Comments by "" (@badluck5647) on "Why Russia is Trying to Create a New BRICS Currency" video.

  1. Why would India and China link their monetary well-being to economic basket cases like South Africa, Russia, and Brazil? It would be like the Euro, but everyone is 2008 Greece.
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  2. They are trying to make it an alternative to the G7. I'm not sure how successful a BRICS alliance can be if is just based on a lack of values.
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  3.  @tnamr5652  And South Korea, Australia, Poland, and even India has shown interest in joining the G7 bloc. This is a lot more impressive than BRICS having Syria join their club.
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  4. It is like the EURO if every country was 2008 Greece.
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  5. BRICS would be like the Euro, but 3/5 of the countries would be 2008 Greece.
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  6.  @milton3204  You are missing the point. A BRICS currency would just encourage irresponsible spending in South Africa, Brazil, and Russia, because they know that China would bail them out to protect their own monetary well-being. It would just be the 2008 Greek Eurocrisis over and over.
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  7.  @gino.x  The G7 is about 40% of global GDP, while BRICS is about 28 of global GDP. The whole bloc is barely bigger than the US economy on its own. Other than China, all the BRICS countries have underperformed that 2000 Goldman Sachs report. BRICS is inviting economic basket cases like Venezuela and Syria, while the G7 is looking to expand membership to South Korea, Australia, Poland, and even India.
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  8. ​ @gavasiarobinssson5108  China has strict capital controls and currency manipulations that would make it a terrible partner with a reserve currency. The Chinese and Indian rivalry would make this dead in the water. Lastly, why would India and China link their monetary well-being to economic basket cases like South Africa, Russia, and Brazil? It would be like the Euro, but everyone is 2008 Greece.
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  9.  @Windows11Sucks  I think there is a vague mutual defense clause in the EU charter.
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  10. Putin: 2 and 3
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  11. ​​ @gavasiarobinssson5108  China and India literally had their soldiers fighting along their border days ago. You are lying to us or yourself if you think Chinese-Indian relations are good.
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  12. It would be like the Euro if every country was Greece
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  13.  @eddapultstab2078  It could work as long as China is willing to provide bailouts over and over to its unstable partners. Of course, I don't see the benefit for China.
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  14.  @liveuser8527  BRICS on the ascendancy? Other than India, I don't see it. *Russia and South Africa's economies are contracting. *Brazil is aligning their economy with economic basket cases like Argentina, Venezuela, and Cuba. *China's debt bumble, demographic issues, and competition from near-shoring is making China growth potential dry up.
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  15. China and Russia would have to give up capital controls to have a real reserve currency. However, once capital controls are gone, their citizens will just buy more dollars.
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  16. ​ @Milo-id9qd  Those limitations would make it a poor alternative to the petrodollar
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  17.  @eddapultstab2078  Maybe. China's lack of transparency makes it difficult to know.
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  18.  @liveuser8527  BRICS is about 27% of the global GDP while the G7 is about 40% of global GDP.
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  19.  @gino.x  The US economy is bigger than China, Germany and Japan are bigger than India, and the rest of the G7 are all bigger than the rest of BRICS. Use some common sense to figure out which is the bigger group
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  20. ​ @randomanimation5085  India joins every organization they can. Most of these organizations tend to accomplish nothing.
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  21. Why would India and China link their monetary well-being to economic basket cases like South Africa, Russia, and Brazil? It would be like the Euro, but everyone is 2008 Greece.
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  22.  @Flipflopflopper  Canada is a bigger economy, but there isn't a requirement for the club to have seven members. In fact, it was G8 until Russia got kicked out for invading Crimea.
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  23.  @marengoczar5035  India yes. China, maybe not. Demographics, debt, and near-shoring is putting China's economy on shaky grounds. It looks like China is on the verge of a 2008 financial crisis, but on a much bigger scale.
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  24. The G7 are united by common values, while BRICS are united by a lack of values.
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  25.  @munnakhan8961  G7 is not dominated by the US. In fact, Trump used to hate G7 meetings because the other leaders ignored him as he rejected the organization's objectives to encourage free trade, democracy, human rights, and a fight against climate change.
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  26.  @WhatHappenedIn-vt3vq  I was more making the point that China doesn't want a strong reserve currency because they don't want to give up a competitive advantage in the export market.
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  27.  @Robespierre-lI  The currency block fails together. That is why the BRICS currency block is just a bad idea.
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  28.  @CuriousGene9  When Russia isn't target bombing schools and hospitals, they are kidnapping children and then brainwashing them to be soldiers for Putin's imperial ambitions.
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  29.  @emm_arr  Obviously, but some trolls have some pretty stupid responses that are fun to pick apart.
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  30. What facts are you disputing?
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  31.  @kth6736  Russia is white and trying to colonize Ukraine. Try again.
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  32. ​ @OriginalPiMan  It goes the other way too. A weaker dollar will make American exports more competitive.
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  33. @GN28 You could pretty much say that about most countries with a smaller economy than Poland. It is not like future BRICS countries like Syria, Venezuela, and Iran are model countries due to their name recognition.
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  34. @GN28 They both showed interest in joining, and Lavrov has given his approval.
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