BRICS Nations & Others Are Forming A Competing Currency To The U.S. Dollar RIGHT NOW

“Once this system no longer functions the nations that have been working together, cooperating to create a new global trade system will…”

by Rory Hall of The Daily Coin

We have been reporting for years on BRICS nations – Brazil, Russia, India, China and South Africa and the formation of the BRICS banking system(s) and all the supporting technology and interconnectedness that is required to run a parallel or opposition system.

The Peoples’ Bank of China has just announced a payment-versus-payment (PVP) system for Russian ruble and Chinese yuan transactions. The stated aim is to reduce currency risks in their trade. The only conceivable risk would be from the US dollar and potential acts of US Treasury financial warfare to damage Russian-Chinese trade which is becoming very significant in volume and value. By December it should reach $80 billion, a 30% rise over 2016. Yet there is more to this seeming technical move by China and Russia than meets the eye. Source

We can now add Iran and, in our opinion, we will be adding Mexico and Turkey to one of the many economic alliances formed, and headed by, either Russia, China or both. These economic alliances will create a global economic trading system that is quiet different than our current system. The system that is unfolding promises to create a more level trading platform for participating nations. Currently, the U.S. has an out-weighted advantage by having the “world reserve currency”, Federal Reserve Note, U.S. dollar.

The debt in the western, “developed”, world has become a massive anchor on growth, prosperity and happiness. Most people, unfortunately, not only do not understand this concept it is difficult for most to make the connection between government debt, insolvent banks and their individual situation. That will change in the near future when China, Russia and the economic alliances they have formed begin to truly flex their economic muscle and lack of debt. Russia, for all its economic problems, has about the smallest level of debt of any economy of their size.

Twenty years ago most of these people were considered “poor” and from a “third world country”. Today, their wealth is growing and the countries in which they reside are becoming economic powerhouses. When the United States decided in the 1990’s that we no longer wanted to be bothered with manufacturing, we shipped all those good paying, prosperous jobs to these “third world countries” because they had lots of people willing to work for a lot less money. This is to say nothing of the overbearing regulations that spew from Washington DC and strangle American business. Want to open a new business? Well, you better be prepared to meet with the EPA, OSHA and Codes Administration before you begin pursuing your desire to provide for yourself, your family and your community. All of these “third world countries” are not strapped with regulations on top of regulations. Source

Jim Rogers, a person whose investing prowess is well respected, seems to be of the belief the so-called “emerging markets” are forming a base right now and will indeed flex their economic power very soon. The economic alliances formed by Russia and China are spread around the world including South America. The nations that make up South America are rich with resources and attempting to break free from western world influence.

The US dollar is becoming less appealing for investors as American debt continues to soar and the greenback is printed to cover it, investor Jim Rogers said at the St. Petersburg International Economic Forum (SPIEF).

The American currency will lose the status of main reserve currency much sooner than 2030, Rogers said at the Valdai Club’s discussion session, held as part of SPIEF.

“Dollar is going to be higher than now because the turmoil is coming. Then, it is going to be overpriced and people will look around and say, ‘America’s got the largest debt in the history of the world. It’s printing money as fast as it can,’” the investor said.

People will look at what Brazil, Russia, China, India, Iran and other developing countries are doing, Rogers said. “They are forming a competing currency right now,” he added. So, the dollar alternative will come from the countries that have been bossed by the US, and they don’t like it, but have enough power to do something about it.”

Rogers went on to say that organizations such as the International Monetary Fund and the World Bank have never been right about anything and should be abolished, since they have been politically dependent on the United States for decades.

Speaking separately to RT, the businessman said that sanctions and trade wars are the biggest threat to the world’s economic stability. “The world has learned throughout history that closing off is not good, opening up is good,” Rogers said. Source

If these nations are in fact forming competing currency right now this will be a major step toward eliminating the “world reserve currency” system of global trade. Once this system no longer functions the nations that have been working together, cooperating to create a new global trade system will benefit the most. Nations that have been purposely avoiding these alliances and all but ordering a media blackout on any of the developments will suffer the most; and there will be lots of economic suffering. The United States is one such nation. When was the last time you heard or read anything about the SCO, EAEU, BRICS, AIIB, New Development Bank or any of the other alliances or banking and financial systems being put into place that are not dependent upon the Federal Reserve Note, U.S. dollar? Weeks, months, years, never.