BRICS News and Discussions
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ety
Trusted Member
You don't know what the hack you are talking about, I was saying that India can't make Russia to take India's position on Pakistan regarding BRICS, you are talking nonsense of India's veto power in BRICS, every member has a veto we all know that.
.we would welcome 'Chinese Yuan' as the world currency
.
NEW DELHI, Oct 16 (Reuters) - The Indian government's discomfort over letting state-controlled refiners pay for Russian oil imports with Chinese currency has held up the payment for at least seven cargoes, people with direct knowledge of the matter said.
as per the post#11, this should be picture of World's currency
?
j_hungary
Professional
Well, Russia is trying very hard at the moment to save their own currency from being collapse...
Russia’s Central Bank Raises Key Rate to Historic 21%, Signals Aggressive Fight to Curb Inflation - The Moscow Times
Russia’s Central Bank raised its key interest rate from 19% to a historic 21% on Friday, taking it even higher than the emergency rate initially introduced after the full-scale invasion of Ukraine as officials scrambled to shield the economy from Western sanctions.
www.themoscowtimes.com
It was 18% back in July 26, 19% back in Sept 13.
They are aiming for 8-8.5% inflation rate Q4 2024...........If you have to raise rate to 21% to aim at 8.5% inflation, you are pretty screwed.......
MNZGamerX
Registered Member
Multipolarity, Equality and Noah’s Ark: BRICS Banknotes' Hidden Meaning Revealed by Creator
The main motif of the symbolic BRICS banknotes that were unveiled at the summit in Kazan is equality and multipolarity, says Evgeny Fedorov, CEO of ARM-Registr – the company that designed the notes.
He tells Sputnik that the very way a banknote’s value is denoted four times is meant to display multipolarity because “BRICS is literally a multiverse.”
“It is a multipolar banknote by itself,” Fedorov explains. “This associative meaning is ingrained in the note. This is what BRICS original members are talking about, what the world is concerned with today.”
The depiction of BRICS member states’ totem animals on the 200 BRICS banknotes also holds a greater meaning, he points out.
“I believe that BRICS is a Noah’s Ark of sorts, meant to save humanity from something terrible that rapidly approaches,” Fedorov says. “These totem animals are protective charms that symbolize the idea of salvation. The idea of a communal ark in which we all are sailing, that we are responsible not just for the people of Earth but for the environment and the animals as well, for everything. This is a huge metaphor and BRICS members, political leaders, journalists and regular folks may find new meanings in it.”
The banknotes also feature depictions of the “most popular symbols” of BRICS countries such as the Moscow Kremlin or the statue of Christ the Redeemer in Rio de Janeiro.
The banknotes will also feature depictions of BRICS members flags, Fedorov adds: one side will feature images of the BRICS founding members’ flags (Brazil, Russia, India, China and South Africa) while the reverse will be subject to change as flags of all the new BRICS members, whenever they may join the group, will be added there.
Multipolarity, Equality and Noah’s Ark: BRICS Banknotes' Hidden Meaning Revealed by Creator
The main motif of the mock-up BRICS banknotes that were unveiled at the summit in Kazan is equality and multipolarity, says Evgeny Fedorov, CEO of ARM-Registr – the company that designed the notes.
sputnikglobe.com
MH.Yang
Trusted Member
The question of whether to end the dollar system has nothing to do with India.
The dollar derives its status from its ability to buy industrial goods and resources, and the dollar system will end only if a few of the most powerful industrial and resource countries stop accepting dollars.
Of the BRICS countries, the ones that can threaten the dollar's position are countries like China, Russia, and Saudi Arabia, not India. What does India threaten the dollar with? Getting Indians in telephone call centers to not accept dollars as wages?
Indian netizens should consciously stop discussing this topic, it has nothing to do with India.
The dollar derives its status from its ability to buy industrial goods and resources, and the dollar system will end only if a few of the most powerful industrial and resource countries stop accepting dollars.
Of the BRICS countries, the ones that can threaten the dollar's position are countries like China, Russia, and Saudi Arabia, not India. What does India threaten the dollar with? Getting Indians in telephone call centers to not accept dollars as wages?
Indian netizens should consciously stop discussing this topic, it has nothing to do with India.
Pataliputra
Registered Member
India doesn’t necessarily need to challenge the dollar directly. It can continue using the Indian Rupee for transactions with countries like Russia and Iran or engage in barter trade.
if BRICS members (Brazil, Russia, India, and China) agree on a common BRICS currency, Such an arrangement would benefit Russia and Iran the most, as both are under American sanctions. However, it’s important to remember that both India and China hold substantial dollar reserves, and the trade volume between India, U.S., and China remains significant, with transactions conducted in dollars.
Vikramaditya1
Trusted Member
@ety Pakistan is not coming to BRICS. It's that simple. You can get the entire support but India will not back Pakistan's entry in BRICS+. Mainly because Pakistan will use BRICS as a talking point of Kashmir. Imagine if India and China use BRICS+ to go back and forth about Arunachal Pradesh. It's not happening because we have different platforms to discuss it. You're fighting an imaginary battle here Pakistan is not even given observership. Russia is good at foreign policy because they don't play games with their partners like the Americans.
MH.Yang
Trusted Member
China will not agree to issue a BRICS currency unless Russia, India, and South Africa use gold to issue a gold standard currency.
the CNY is the only BRICS currency with a stable value and some international liquidity, and China is the only one that can provide a large enough anchor and credit pool.
If it is not a gold standard currency, then we are giving too much and getting too little.
If not the gold standard, we'd rather form another currency platform with Russia, Saudi Arabia and a few other resource countries. We use industrial goods as an anchor, they use resources as an anchor.
China will not agree to issue a BRICS currency unless Russia, India, and South Africa use gold to issue a gold standard currency.
the CNY is the only BRICS currency with a stable value and some international liquidity, and China is the only one that can provide a large enough anchor and credit pool.
If it is not a gold standard currency, then we are giving too much and getting too little.
If not the gold standard, we'd rather form another currency platform with Russia, Saudi Arabia and a few other resource countries. We use industrial goods as an anchor, they use resources as an anchor.
how you people see my post#11, CHinese currency is found "the currency in needed time", like in 'direct' trade between India-Russia, as mentioned in the reference of post#11
AjayGhatak
Trusted Member
To be fair Russians have enough natural resources to back up any currency they want.
They need an acceptance from broader set of countries now.
Russia bring energy and other critical natural resources on the table in this currency.
China brings Technology, manufacturing and the biggest market on the table.
India bring produce, man power and second biggest market on the table.
Brazil brings natural resources to the table.
South Africa bring precious natural resources to the table.
Rest of the gang give wider acceptance to the currency and its associated payment method.
With more than 30 Trillion dollars worth of nominal GDP and possibly 60 Trillion in purchasing power parity of these countries (global south) together is approximately half nominally and same in terms of purchasing power parity that of North America+Western Europe+Japan+South Korea+Australia put together.
Thats a lot of trading and payment opportunities.
They do not need to agree on everything, just have a currency and payment system that white-house can not control. Having many power centres means domination by a single country will not as hard as what US has.
Its simple. Just because US thinks Cuba is bad does not means rest of the world should not be able to trade with Cuba.
Dollar and SWIFT is too political and one country has too much power over it.
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r3alist
Elite Member
India is being both accommodated and tested on whether it can embrace real regional initiatives without using Pakistan as an excuse
Pakistan is not in the room , not even on the agenda
But Pakistan is being created everywhere by Indians
Does India still need Pakistan to understand the world?
Pakistan is not in the room , not even on the agenda
But Pakistan is being created everywhere by Indians
Does India still need Pakistan to understand the world?
j_hungary
Professional
In a political point of view, yes, this should be the case, but in the economic point of view, well, this is not how economist see things.
While I will agree the Russian had enough resource to back their own currency, however, those resource is nothing unless you can find a way to turn into their currency, they can't spend oil and gas as their denomination in Russia. Which mean you need both a market and a inflow of capital. The issue here is, both can't sustain their economic after the EU basically unplugged from Russia which they will need to seek 40% alternative market. And most country, even close allies such as India and China have no confident in Rouble, which is why both countries are asking to settle their transaction with either Forex (whatever left in Russia) and/or their own currency.
The result is even with vast resource, their effort is still inadequate to contain their inflation, cash rate at 21% is virtually unheard of in any advance economy, that's almost a quarter of the interest given, which you are going to have to pay either way, not now, but sometime down the road, those interest will then translate to inflation itself when it pay off, because you are getting 21% more money every year as interest accumulate (That's why interest seldom goes over 5% as it has to align with inflation value), that is very extreme to stem capital flow. The thing is, you can't put a tourniquet to the currency for long because the same as you apply a tourniquet to your limb, you put there long enough and you are going to lose that limp. Which by then they either need to have either a bailout from one or more country from the global south, or you are going to hit an unstainable inflation rate and nobody can afford anything domestically.
Politically, yes, if the Russian form a tight group with China, India and Global South, they can sustain their economic ecosystem with some adjustment, but the issue is, can or will they make those adjustment, that's another question, you still need to be able to sustain it economically..
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