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.
reply
That's largely how I feel too. The question is just how far BRICS makes it before it fails.
reply
reply
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.
reply
reply
Good point. The incentives probably will be worth, because there won't be even as much accountability as the EU has.