Comments by "MarcosElMalo2" (@MarcosElMalo2) on "Would a BRICS Common Currency Work?" video.

  1. Who is more manipulative of their currency while being least transparent? Brazil or China? The U.S. Federal Reserve does stuff like raise and lower interest rates and it controls the money supply. But they’re transparent and they announce moves ahead of time.
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  2.  @davianoinglesias5030  Agreed, but I think you left out overweening bureaucracies. And those obstacles you mentioned are not at all easy to overcome. It’s easier to identify them broadly as you have done. But the work must be done, even if it’s done imperfectly, even if there are setbacks. There is always a lot of resistance from entrenched interests that benefit from the corruption, misappropriation, and mis prioritization. And these interests are always eager to deflect blame onto the U.S. and the dollar. Still, there are developing nations that are doing the hard work and liberalizing their economies while addressing the issues. Progress can seem slow but progress is being made. The truth is, most of the anti-dollar sentiment is geopolitical not financial. Certain countries are feeling discouraged and constrained from attacking their neighbors militarily for fear of sanctions, and those that do anyway are suffering from the sanctions and providing an object lesson. The benefit to the U.S. might not be financial, but having the reserve currency is a sort of immunity for doing all kinds of heinous shit. The sanctions tool cannot be successfully applied to the U.S. As an American, I think this is unfortunate. Policymakers would have to think twice and then a third and forth time before embarking on a reckless course of action (as the U.S. does from time to time). The rest of the world will have to find some other way of keeping U.S. foreign policy honest. I don’t think financial pressures will do it, not even getting cut off from oil.
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  3. Renminbi renmin = people, bi = money
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  4.  @HanSolo__  well, he could claim that cookies/biscuits are currency, and then argue that oatmeal is a better shortbread than shortbread.
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  5. The idea of developing nations isn’t new, but I challenge you to produce documentation that the acronym BRIC had any usage prior to it being coined by bank economist Jim O’Neil in 2001. WRT the other countries you mentioned not “making the cut” in the original analysis, none of the others have the scale and while some might have potential, their finances or politics are in too much disarray. Looking at you, Argentina. There are also current candidate countries such as Mexico that aren’t looking to replace the dollar, but are looking for more trade opportunities and also hedging their bets. Anyway, say what you will about the Federal Reserve, it is extremely transparent about its moves and future moves. Can we expect the same from the Chinese Central Bank?
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  6. I wouldn’t call it newly proposed. It was part of the “promise” from the beginning. It is perhaps gaining momentum. Or perhaps the momentum is illusory.
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