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20 sats \ 7 replies \ @Undisciplined OP 25 Jul \ parent \ on: The American tradition of abolishing central banks econ
I don't think BRICS will take over as the reserve currency globally, but it may displace the dollar in a large portion of the world. We just wouldn't have a global reserve currency, then.
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That's largely how I feel too. The question is just how far BRICS makes it before it fails.
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It'll have the same poor incentives as the EU, but with much worse actors who have no cultural or geographic ties to each other. I expect it to fail much faster than the EU is.
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Good point. The incentives probably will be worth, because there won't be even as much accountability as the EU has.