Quote (Prox1m1ty @ Sep 19 2023 12:07pm)
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 :D
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.
That being an objective for Russia really doesn't matter. What matters is all these members get empowered and exclude the intermediary (the US) which has basically lorded international trade because of their control of the international currency. Ultimately Russia has zero sway on how Argentina settles or who they trade with. If Argentina uses dollars to trade with Iran or India, in BRICS no single country outside the trade can somehow come and try to lord over rules of trade, which is the current status quo under the dollar.
The alternative to the dollar is not Yuan, again wrong way to look at this and what's happening. The alternative to the dollar is the bilateral currencies which includes Yuan and many others. If you don't need dollar reserves to do international trade, then foreign reserves of dollars will start dropping, and it's exactly what we're seeing globally.