I'm wondering how much longer it can play such game. If current trend does not changes, its revenue will soon unable to cover the interests.
If the BRICS overthrow the U.S. dollar, there will be a come-to-Beevis moment in the U.S.
imo there is zero chance of BRICS ever amounting to anything more than a photo-op every couple of years.
I think what's behind all this reckless spending is the fact that the US armed forces are the biggest and most powerful in the world. While they have the most guns and are prepared to use them, it's not going to be easy to change this world order.
Like, who's going to stand over the 7ft 300lb thug?
The US wont just sit around while their position is eroded,at least in my opinion.
We're also relatively good allies and I think this goes a long way too.
If China had a 10x more powerful military and Navy than the USA, had experience in combat and was willing to use it. It wouldn't take long for the Yuan to win.
The Chinese state views control over capital flows as more important than the prestige of reserve currency. They can, and have, clamped down significantly on foreign outflows when they deem it necessary.
Yeah:
> Pretty straightforward really. You combine Brazil's history of monetary stability, with Russia's respect for property rights, India's domestic tranquility, China's financial transparency, and South Africa's investment opportunities - and hey presto, you've got a new global money
* https://twitter.com/davidfrum/status/1665053372402081792
How anyone lump China and India, not exactly the best of friends, together is beyond me.