The Money of The Upstarts – The BRICS countries want to create their own currency to end the hegemony of the U.S. dollar. China holds a dominant position in the alliance.

tkonicz@lemmy.world to

World News@lemmy.world – 38 points – 1 years ago

"This credit crunch, triggered by the fight against inflation in Western countries, is an important factor in the huge rush to join the BRICS group. Many crisis-ridden countries, such as Argentina and Venezuela, which are currently seeking membership, are simply hoping to tap alternative sources of financing – especially from China."

Fight against inflation in Western countries?

Argentina inflation rate is 116% !!!

Venezuela 404% !!!!

And there is no credit crunch, it's a liquidity crunch

Yeah this is the rumour that's circulating but there haven't been any formal announcements about BRICS currency.

I think the bank is happening though.

Money and Macro has an excellent video clarifying this.

https://www.youtube.com/watch?v=49iLl-V4xos

Here is an alternative Piped link(s): https://piped.video/watch?v=49iLl-V4xos

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Yup, I can confirm this firsthand by quoting my South African friend:

Dude I don't give a shit, we just want to destroy the US and then invade Europe.

Pretty based stuff huh?