity for violence.

What makes these sanctions less palatable is the intelligence failure that makes this war less "acceptable". For example,the WW1 food blockade of Germany via Britian caused alot of hunger and sickness, but is more "justified".


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Ice9]
    #28449359 - 08/28/23 04:57 AM (4 months, 28 days ago)

Seems like BRICs has pushed more dollars to circulate through their loop.

Good job.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Registered: 01/11/05
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28449369 - 08/28/23 05:42 AM (4 months, 28 days ago)

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.



--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 06:09 AM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450009 - 08/28/23 02:57 PM (4 months, 28 days ago)

So no.
The response is to make it more difficult for the state to operate. Supply the war machine, financial stability, balance of trade, etc.If sanctions stopped most wars, one bullet would not be fired.

Let's not forget that this is not a unilaterial US action you seem to pose. The EU itself has thrown its hat in the ring. There is a consensus among nations for this.

Does the  rouble losing 30% of its value make it easier or harder to conduct a war?


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Registered: 01/11/05
Posts: 7,459
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450124 - 08/28/23 04:12 PM (4 months, 28 days ago)

Nice dodge.

Again, sanctions are not a zero sum game.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 04:12 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Ice9]
    #28450132 - 08/28/23 04:15 PM (4 months, 28 days ago)

We all know wars are won or lost based solely on economic sanctions :cookiemonster:


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 04:16 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450250 - 08/28/23 05:40 PM (4 months, 28 days ago)

Quote:

The Ecstatic said:


Quote:

SirTripAlot said:
Nice dodge.

Again, sanctions are not a zero sum game.





Never said they were.


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.






--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 05:47 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450264 - 08/28/23 05:49 PM (4 months, 28 days ago)

Sure, that precisely what you meant.


"Unless Russia’s response is to end its invasion of Ukraine then it isn’t working."

No zero sum here.



--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 05:50 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450272 - 08/28/23 05:54 PM (4 months, 28 days ago)

We have clarity now, thats it.
We don't agree, the opposite of what you stated.

Not all sanctions work, like Cuba. Has it made it hard for them? Fuck yes.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Registered: 01/11/05
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28450278 - 08/28/23 05:58 PM (4 months, 28 days ago)

I will agree with you that most sanctions do originate from the West. When about 80% of all international transactions happen in dollars, that's far reaching.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (08/28/23 05:59 PM)


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OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: koods] * 1
    #28461440 - 09/07/23 11:07 AM (4 months, 18 days ago)

https://finance.yahoo.com/news/dollar-set-longest-rally-years-142338083.html


(Bloomberg) -- The US dollar extended its gains, sending the currency toward its longest rally in years as the strength of the economy fuels speculation the Federal Reserve will keep interest rates elevated.

The expectation is drawing money into the US as investors seek higher rates than they can get in Europe and Asia, exerting upward pressure on the dollar.

The Bloomberg Dollar Spot Index, which is heavily weighted against the euro and yen, edged up Thursday, extending a three-day advance that’s pushed it up nearly 1%. That’s put it on track for its eighth weekly gain, the longest since the index begins in January 2005. The ICE dollar index has seen a similar jump, leaving it poised for the longest advance in 9 years.

The rally reflects the fissures that are opening in the global economy, with reports signaling that the US economy is accelerating even as growth cools in Europe and China and markets anticipate rate cuts in the developing world.

The gap was underscored on Wednesday, when the ISM service-sector index for August rose to a six-month high, bolstered by a pickup in new orders and hiring. On Thursday, initial claims for unemployment benefits unexpectedly fell to the lowest since February.

“Right now, the US economy is so resilient and the European data are so soft, it’s a recipe for dollar-strength overshoot,” Societe Generale strategist Kit Juckes said.

A widely-followed estimate produced by the Atlanta Fed shows the US economy is expanding 5.6% on an annualized basis this quarter. That’s leading economists to expect that central bank officials will double their growth projection for 2023 when they publish an updated outlook later this month and scale back estimates for interest-rate cuts next year.

As a result of the growth, markets are pricing in that interest rates in the US will remain above those in the euro-zone and many other major economies.

“We definitely have a combination of global growth weakening, particularly in Europe, followed by China — and then we’ve got what appears to be resilience in the US economy,” Matthew Hornbach, global head of macro strategy at Morgan Stanley, said on Bloomberg Television. “The rate differential story does benefit the US dollar.”


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: The Ecstatic]
    #28461663 - 09/07/23 04:09 PM (4 months, 18 days ago)

Although I would not invest or back BRICs, it would be hypocrisy for me to shun competition, that said, short of the US defaulting/ nuclear holocaust type stuff, I don't see how any currency could overtake the greenback.

If anyone has a scenario, I would be willing to listen.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Brian Jones]
    #28600802 - 12/28/23 11:30 AM (30 days, 13 hours ago)

Still not looking good:


https://oilprice.com/Latest-Energy-News/World-News/Russia-Iran-Officially-Ditch-US-Dollar-for-Trade.html

The global de-dollarization drive has been going on for years with BRIC countries and the so-called pariah states trying to ditch the American dollar in favor of other currencies.

Back in 2019, Putin declared that time was ripe to review the dollar’s role in trade. At that time, Russia and China considered switching to the euro, the world’s second most dominant currency, as an acceptable stalemate, with the ultimate goal being to use their own currencies.

Earlier in the current year, Russia paid dividends from the Sakhalin 1 and 2 oil projects in Chinese yuan instead of the dollar. Last year, Russia was cut off from the US dollar-dominated global payments systems following sweeping sanctions off the Ukraine war.

Russia has declared it will no longer accept the American currency as payment for its energy commodities but will instead switch to Chinese and Emirati currencies.

However, global de-dollarization efforts have borne little fruit with the vast majority of cross-border transactions involving BRICS members continuing to be invoiced in dollars. Indeed, exchanging BRICS members’ local currencies with each other and with other emerging market currencies frequently requires using the dollar as an intermediary.

Further, a large share of public and private debt in these economies is dollar denominated. The relative stability of the dollar compared to many local currencies makes it more attractive as a medium of payment in cross-border trade. The dollar’s widespread use in these cases has become self-reinforcing, thus preserving its dominant global role and impeding efforts to de-dollarize.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Extras: Unfilter Print Post Top
OfflineSirTripAlot
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Re: The Official BRICS Discussion Thread [Re: Brian Jones] * 1
    #28601908 - 12/29/23 07:31 AM (29 days, 17 hours ago)

I think the biggest war in history will commence if the US dollar is ever truely threatened as the world's reserve currency. Think of the home court advantage our businesses have when marketing goods overseas (our government,too), sanctions would mean nothing if the dollar was not in the top spot. It's kinda scary AF.


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


Edited by SirTripAlot (12/29/23 07:32 AM)


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