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BRICS plan to trade in local currencies

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posted on Jul, 4 2015 @ 06:39 AM
New Delhi, July 3: India, Brazil, Russia, China and South Africa - five of the world's biggest emerging economies - could soon trade with each other mostly in their local currencies, under a plan their leaders will discuss next week that may hit the US dollar's dominance in global markets.

The plans for trade in the national currencies of these five nations are a part of a series of initiatives the BRICS countries are taking to try and insulate themselves from over-dependence on Bretton Woods institutions dominated by the West.

Significant bilateral trade between five of the world's 20 biggest economies only in their own currencies, as opposed to the dollar, would reduce their dependence on reserves of the US currency at a time the Greek crisis looms large on the world economy. Four of these five nations - China, Brazil, Russia and India - are among the world's 10 biggest economies.

This is a full blown on Economic World War 3 going on out there in my humble opinion considering all the news reports coming out. From what it seems the recent Chinese stock market crash could be short selling by Goldman Sachs and their brethren. Despite the denial from the Chinese...
edit on 4-7-2015 by maddy21 because: (no reason given)

posted on Jul, 4 2015 @ 06:50 AM
a reply to: maddy21

If it's war then an attack on their respective economies would be a first prong on a multi front attack.

The brics can only shield one another for so long, armed conflict will follow.

.....I still can't help thinking the u.s has an ace up its sleeve, there's a reason they keep pushing war.

posted on Jul, 4 2015 @ 09:00 AM
a reply to: maddy21

In the end, I have to wonder if all currencies will be replaced with a one-world digital, (no cash), currency.

That would be an interesting scenario and would, along with TPP, hasten the US decline to second world economic status.

posted on Jul, 4 2015 @ 05:22 PM
a reply to: TonyS

Not necessarily, a one world currency would allow America to pay its debts back over a longer period, the creditors would at least get something back, rather than defunct dollars.

That of course would be if there was a plan to pay creditors.

I suppose they could call it a day, then wait on creditors attacking them. I don't imagine there would be too many takers of that invite.
edit on 4-7-2015 by EA006 because: (no reason given)

posted on Jul, 4 2015 @ 05:27 PM
a reply to: maddy21

Isn't this their version of the TTIP TTP TISA?

Clearly economic warfare between two emerging super powers.

Gog and Magog?

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