Over 40% of the world’s population is now in BRICS:
1 Like
100% minus the likes of NK are now USD and EUR.
The BRICS countries account for 18% to one-fifth of global trade:
- 2022: The BRICS countries accounted for 18% of global trade.
- 2023: A United Nations report noted that the BRICS group’s share of global exports is rising, with intra-BRICS exports growing faster than the global average.
- Overall: The BRICS countries represent one-fifth of global trade
Note the 88% USD based detail.
Here are some other details about the BRICS and the US dollar:
- Global GDP: The BRICS economies account for an estimated 37.3% of global GDP based on purchasing power parity.
- Global foreign exchange reserves: The US dollar represents roughly 58 percent of the world’s foreign exchange reserves.
- Currency exchanges: The US dollar is used in approximately 88 percent of currency exchanges.
- Major commodities: Major commodities like oil are still primarily bought and sold using dollars.
- Intra-BRICS trade: The value of trade among the BRICS+ nations is around USD 5 trillion.
- China’s role: China has voiced its commitment to introducing an alternative payments system independent of the US dollar-based SWIFT.
1 Like
Because of Russia and China’s participation in the BRICs…the group might as well be the slave trade.
1 Like
Not surprising as BRICS don’t yet have an effective currency. It will be good if they ever manage an effective one as competition is generally good.
So you would prefer Russian, China or North Korean dollars?
There will be no such thing. The BRICS currency will be called the Unit or mBridge Unit.
If it is no good then no one will use it, apart from those countries on the USA’s growing naughty list.
Who knows what they will call it but make no mistake. It will be a Russian, China, North Korean currency because they are the ones pushing it.
It probably won’t matter to you but to your relatives it could. It’s strange how people are forgetting what happened in WW2. Especially people who were so demoralized by it.
From my long gone economics lectures I always had the impression that competition was good for the economy and consumer. Can’t see what is wrong with an alternative to the dollar based system. Don’t like it - don’t use it.
I think it will be a blockchain based crypto of some sort.
Oh, and “stateless”.
FWIW.
I reserve the right to modify or flat out change my opinion at any time.
ralph
5 Likes
I get that Divitias. So competition at all cost or do you think there might be a reason to not have competition? Is there something that you value more than competition? If competition is your holy grail than I can understand your stance.
You can trade in Rubles or RMB. Those alternatives exist. Good luck with that.
But you keep coming in here as if they will rival the USD or EUR. That takes too much imagination.
That is the US position as well.
Are you trying to grab the moral high ground for the USA/dollar? The USA is not too much different from any other powerful block.
Greenland anyone?
That is not true.
Or until Jan. 21, 2025, it was not true. We have not been grabbing territory for much of the last 100 years.
We have improved things by more than we hurt things.
About 200 military interventions since 1950
Watch out Greenland 
I am not trying to grab the moral High ground I am just trying to understand where you are coming from. It seems weird for someone in the UK not to understand the Nato alliance and the security it has brought Europe. I would think that anyone over there would want it to endure because the people in the United States really have no need for it because of our wide moat.
I think that is a Dutch colony.
SWIFT is not dollar-based. It is not even a currency exchange network. It is a messaging system.
The same could be said for England because they have been right in the Fray, Aye.
Seems strange to blame the United States when your country has been involved also.
I’m not coming from anywhere. I’m not anti-USA. I’ve lectured in a British University on economics and finance, before becoming an FCA (US = CPA), then running my own business for 35 years. I’m just interested in economics.
This site is about economics isn’t it?
Fifteen years ago I was mildly amused by BRICS, not so now. I can’t see it not succeeding in some way or other.
1 Like
The subject was the USA and its none involvement over the past few years.
But yes, I agree we blindly follow the USA into various ventures and do as much good/bad as they do.
Not too different from other power blocks are we?