BRICS Financial System Will Be Like NOTHING We've Seen Before | Prof. Yan Liang

[Part 2 of 2]
The BRICS financial system won't be a copy/paste of western institutions and it will certainly not be a second "Euro". Nobody would be that foolish again. Instead, the financial architecture will be a decentralised system build on the convertibility of currencies and potentially a common unit of account to replace the dollar's function as a world wide price tag.

This is the second part of a talk with Dr. Yan Liang, a Professor of Economics at Willamette University, a private liberal arts college in the US. She is also a Research Associate at the Levy Economics Institute and a Non-Resident Senior Fellow at the Global Development Policy Center of Boston University.

Yan specializes in Modern Monetary Theory (MMT), the Political Economy of China, Economic Development, and International Economics.

[ANDYPADOVA]

Congratulations to Pascal for inviting you, Dr. Yan Liang, and well said. I hope that a lot of YouTubers who discuss geopolitics, BRICS, and economics but have little understanding of economic science will watch this video. I am also an economics professor in the EU. As with the still-existing World Order that established it, the current global financial system is actually a colonial institution that has no interest in the global community's progress.

[ChristianRescue]

She is an excellent communicator, as is Pascal, for regular people. I also appreciate people who are honest and not selling something. Thank you both.

[pauloguerra]

Well said Dr. Yan Liang and congratulations to Pascal for inviting you. I am also an economics professor in the EU and I hope that many YouTubers who debate geopolitics, BRICS and economics, with little knowledge of economic science, will watch this video. The truth is that the current global financial system is a colonial system like the yet current World Order that created it and is not interested in the development of the entire world.

And everything got worse with the emergence of neoliberalism in the last 50 years and the deregulation of financial markets by Bill Clinton, as the current almost feudal and inevitable concentration of wealth proves. And with most nation states becoming poorer and poorer. And I also agree that the BRICS Development Bank is a fundamental step towards a new, fairer multipolar world and economic Order. Thanks and Congratulations.

[PerceivedREALITY]

US wanted to make a fool out of Russia and China. But instead, the US made a fool of itself. Let that be a lesson.

[Jay...]

If any country borrows for real infrastructure, the positive growth of the real economy will make it easy to repay the loan.
IMF dollar loans usually end up stashed in the London offshore accounts of oligarchs, leaving the people with unrepayable loans & in debt peonage.

[rodgertim]

On one hand, it sounds promising, especially the idea of moving away from the dollar as the world’s primary currency. It could give more power to emerging markets and break the dollar’s dominance. But on the other hand, the complexity of building such a system from scratch is mind boggling.

[EZdotdotdot]

Excellent. Hope you can get Prof Yan on yr show more often Pascal.

[easternrazor]

Agree, there should not be any common currency the likes of Euro. That should be avoided at all cost.

[isaacharry]

Yan lang is brilliant, Pascal you must get her back again .

[Achrononmaster]

This is what I've been writing about BRICs for years. Good to have Prof Liang on the show. She's a better communicator and working class champion than Stephanie Kelton. Prof. Liang, Yeva Nersisyan and Pavlina Tcherneva are imho three of the most brilliant economists in the world right now, top 10 easily. (And they make Michael Hudson sound like a confused old man who cannot talk straight. Has to be said.) Not because they have genius IQ or that sort of thing, but because they are honest, speak truth to power, and seem to have their hearts in the right place. Macroeconomics is all about spiritual and moral economy, and very few academics but these three realize this.

[absabs]

So basically use the 'Unit' ONLY as a replacement to the 'dollar' for clearing trade deficits between nations and NOT use it/have it tied to the local economy of each member country. And also IMPORTANTLY devise a methodology whereby member countries DO NOT STOCKPILE the UNIT (itself) so as not to artificially affect the natural supply&demand balance = emulating the problems with the current petrodollar system.

[ceciliacrocker]

What we need is governments that practices transparency and allows for the public to have a voice.

[PerceivedREALITY]

BRICS+ is a golden opportunity to unite. Mutually beneficial cooperation, respect, equality and a shared vision. 🇧🇷🤝🇷🇺🤝🇮🇳🤝🇨🇳🤝🇿🇦+

[comancheflyer]

The architects of the Euro were definitely not economists. It was doomed to fail from the start.

[barryshaw]

Very interesting and informative discussion, thanks for having this brilliant young lady on your channel.

[sufferingsuccatash]

Prof. Yan is absolutely spot on with her assessment that the problem within the BRICS system is how to mitigate surpluses that accrue to China, India, Russia while at the same time having other member nations develop without amassing staggering trade deficits. She is correct that trade surpluses in large amounts is ultimately deflationary and leads to a beggar thy neighbor trade it appears is happening.

[ranar]

What Prof Liang is saying is what I have conceptualised for BRICS Main Currency. A BRICS currency would sit at the top which can be exchanged by the buyer, within or outwith BRICS, to pay the seller.

[JasonBrown.]

I came across your channel through this video-
case studies are incredibly valuable, and I'm eager
to see more in the future! Building wealth involves
establishing routines, like consistently setting aside
funds at regular intervals for smart investments.

[Black_Sun_Dark_Star]

Thank you, Professor Liang! That's what I'm saying, the global banking needs an overhaul.

[zedekzedriz]

It needs a bridge currency/ neutral currency that is not dominated by any country. And it should be liquid enough to facilitate all transactions needed, fast and efficient.