this post was submitted on 30 Apr 2024

56 points (82.6% liked)

World News

39104 readers

2247 users here now

A community for discussing events around the World

Rules:

Rule 1: posts have the following requirements:
- Post news articles only
- Video links are NOT articles and will be removed.
- Title must match the article headline
- Not United States Internal News
- Recent (Past 30 Days)
- Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think "Is this fair use?", it probably isn't. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.
Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.
Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.
Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19
Rule 5: Keep it civil. It's OK to say the subject of an article is behaving like a (pejorative, pejorative). It's NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.
Rule 7: We didn't USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you're posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world

Recommendations

How to spot Misinformation and Propaganda

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

Consider including the article’s mediabiasfactcheck.com/ link

founded 1 year ago

MODERATORS

quinten@lemmy.world

NewsAutoMod@lemmy.world

jordanlund@lemmy.world

Tenthrow@lemmy.world

little_cow@lemmy.world

lemmyAtom@lemmy.world

FlyingSquid@lemmy.world

De-dollarisation gains traction among Brics (www.khaleejtimes.com)

submitted 6 months ago by cyu@sh.itjust.works to c/world@lemmy.world

20 comments fedilink hide all child comments

top 20 comments

sorted by: hot top controversial new old

[–] taanegl@lemmy.world 25 points 6 months ago (1 children)

As per the deal, 95 per cent of the $260 billion worth of trade will be settled in yuan.

It's like an economic visual of Putin's balls in Xi Jinpeng's grip. The other 5%? A blend of rubles and euros.

In essence, BRICS is trying to make the yuan a world reserve currency. That's how they're going to "sanction proof" them selves, by leaning on Chinese economy, and tbh, since a crapton of manufacturing and fabrication already happens in China, it does make a lot of sense.

Perhaps we'll see the return of cold war era economic policies as a result. You can almost hear the liberals (neo or classical, take your pick - they both suck) begrudgingly press the button marked "Protectionism".

In any case, welcome to the CwaaS, or "Cold war as a Service". Smack SWIFT and BRICS together, see what happens.

[–] Buelldozer@lemmy.today 12 points 6 months ago* (last edited 6 months ago)

since a crapton of manufacturing and fabrication already happens in China, it does make a lot of sense.

Western manufacturing and fabrication is already pulling out of China; this action will accelerate that trend. It's also a poor bet due to China's slow motion demographic collapse.

Frankly this could be implemented tomorrow and by the end of 2034 it would be dead; torn apart by internal conflict and China's gradual economic decline.

[–] Gradually_Adjusting@lemmy.world 15 points 6 months ago (1 children)

I feel like this not being the case would be a headline, but the fact of it is, or should be, patently unsurprising

[–] Chainweasel@lemmy.world 10 points 6 months ago (1 children)

I mean, isn't De-dollarization the entire point of creating a new currency as an alternative to the US dollar?

[–] frezik@midwest.social 1 points 6 months ago

This would be about trade. Your country can make whatever currency it likes, but when you go to buy goods overseas, you tend to have to pay in USD. Not always, but it's the default.

BRICS don't like this, for obvious reasons, but they lack alternatives. They can try shifting to the Chinese Yuan, but that only moves the problem for everyone who isn't China. They can try to make their own currency union, but they aren't even as politically united as the EU, and the Euro has issues keeping everyone moving the same direction.

[–] rxbudian@lemmy.ca 7 points 6 months ago (1 children)

If you want to see power struggle, just keep an eye on that group. India and China are rivals. They will try to undermine each other's ability to gain more power.

[–] SeaJ@lemm.ee 1 points 6 months ago

It's not even a cohesive group. It was some dude at Goldman Sachs seeing a few countries grow quickly and even then it was more like brIC since Brazil and Russia saw growth only from resource extraction. South Africa decided they wanted to be part of the show despite shit growth and it became BRICS. They don't do that much trade with each other and now outside of China, their growth is shit. If they want to become more economically integrated, go for it.

[–] FlyingSquid@lemmy.world 4 points 6 months ago (4 children)

I don't get it. They're still using all of their local currencies? Why not band together and do a united currency like the Euro or the CFA Franc?

[–] partial_accumen@lemmy.world 18 points 6 months ago

Why not band together and do a united currency like the Euro or the CFA Franc?

Because that requires a unified monetary policy. The BRICs countries don't actually have that much in common, meaning they need to treat their domestic monetary policies to be most advantageous internally. Having one currency wouldn't allow that. What it really boils down to is how a country included would be able to spend its own money and how much debt it would be allowed to carry.

[–] SeaJ@lemm.ee 3 points 6 months ago

Because that would fail very quickly. The CFA franc works because France dominated their exports. The euro took a long fucking time to make work and took a lot of planning and market integration. Even then it has some struggles.

brICs has very little market integration. While many of them do a good chunk of trade with China, it's often not very even. Essentially it would be China dictating monetary policy which also ties itself to US monetary policy via a floating peg. There is also no freedom of movement between most of them. Without that, countries can very easily fall into a liquidity trap and be forced to deflate because of capital flight. As bad as the PIIGS financial crises were, they would have been significantly worse without people being able to move away from the countries.

[–] olympicyes@lemmy.world 2 points 6 months ago

The article said 95% of the trade will be denominated in Chinese Yuan for trade primarily between China and Russia. Russia really cannot use dollars right now because of sanctions, so we will see what their appetite is to hold large sums of Chinese currency as reserves.

[–] Heni_meat_smasher_69@ani.social -4 points 6 months ago (1 children)

Maybe because they don't want to be scammed?

[–] FlyingSquid@lemmy.world 5 points 6 months ago (1 children)

In what way is the Euro a scam?