Could a BRICS Currency Really Replace the US Dollar?

Trump has threatened BRICS countries with tariffs unless they agreed to not create a new alternative currency to compete with the dollar. So in this video we'll take a look at why BRICS doesn't like the dollar and whether it's actually under threat.

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Sources:

00:00 Introduction
00:51 What is BRICS?
01:35 Why BRICS Hates the Dollar
03:16 Can They Usurp It?
06:39 GiveWell

[Aarrenrhonda]

BRICS wants to build a new currency. It is also worth noting that gold has historically been used as a store of value and a means of exchange, and some countries still hold significant amounts of gold in their reserves. However, it is unclear how a new currency backed by gold would function in the current global financial system and whether it would gain widespread acceptance. Ultimately, any decision to create a new currency would be subiect to numerous economic, political, and logistical considerations.

[aalhashmi]

I would say dump all those worthless currencies, and let's all shift to the Venezuelan Bolivar 🇻🇪

[tonysilke]

The dollar is literally being destroyed / debased / devalued. Three years ago, nobody could have foreseen the current state of the U.S. dollar. The U.S. continues to repeat the same mistakes that have led to the dollar's current situation. As a result, there's no guarantee that the dollar's future will be as bright as it's hoped to be.

[bythecliff]

There will be no BRICS currency because there is no point to it. The goal is to end the dependence on dollar. Replacing it with a new currency serves no purpose. The BRICS countries are trying to establish a system where trade can be done using local currencies without the need for dollar. This is a far better move.

[RaymondKeen.]

Well it's time for the BRICS- New World Order to come up with a default reserve currency or simply go back to gold as the reserve. It will be too chaotic for each country to trade in their respective currencies with the daily change in exchange rates.

[ProfessionalBadPerson]

>Threaten Tarrifs on opponent if they do/don't do something they are already doing/not doing
>Nothing happens
>Declare victory

Masterful gambit Mr Trump

[danielsun]

Trump’s solution to every US’s international trade problems : Tariffs

[tharunb]

No currency dominates forever. The French franc led in the 18th century, the British pound dominated from the early 1800s to WWII, and the U.S. dollar has held the top spot since 1945. Each lasted roughly 80-100 years, influenced by shifts in global economic and political power. History suggests that dominance cycles are finite, and while the dollar remains strong now, it is not immune to the forces that ended its predecessors’ reigns.

[AnandBhadouriya]

You can't really have an effective economic group when the largest economy(china) and the second largest(india) economy are basically enemies.

[johnnydoe]

There is No Unity in BRICS. 🤷🏻‍♂️

But Trump’s Threats may End up
Unifying them against Dollar. 🤣🤣

[syedmustafa]

The BRICS does not want to replace the dollar with one of thier own. BRICS is actually trying to create a system where they can trade with each other in thier own local currencies. BRICS don't want one dominant currency over another. They want complete independence form any one currency whether its Dollar or Ruble or Yuan.

[hashbrown]

"Dont do something to replace our dollar because you dont like how we can control it or we'll do something you dont like with our control on it"
That'll show sure show em :/

[peachyjam]

Brics are not trying to create a new currency, they're encouraging trading in local currencies and directly with resources

[nntflow]

USD and Euro are used by actual countries to trade. Nobody in BRICS+ wanted to use the BRICS currency because they would lose control of their own monetary policies.

These countries could easily buy more golds instead of BRICS money.

[maurooliveira]

We are not creating a new currency. But is already too late. Most part of Brazil-China commerce is done by exchanging our own currencies. Both central banks created a system were Brazilians have billions in yuans and Chinese have billions on Reals. when brazilians buys on china, and chinese buys on Brazil, their own currencies are exchanged. A need to have dollar to make commerce was a burden to carry

[fernbedek]

It is interesting seeing that by purchasing power the EU and US are still basically neck and neck in GDP. So Europe hasn't really fallen behind, the dollar has just inflated.

[KekusMagnus]

-US hegemony is declining
-Countries wish to de-dollarise to avoid sanctions and tarifs and have more economic freedom
-Trump responds with more sanctions and tariffs

That's going to work great isn't it...

[DudleySchuster]

Waking up every 14th of each month to $210, 000 it’s a blessing to I and my family… Big gratitude.Thank you for all the knowledge and nuggets you had thrown my way over the last year.

[thestoik]

They don’t need to kill it, they just need to create a viable alternative.

[YazhShah]

Yes please Tarif the whole world. Cause we dont want to use your currency which essentially has no intrinsic value.