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0 sats \ 1 reply \ @flat24 8 Sep \ on: BRICS currency bloc: the fog is clearing econ
I think the BRICS will try to give credibility to their currency based on their gold holdings, and the US, in order not to be left behind and made a fool of by not having enough gold in the federal reserve to try to save the credibility and confidence of the dollar, will make the big turn by backing their shit currency with the Bitcoin holdings they have confiscated over the years, which makes them number 1 in terms of Bitcoin holders.
Currency hegemony depends primarily on it providing access to commodity markets and manufactured goods.
The USD SWIFT Hegemony has held this position but increasingly BRICS and in particular China hold a significant ability to provision access to manufactured goods and to buy the commodities that feed Chinas factories.
Iran and Russia are only viable economies (able to wage war on Israel and Ukraine) because China buys their oil and gas and provides them with nearly all the manufactured goods required to operate a modern economy.
China has ignored US sanctions on trade with Iran for well over a decade because China can. The US cannot declare war on China without most of US largest corporates collapsing due to the Trading with the Enemy Act.
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