BRICS to replace the U.S. Dollar

[TC Talks]

Siince 2006, BRICS has existed to replace the US Dollar. How long will the Dollar remain a reserve currency? I am guessing less than 10 years.

A total of 24 nations are now looking to build a strategic alliance that will challenge the US dollar’s decades-long role as the world’s reserve currency.

The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion.

The core collective consists of Brazil, Russia, India, China and South Africa – and a surge of nations interested in joining the alliance would bring the total number of nations to 24.

That’s according to South Africa’s BRICS ambassador, Anil Sooklal, who tells Bloomberg that a long list of nations are now looking to join in.

Sooklal says the list includes 13 countries that have formally asked to join and an additional six countries that have informally requested to be part of the alliance.

The group of known newcomers includes Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed nations from East Africa and one from West Africa.

BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010.

According to the Russian state-owned news agency Sputnik, BRICS is in the early stages of developing a new global currency that would circumvent the US dollar.

Russian State Duma Deputy Chairman Alexander Babakov says the new form of fiat will likely be backed by other assets including precious metals like gold.

Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August.

Meanwhile, some states, cities require businesses accept cash.

States such as New Jersey, Massachusetts and Rhode Island have laws in place that prohibit businesses from banning cash. San Francisco and Philadelphia have also passed similar laws.

New York City will also join other cities in requiring businesses to accept cash starting Nov. 19. Businesses that fail to comply could face fines of up to $1,000 for a first violation and $1,500 for any violation after that.

[Turkeytop]

So, what currency have they selected to replace the US $?

About half of my income is in US $. Will it become worthless?

[Mega Hertz]

I'm still waiting for hot dogs to become our currency

500 hot dogs would equal roughly a nickel depending on the strength of the Yen.

[TC Talks]

Reserve currency is different than what a country uses for business transactions. The US Dollar represents 58% of transactions in the world.

A reserve currency (or anchor currency) is a foreign currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency can be used in international transactions, international investments and all aspects of the global economy. It is often considered a hard currency or safe-haven currency.

The United Kingdom's pound sterling was the primary reserve currency of much of the world in the 19th century and first half of the 20th century.[1] However, by the middle of the 20th century, the United States dollar had become the world's dominant reserve currency.[2] The world's need for dollars has allowed the United States government to borrow at lower costs, giving the United States an advantage in excess of US$100 billion per year.

[FakeAndyStuart]

Siince 2006, BRICS has existed to replace the US Dollar. How long will the Dollar remain a reserve currency? I am guessing less than 10 years.

A total of 24 nations are now looking to build a strategic alliance that will challenge the US dollar’s decades-long role as the world’s reserve currency.

The group of five economically-aligned countries collectively known as BRICS is reportedly on the cusp of a massive expansion.

The core collective consists of Brazil, Russia, India, China and South Africa – and a surge of nations interested in joining the alliance would bring the total number of nations to 24.

That’s according to South Africa’s BRICS ambassador, Anil Sooklal, who tells Bloomberg that a long list of nations are now looking to join in.

Sooklal says the list includes 13 countries that have formally asked to join and an additional six countries that have informally requested to be part of the alliance.

The group of known newcomers includes Saudi Arabia, Iran, Argentina, the United Arab Emirates, Algeria, Egypt, Bahrain, Indonesia, two unnamed nations from East Africa and one from West Africa.

BRICS was formed back in 2006, and the original group did not include South Africa, which joined in 2010.

According to the Russian state-owned news agency Sputnik, BRICS is in the early stages of developing a new global currency that would circumvent the US dollar.

Russian State Duma Deputy Chairman Alexander Babakov says the new form of fiat will likely be backed by other assets including precious metals like gold.

Additional details are likely to emerge by the summer, with the next BRICS summit set for South Africa in late August.

Meanwhile, some states, cities require businesses accept cash.

States such as New Jersey, Massachusetts and Rhode Island have laws in place that prohibit businesses from banning cash. San Francisco and Philadelphia have also passed similar laws.

New York City will also join other cities in requiring businesses to accept cash starting Nov. 19. Businesses that fail to comply could face fines of up to $1,000 for a first violation and $1,500 for any violation after that.

Remember when goofy "Esperanto" was going to be required in any international business conversation? How did that go? As long as we can maintain the power of the US dollar by NOT fucking with paying our bills, this won't fly.