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Showing 20 of 656 results by iamMhew
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Board Economics
Re: Could there be a new financial system not dependent on USD?
by
iamMhew
on 12/04/2023, 15:57:15 UTC
I don’t know what is wrong but you guys are really stressing a lot on the BRICS and successful future. There are already unwanted complications between the countries of BRICS which makes it highly unlikely to have successful agreement upon accepting the Chinese currency YUAN as the currency reserve of nations.

In all of them India is one of the strongest candidate with worlds one of the largest GDP rate and its growing exponentially.

The catch? India and China do not form any alliance with each other and they both are quiet because of one nation that is Russia. In addition to this, China and India is always on Cold War. Their borders are always under stressful conditions where chinese are trying to enter the border and claim military zones under them.

Secondly, china is always trying to support Pakistan and Shri Lanka with their problems out of greed. This is to obtain two geolocations one is the Srilankaan Port to access Indian Ocean roots for international trades. While Pakistan is target due to its weakening economy and future investment.

As far as these two nations don’t go along, YUAN is not happening.

Can you check my data please? by the end of 2021 according to IMF, China has a GDP of 16 trillion USD, while India has 3 trillion. In the next 10 years, China has a projected  on average 4.4% GDP growth rate,
while India have 5.6%. Now I tried to calculate and extrapolate based on the information, in the next 10 years China will have 25 trillion GDP in year 10 while India will have 5 trillion.
Post
Topic
Board Economics
Re: Could there be a new financial system not dependent on USD?
by
iamMhew
on 12/04/2023, 15:42:21 UTC
I have less information about abroad but i must say something that we have to reason collectively,
Out of 195 countries in the world i know too well that most of the population (country's) are solely depending on USD, EURO, POUNDS, YUAN for major trade. I mean before anyone could trade among these 195 you need any of those currency to be able to travel across, and if only 6 countries decides to breakout from USD how do you think it will affect the US dollar?
There will be no much effects


The USD accounted for about 60-70% of international transaction in the global economy (let's say 65%). Now BRICS accounted for about 23% of the Global economy, current BRICS countries estimates 85% of their
transations in USD. If all of this will be converted to a new BRICS recommended currency(assuming 85% is equivalent to the economy meaning economy=international transactions) So 23% multiply by 85% equals
20%. So this 20% will be taking out in the 65%, I mentioned earlier. USD will be left use by 45% only now BRICS still holds the 23%. Going back to your statement "Noeffect", thats 1/3 of the USD used transactions.

But wait theres more, there are some countries have the intention to join BRICS, even Euro like France consider settling some trades with China in Yuan. And dont get me started in the Middle East. SEA, South America?

Please correct me if Im wrong.
Post
Topic
Board Economics
Re: Could there be a new financial system not dependent on USD?
by
iamMhew
on 12/04/2023, 15:02:24 UTC
In my opinion, new financial system without dependent on USD is very possible, as long the countries who involved with is agree. In fact creating new money is possible too as long as the community is agree.



A little bit out of topic I want to add some other news too

French president says Europe should limit dependence on US - https://www.aa.com.tr/en/europe/french-president-says-europe-should-limit-dependence-on-us-for-security/2769816

China - Saudi Arabia summit agreements put pressure on US influence - https://www.vox.com/2022/12/10/23502903/china-saudi-arabia-united-states-relations-strain



 Your last two points are just pre-requisite of your initial point, looks like Im listening to a JT song, what goes around comes around. Can you elaborate , what are the ways of both countries will agree on?
Post
Topic
Board Economics
Re: Could there be a new financial system not dependent on USD?
by
iamMhew
on 12/04/2023, 15:01:31 UTC
In my opinion, new financial system without dependent on USD is very possible, as long the countries who involved with is agree. In fact creating new money is possible too as long as the community is agree.


 Your last two statements are just pre-requisite of your initial point, looks like Im listening to a JT song, what goes around comes around. Can you elaborate , what are the ways of both countries will agree on?
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iamMhew
on 26/02/2021, 15:57:22 UTC
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iamMhew
on 23/02/2021, 13:24:10 UTC
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iamMhew
on 23/02/2021, 13:22:37 UTC
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iamMhew
on 22/02/2021, 12:20:18 UTC
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iamMhew
on 22/02/2021, 12:18:26 UTC
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on 20/02/2021, 23:55:00 UTC
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iamMhew
on 19/02/2021, 14:13:26 UTC
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on 18/02/2021, 23:03:09 UTC
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on 18/02/2021, 11:34:20 UTC
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on 17/02/2021, 23:11:35 UTC
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on 17/02/2021, 09:11:14 UTC
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iamMhew
on 16/02/2021, 23:30:55 UTC
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iamMhew
on 16/02/2021, 13:33:40 UTC
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iamMhew
on 15/02/2021, 14:25:28 UTC
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iamMhew
on 14/02/2021, 12:25:23 UTC
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iamMhew
on 13/02/2021, 12:39:42 UTC