Quote from: WillyAp on June 16, 2024, 08:26:01 PM

Brics is taken as a instrument like the Euro. But its not.
It becomes clearer that it is a political instrument not supported by capital investors.
After Covid the US drew more than a third of investments towards the US. Especially private investment which is the engine that makes our world economy run that nicely. Even if you hate the US, the US is the engine of the world. There is no alternative.

BRICS alliance has been a toothless bulldog because they have not been able to implement most of their resolutions. We have seen them come up with different resolutions in their summits but they have not been able to unite and achieve them. It seems that each member nation has its reason for joining the alliance. Until they come up with a single purpose and back it up with actions, they continue to be a paperweight.

Quote from: Poker Player on Today at 03:58:18 AM

You had to think of writing this now? I don't know, with the latest news, maybe it wasn't the best time:

Saudi Arabia's petro-dollar exit: A global finance paradigm shift

The long-term effect remains to be seen, but it will not exactly cause a flow towards the dollar, although it will remain the reserve currency for the time being.

The trade-in dollars between the US and Saudi Arabia is just 0.7% of the $16 trillion global trade-in dollars. So Saudi ditching of the petrodollar deal might look insignificant. However we see it, one thing is clear the US has lost a worthy business deal that made the dollars influential in the Middle East. The dollar remains the dominant currency until there is strong competition maybe from the BRICs alliance.

https://www.quora.com/What-is-the-implication-of-Saudi-Arabia-refusing-to-renew-the-petrodollar-agreement