Russia's president dampens speculation about unified BRICS monetary system, marking current proposals as "premature." While keeping long-term possibilities open, currency unification isn't on the immediate horizon for the economic bloc's current summit agenda.
Nevertheless Kazan could mark an important turning point in world trade and geopolitics.
135 sats \ 2 replies \ @Cje95 19 Oct
With each government wanting control over their own currency I just don't see them ever agreeing. China would naturally want more control to be able to flex its economic power but that isn't what Russia or India or Brazil would want or favor. I just see it hard to come to fruition.
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10 sats \ 1 reply \ @Undisciplined 19 Oct
That's how I've always seen it, too. Even if they agreed to something, all of the members would be cheating their butts off. It would be a race to the bottom, like we've seen with the EU members.
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22 sats \ 0 replies \ @Cje95 19 Oct
Exactly! There is no way that something like rates could be set with these different powers
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47 sats \ 4 replies \ @Akg10s33 19 Oct
A while ago I saw an informative video on exactly this subject! And the truth is that I find it very difficult to unify the thoughts of those great powers that would be included in this agreement! And there is the first example. I find it difficult to convince Putin of the "benefits" that this change could supposedly bring to Russia...
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123 sats \ 3 replies \ @TomK OP 19 Oct
I think the most important pillar of this growing bloc will be more pricing power in the energy sector. This will change the geopolitical power structure in the long
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47 sats \ 0 replies \ @Akg10s33 19 Oct
Exactly! If there is or will be interest in any way, that will be the focus point... the energy issue! If we think about it, it is an issue that worries and keeps any country that is seeking to consolidate itself restless.
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0 sats \ 1 reply \ @BlokchainB 19 Oct
Especially with the EU killing their nuclear plants
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56 sats \ 0 replies \ @Akg10s33 19 Oct
That is totally true 👍 honestly what they are doing so far is a mistake for which they are going to pay dearly.
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0 sats \ 0 replies \ @7e6e393a56 19 Oct
Just to not use the dollar. Among these countries that make up the BRICS, the one that is most geopolitically disadvantaged is Brazil. It is closer to the USA, which is its second largest economic partner. Brazil could end up in a trade war that doesn't belong to it. Assuming neutrality would be the best option
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0 sats \ 0 replies \ @Satosora 19 Oct
Ouch!
That is like a death blow to the chinese.
They needed someone else to help them prop their currency.
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