Comments by "Fredinno" (@innosam123) on "Would a BRICS Common Currency Work?" video.

@themsmloveswar3985 “Straightforward process” I see you don’t follow South African or Brazilian politics? 😂
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@seneca983 In other words, the European Currency Unit- the Euro’s predecessor. It had many of the same problems of the Euro, and it was arguably less stable (currency crashes still happened- famously exploited by George Soros- though they were more localized.) Because again, they had to follow the main player’s monetary policy- that of the Mark, in the case of the ECU/Euro and tie their currency to the Mark. And this block of countries is more diverse and less united than those of the EEC.
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@sirrathersplendid4825 This debate is the exact one they had when the Breton-Woods system was established. Keynes wanted a global trade currency (the Bancor) created by the IMF to solve this problem. The problem is that you end up creating a global central bank. Obviously, the kinds of people who dislike the Dollar system would despise a ‘one-world currency’ - unless they were the ones controlling it- so it never went anywhere.
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@dosgos More importantly, the amount of currency in the world has increased so much since the end of Breton-Woods that any Gold-backed currency would have an absurd ratio of Gold to Currency. Eg. All non-jewelry Gold in the world above-ground is valued at 6.7 Trillion. M0 in USD is 5.5 Trillion. M2 is around 22 Trillion. Gold right now is ~$2000/ounce.
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@victoriap1561 How well is Russia doing with foreign trade after being kicked out of SWIFT?
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@seneca983 Why would they not be pegged to each other? If they vary wildly, that threatens the stability of the trading currency.
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