Quote (ofthevoid @ Sep 19 2023 04:43pm)
The mission of BRICS isn't dedollarisation, it's economic cooperation. Dedollarisation is a side effect of these countries settling in their own currencies instead of settling in dollars and holding dollars, which for a very long time was the de-facto international currency.
You're really confused on what they are trying to do actually, no one is trying to exclude the US as a trading partner or somehow ban dollar usage lol. I'm aware of Argentina's inflation issues but dropping their currency and adopting the dollar has huge negative consequences (as I said they lose leverage over monetary policy, things like controlling interest rates, etc). In reality only a handful of very small countries have adopted the dollar as an official currency, basically a few island countries. A country the size of Argentina isn't going to do that simply based on how big they are.
Its reasonable to assume that de-dollarization is 100% a policy of BRICS members. Perhaps in varying degrees, which again highlights the integral problem with cooperation vs diverging interests. For example Russia might be more aggressively pursuing de-dollarization compared to Argentina. Which is certainly the case, but one could replace Argentina with India or even China.
This is a trash article but it paraphrases what Putin said in an address to BRICS members,
https://uk.style.yahoo.com/gaining-momentum-vladimir-putin-says-161500706.htmlI was going to point out the contradictory nature of what you had said, but I re-read your post and you already did it for me
Yes it is a side effect of countries settling in alternative currencies, but its not only a side effect for Russia its an objective. Perhaps less so China, perhaps even less so India. But in my opinion and not only mine it is 100% an intentional objective.
Also no I obviously don't consider de-dollarization an instantaneous idea where suddenly BRICS countries refuse to trade in the dollar or with the US; You only have to compare the trade settled in alternative currencies like the Yuan for example over the past decade, to see that it is an ongoing process.
One could argue for several reasons why this is obvious. Increased importance and influence of the country settling in its own currency. Furthering the objective of a multipolar order. More potential to avoid sanctions.
Quote (DizzyBusiness @ Sep 19 2023 04:54pm)
I mean you can basically describe most human endeavors as "many diverging interests under the guise of cooperation" so that is just kind of a word salad.
It is already something significant or no one would be talking about it, if BRICS was a dud and no one gave a shit about it you wouldn't see 10 million articles written about why it is a doomed prospect, you wouldn't see emerging and established economies flocking to it either.
What exactly is the conflict of interests? Different styles of government? Some random border regions that a few dudes fought for with sticks?
Wtf are you talking about lol, the dollar is king because it is the established means of doing business, US foreign policy has been putting that under pressure by making it an unsafe means of doing business for countries who are not fully aligned with US interests (The majority of the world)
This is why doing things like stealing Russian money held in foreign countries is such a big deal despite how right it feels to reddit brained people who can't think critically and who don't understand the basis of western power.
The point of BRICs is not subservience to China, the point is not being subservient to the current ruling western system because it is blatantly stacked against developing economies and is increasingly used as a weapon by the US government.
I'm sure there is some value in your post but I haven't even read it. I have no desire to engage in debate with you after your pathetic troll posting and randomly quoting me.
AFAIK you have never or will never add any value to any discussion I am interested in.
This post was edited by Prox1m1ty on Sep 19 2023 10:10am