> BRICs economic group has been trying to launch their own currency
It's only been Russia (and to a certain extent China).
India and Brazil have both vetoed any attempt at a "BRICS Currency".
It's only been Russia (and to a certain extent China).
India and Brazil have both vetoed any attempt at a "BRICS Currency".
I'm ambivalent about it. Having our own currency is good, even better if it's not backed by USD, best of all if it's backed by precious metals like gold. On the other hand, I hate Lula and everything he represents so much I actually want him to piss Trump off to the point he sanctions the entire Latin American continent until Lula and his fellow communist dictator friends drop to their knees and beg for mercy.
Correlation =/= Causation.
The Great Depression was caused by American overproduction and a lack of domestic buyers who could afford to purchase American goods (sound familiar?). This was back when America was still functionally a developing country.
So, leaving the international system helped the European economies greatly then. It makes sense some other countries are having the same idea now.
When the economy is backed by something real, credit generally keeps up with the broader economy. It can't expand beyond reserves of real resources. Now that the money is not backed by anything, credit can expand infinitely. Credit generates most of the inflation which is a direct and ever increasing tax on the poor. It has been going on for half a century and shows no sign of stopping. The best part is even the mere attempt to stop it will cause a meltdown since the economy is addicted to credit.