Comments by "looseycanon" (@looseycanon) on "The Growing Revolt Against the US Dollar" video.

  1. maaan, didn't laugh so hard in a while... BRICS creating a common currency to replace USD? Good luck :D India and China are at each others throat, Russia has demographcis, that are completely unsustainable, meaning they won't be able to contribute much to whole deal for long... Meanwhile Euro is outright used as local currency in 22 nations, about to be 23 (Bulgaria), further more, Denmark, Bosna and Herzegovina, Saotome e Principe, Cabo Verde and the Commoros have their national currencies fixed against Euro. CFA and CFP Franks are also fixed against Euro. Barring the Maastricht criteria. That's 40 nations and 43 regions, that can use or can use Euro as thier currency, without having to have lengthy discussions about transition rate. Actually make it one more. The Czech Republic is effectively becoming biruccencial. If there is to be a new global reserve currency, the Euro has the upper hand, especially if the EU decides to offer the posibility of becoming Eurozone members to those, currently using CFA Frank, because that way, entire supply chains could use a single currency. From raw resources extraction and processing in Africa through final consumption in Europe to research of water retention and reclemation systems for Africa. Compare that to Brics, who are either resource extractors (Brazil, Russia), resource processors (China, India) and a failed state (South Africa). Answer me this, why would a company chose to use currency any currency of any BRICS nation, when it's income will likely be in Euros or US Dollars, given the amount of consupmtion in countries using these two currencies? The only way for any BRICS currency to surpass Euro or Dollar, would be to grow it's consupmtion base and complete the chain, which will not happen. Why? Russia would have to massively change, how it works internally and, somehow, reverse it's demographics situation, which is basically irreversable, thanks in part to war in Ukraine. China is in similar boat, thanks to their threats over Thaiwan and wolf warrior diplomacy, which had damaged their international relations beyond repair in the next twenty years. Add to that corruption and internal dysfunction of the CCP and you have completely unpredictable market and regulatory environment, both which are something companies loathe. Already, massive companies are shifting away from China for manufacturing for the world market... closing down factories, which were the base of economic growth in China. South Africa can't even keep it's lights on, so they're not growing into prosperity and consumption anytime soon. Brazil is the only wild card here, but they have only half the population of the EU, meaning they'll never have the same capacity to grow as Euro using or pegged against countries.
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