BRICS Currency

What do you think about BRICS currency?

USA has been printing USD at an incredible rate. They are in deep debts, but they are planning to print more money.

Quotes from Internet: "The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. Learn more about different ways to measure our national debt." They say "Reminder: US Debt Grows by $1 Trillion Every 100 Days."

US debts are out of control and US Congress and Senates wanted to raise its debt ceiling. They must face the real world. How much money slip into personal pockets, btw? Source: https://www.youtube.com/shorts/Hz5E08tRZ1g

I don't think that it's fair for other countries as USA printing significant amount of money and granting to other US companies. Those corporations with surplus and high value USD have been purchasing successful corporations around the world. Therefore USA has a lead in many fields.

Let buyers decide which currency to settle a trade. Spot currency conversion could be used or estimated. Sellers could add commission (foreign exchange) fees into the buyer's choice of currency.

Btw, costs to manage another currency such as BRICS would add significant amount of work and money to its members. If you wanted to create a common BRICS currency, central bank would be needed for setting interest rates and perhaps scrap local currencies. You don't want in the same position as European Union handling of Greece issues.

If you agreed to this fair principle, crypto currency or BTC would collapse. Perhaps you support those printing crypto currencies or BTC?

BRICS members could agree and create a BRICS index or ETF to keep track of currency fluctuation of a member's currency versus the index.

The BRICS currency was meant to be a currency for trading goods and services among members and other nations, thus you don't want BRICS as a crypto currency, which swings +/- 50% within a month.

Trades would preferably be settled in currency of a member as agreed by both buyer and seller. Buyers and sellers outside of BRICS would be encouraged to settle trades with a BRICS's member currency.

This would reduce lots of management work.

Let say if a member currency is fluctuating +/- 5% or 10% within a month as compared to the BRICS index, the buyer or seller could refuse to settle trade in that currency and choose another currency within the BRICS block.

1 comment:

  1. We need a stable currency for a trade. We don't need a casino token.

    ReplyDelete