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Brazil, Russia, India, China and South Africa - the BRICS group of fastest growing economies - Thursday signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other.
The agreement, the first-of-its-kind, was signed at the 3rd BRICS summit here attended by Indian Prime Minister Manmohan Singh, China's Hu Jintao, Brazil's Dilma Rousseff, Russia's Dmitry Medvedev and South Africa's Jacob Zuma.
But the agreement is confined to credit and not trade. BRICS economies hold 40 percent of the world's currency reserves, the majority of which is still in US dollars.
Originally posted by kaoticf8
if that happens whats the US dollar going to be useful for?
Originally posted by ukWolf
Iraq and Saddam Hussein - oil in euros not dollars
Iraq - Dollar v Euro
Libya and Gadaffi - Gold Dinar not dollars
Libya - Gold v Dollar
It seems that questioning the almighty dollar can be costly
Originally posted by lokdog
As long as oil is traded in dollars there will be no collapse, sorry guys i know you were looking foward to the rape and pillaging you could engage in when the dollar dies, but thats a ways off yet.