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The BRICS countries are primarily 3rd world shitholes, commies (or both), or have petro dollars. They are not displacing the dollar, not today and not tomorrow. It’s a fantasy of the anti-American set and those caught up in the narrative of American decline.
The $ will not be displaced.
BRICS Currency Swap: Too Small and Complex to Dethrone the Dollar
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Thank you.
I’ve gotten tired of explaining to people that the reason the ruble is worth less than the peso is because Russia’s entire economy is worse than Mexico’s.
BDS is just as stupid as TDS.
It takes 18 pesos to buy a $.
So a salary of $100,000 would be 1.8 million pesos.
It takes 90.3 Rubles to buy a $.
So a salary of $100,000 would be 9.03 Million Rubles.
Purchasing Power Parity (what you can buy with 9.03 Million Rubles) is equivalent to 3.26 Million Pesos.
So, purely from a Purchasing Power perspective the Russian Currency is much more valuable by 80%.
The IMF estimates Per Capita GDP Mexico as 15,249 (63rd), Russia as 14,391 (65th).
Conclusion: The Russian Ruble is not only NOT worth less than the peso, it is, in fact, worth much MORE than the peso.)
I find PPP to be wildly inaccurate. I’m sure you know the value, and non-value of PPP. There is so much inaccurate about it that it is useless as a metric to compare two countries real GDP.
The dollar is in slow motion collapse and no other currency will replace it.
Meanwhile, ChiCom holdings of UST went from 1.45 Trillion to under 1 Trillion now.
That Accelerated in 2021.
They’re buying real estate, oil, other commodities, searching for more Rare Earths and generally buying things that have value for their pieces of paper that have US Dead Presidents on them. They still run a large trade Surplus with us, but that money is ALL going into something else, plus some of the holdings they had built up over the years.
THAT will be the new “Reserves” until such time as a real currency that acts as Money, in the sense that it is a Store of Value (which means not Fiat and backed by something that can’t be printed out of thin air), comes along.
“The dollar is in slow motion collapse”
Can’t argue that point. OTOH, this has been true since I was a young man 50 years ago. We have been in imminent collapse every year of my life according to some prognosticator, and yet here we still are, and wealthy as ever compared to the rest of the world.
We have banked wealth and that counts for something. Our decline is overstated IMO, because it takes so little effort to put it back on the straight and narrow.
@kennycan,
Aside from PPP, you’ve just documented that the entire economy of Russia is smaller than Mexico, and the peso is worth nearly 5x what the ruble is.
But let’s all be serious: the dollar has been in “slow-motion decline” since Frank the Cripple untied it from gold in 1933.
By January of this year the dollar was worth about 1.3¢ in constant value compared to almost any year between 1786 and 1933, and particularly 1837-1933, which is less than the current cost to print one in terms of ink, paper, and energy. Fiatbux are finely-engraved toilet paper the minute everyone wakes up and notices.
When that happens, as is ongoing, we will transition to the period where it goes into fast-motion decline.
It will suck most of the world down with it, including the BRICS fantasy.