"This credit crunch, triggered by the fight against inflation in Western countries, is an important factor in the huge rush to join the BRICS group. Many crisis-ridden countries, such as Argentina and Venezuela, which are currently seeking membership, are simply hoping to tap alternative sources of financing – especially from China."
The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance.
https://www.konicz.info/2023/08/02/the-money-of-the-upstarts/
5 Comments
bernieecclestoned@sh.itjust.works · 7 pts · 3y
Fight against inflation in Western countries?
Argentina inflation rate is 116% !!!
Venezuela 404% !!!!
And there is no credit crunch, it's a liquidity crunch
livus@kbin.social · 1 pts · 3y
livus@kbin.social · 5 pts · 3y
Yeah this is the rumour that's circulating but there haven't been any formal announcements about BRICS currency.
I think the bank is happening though.
imapuppetlookaway@lemmy.world · 1 pts · 3y
Money and Macro has an excellent video clarifying this.
https://www.youtube.com/watch?v=49iLl-V4xos
PipedLinkBot@feddit.rocks · 3 pts · 3y
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birdcat@lemmy.ml · -4 pts · 3y
Yup, I can confirm this firsthand by quoting my South African friend:
Pretty based stuff huh?