the pace of dedollarisation recently is making me extremely hopeful
It’s a self reinforcing phenomenon. The more countries free themselves of the dollar, the easier it becomes other countries to do so going forward. Now that BRICS is a bigger economy than the G7, the economic incentives favor it for countries that are forced t chose between these economic blocs.
This article seems to imply that this would be just another currency, but I suspect it’s a Bancor-like unit of account for international balance of payments, and not a currency for everyday transactions.
Yeah, that’s the impression I get as well. That seems like the most likely scenario to me because I don’t think any BRICS countries would want to have a single country’s currency replace the USD. Having a Bancor style currency that’s used strictly for settlement and not owned by any country is a much more palatable solution. Especially given the tensions China and India have.
and not a currency for everyday transactions.
For now 😌🙏
i would hope that, having seen what the euro is like, no sane country would ever choose to voluntarily hamstring itself again by giving up control of their currency
dedollarization goes BRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR(ics)
