You are going to have a lot of work in 5 years.

If you have limited storage space I'm also willing to offer customers room in my house, happy to hold onto the dollars

@@1Surge Said since 1970s

I can help in my area

Well in a few it would probably be worthless even though it's not worthless now.

Guess who sponsored this video 📹

Best comment right here

lmao I didn't even think about that but yeah, I'm tired of hearing about BRICS. Stop trying to make BRICS a thing, its never going to happen. The idea that a coalition of nations that shoot at eachother, lack functioning democracies, and have minimal international influence will ever be a dominating force is an absolute joke.

The speaker is so stupid. LOL. I certainly sure that he is an American. The way he thinks confirms that.

That was obvious from the title

These are the conditions in which life-changing money is made by those who remain calm, patients, and take controlled risks. Volatility goes both ways, the bigger the red candles, the bigger the green ones.

The dollar had a long and robust life. The U.S citizens are asking for close borders and less international interference, the World is tired of the "The U.S problem is the World problem; the World problem is the World problem" basically. After the pandemic everyone survived and learned. Almost everyone. So, the U.S should give to the citizens what they want. No more imports, no more exports, as far as I saw, many citizens agree they don't need other countries. So, close up, the world will keep spinning. Win/Win The U.S will be happy, the world will be better. Sounds like a dream to me honestly

What I like about Stacy is that THIS IS A BOT CHAIN, IT IS A SCAM, DO NOT TRUST THESE ACCOUNTS.

​@@EthertonFOReverBot

I don’t think it’s accidental at all. It seems to be on purpose.

Just try to diversify your portfolio to other market sectors, that way your portfolio is balanced and you don’t get to make so much losses. Also engage the services of a financial advisor to walk you through

Right, I delegate my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid rona-outbreak, and as of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments.

once you hit a big milestone, the next comes easier.. would you mind dropping info of your invt-advisor please? i'm in dire need of proper asset allocation in order to achieve an optimal portfolio till year end, thanks in advance ..

Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with COLLEEN ROSE MCCAFFERY’’ for the last five years or so, and her returns have been pretty much amazing.

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

Whoever made it got a D in their graphics design class

The person who made the graphic must be color blind

@@BnORailFan Color blinds still know the similar color. Their notation of color is just off from majority..

Few things in life bug me more than non-contrasting reference colors on a graph.

Exactly, I was stumped by this too.

Lool. "The US dollar of its era". Thats like describing Messi as the Jack Grealish of Argentina".

@@dennohnjogu4028 Nice comparison

@@dennohnjogu4028 wait which country is messi in this football reference then?

and that great currency falls apart when you need to inflate it by 10,000,000% to be able to cover all the demand for it. the US dollar is already inflated to a level to cover all the worlds demand for it.

@@wraithcat76 ye, I mean, the entirety of the Byzantine empire's wealth valuation in over 500 years can be covered by someone like Elon Musk alone. I mean, just Lockheed Martin's r&d expenses in 5 years itself cover all of Byzantine's 500+ years worth of wealth lol

Find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan...

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2019, and I return at least $121k ROI, and this does not include capital gain.

Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.

-Have you heard of Kate Elizabeth Amdall"? She gets featured regularly on CNBC. I myself use tax-deferred accounts to hold my investments. That way I avoid capital gains taxes. There are other options your advisor could brief you about....

I just checked her out and I have sent her an email. I hope she gets back to me soon.

Well I recommend you make a diversification plan because it's been harder to build a good financial portfolio since COVID. My colleague suggested I hire an advisor, and I've actually made over $120K with their help during this market crash. They used defensive strategies to protect my portfolio and make profits despite the ups and downs.

My Financial adviser is ‘’Margaret Johnson Arndt’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

Please tell us who's turning to the usa dollar. Not South America . Not Africa. Not China and Russia. You better brush up on the BRICS

You should buy gold bonds from your trusted government as the money is stored in gold weight and you receive 2% intrest on it.

​@@pervfoxtrusted govt lmfao

If I had a rupee every time somebody mentions this in comments, I'd have a lot of Rupee.

Yes and I can't believe some people think RMB will replace it. Surely the Euro would be a better option even though it similarly is unlikely to ever replace the USD.

A Yank still in denial

lol. wait for the change in regime. What's so great about Rome these days?

​@@RC-eb5hbiNcLuSiViTy and dIvErSiTy 😂😂

Not for long, thankfully. The trade is rapidly getting rid of the USD.

Is this why PC components are cheaper in the U.S than anywhere else even the UK and stuff?

@@StrangerHappened Nah as long as Vietnam and China is still an net export nation and export most of its stuff to the US then Vietnam and China would still have a ton of USD on hand. It would still be more convenient that way.

@@AMD_Fan_98 Higher VAT and taxes rather than currency tricks is the main reason I think.

Thank god someone has a Brain, people who think the DeDollarization is going to happen haven't actually looked into these other "competitive currencies"

Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.

My financial advisor is ' Vivian Carol Gioia'. I found her on an interview where she was featured Afterwards I reached out to her on her webpage. she has since then provided me with entry and exit points in securities I focus on.

SCAM CHAIN, DO NOT TRUST.

@@mikeroper353 why does this convo feel very scripted and fake lol 😂

​@@hanu6158because it is.

All big corps are just a cohort of centralised system working together, and any damage to one can have a dangerous ripple effect on every other one. I learned a long time ago to not trust corporations. Most of my money is in the stock market and my businesses. I keep only what I need to spend in my checking account.

@@Karagoldberg7 Ironically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The mar-ket looks very shaky. The bigger the red candles, the bigger the green ones. I have made over 280k in the last 4 months by invest-ing through my FA.

@@UshnicYuvnikof How can I reach this advisor of yours? because I'm seeking for a more effective investment approach on my savings

@@LeeWalton6 I personally work with “Colleen Janie Towe, she covers things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk. many things like that. Just take a look at her full name on the internet. She is well known so it shouldn't be hard to find her.

@@UshnicYuvnikof She actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing. I will do my due diligence. If She seem proficient. I write her an email and scheduled a phone call.

Usa has strategic partner in brics ,India India and China are enemies

It’s looking more and more likely the name will change to BICS.

@@MarcosElMalo2 If Russia is pushed out, maybe Rwanda can be invited into the group just to keep the acronym intact!😜

briCs

@@commandertaco1762 BRIcS

Mistakes like this make me think of this video as entertainment and not an actual documentary

@@harrisonmendes7505 Yeah that mistake is really important of course

Yeah, honestly this dude is not very good at portraying factual information. Hot takes to generate views with too much conviction with his words.

@@mwinsatt i’m sorry if this is stupid question but i can’t tell if ur joking

​@@mwinsattAh yes, talking about global currency transactions is the hottest take out there. Nothing gets more views than a guy talking about the history of currency trading. Lmao. What a dumbass

in my opinion, the impact of the rise or fall of the U.S. dollar on investments is multi-faceted but learning how to grow your money has never been easier than now that you can explore and experience a truly diverse marketplace passively by using a well-performing portfolio-advisor.

I'm sure the idea of an invstment-Adviser might sound controversial to a few but based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 580k within 16-months from an initially stagnant Portf0lio worth 105k.

@@MarkSlavin1 How did you achieve it? I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. I'm looking out for a better investing strategy, I have a lump sum that inflation is steady eating up.

@@DarleneMurphy774 Laura Marie Ray is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up

@@MichaelDSteffan the above people are likely bots or the same person. All their accounts were created a month ago

I'm pretty sure each "state" or colony at the time was still just trading in local currency.

Lmao

People used the peso and real domestically in the U.S. into the 1850s. The NYSE was denominated in eighths of a dollar (i.e. reales) until 1997.

What? Spain helped us gain our independence. We were just helping a homie out.

Why spend all the time and money making new coins when you don't have to?

That's fascinating, I would have thought that China still would be number one for India. I just looked it up, India exports more to the United States than it does to any other country, but it imports more from China than any other country.

@@musa7606they’re worthless unless they buy something from india. Countries just won’t accept them.

@@musa7606 the sudden oil imports were too large and russia accepted rupees just to avoid USDs, but they dont import much from India so essentially they just have ton of rupee reserves

@@raghavendrasingh5077 You saying russians cannot redeem the rupees?

​@@Six_Gorillionthey can always buy other currencies with that rupee but they wont get rupee to rupee because they got to pay a vig on the transaction

That’s right! Downturns provide plenty of opportunities for regular people to build wealth from the scratch. However, you may need to get some professional advice from an Invest-ment planner if you need an aggressive return.

Recessions are where millionaires are created. After my port_folio took a big hit in April, I was forced to employ the services of an Invest-ment-analyst who has not only accrued a profit of $250k for me since then but has also taught me how.

Please can you leave the info of your investment analyst here? I overheard someone talking about how a couple made $200k during this red season. I need such luck lol

Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.

I Researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.

​@@paul.1337How dare you? Kazakhstan is well on its way to a spot in the top 5 economies. 😤

@@KLRH23 Nah, it's bricks. Because the entire concept is dumb as a brick.

Planks

@@jonc4403 denial

​@@jonc4403pretty damn smart if you ask me. Russia and China alone have a larger population than the US and Canada easily- why stay a victim to fluctuating US debt at 32 TRILLION when those Brics can remove themselves from the US ability to weaponise the dollar?

It’s not getting replaced by it’s not going to hold the share it did as the world reserve. The goal is to create an alternative not overthrow it(something like the euro).

As of 2007, the mortgage backed security as an investment vehicle was not going to be undermined anytime soon. And as of 2021, inflation was transitory and would be dissipating shortly, and banks were completely solvent. You see, history always happens very slowly, then all at once. And "experts" are always faking it til they make it. Broken clocks and all.

Pretty much. The world runs on Western technology, computer chips, etc. Shut literally any country out of that, they're suddenly irrelevant in five years. Or in China's case, they'd just starve as they desperately need world trade/imports to even feed their own people, let alone run a manufacturing conglomerate. If say, NATO were to break up that would be different, but until that happens the Western countries can just shut out others from trade and watch them fall well behind the rest of the world very fast.

It need to be to over throw white supremacy

@@sharwama992 The $EUR continues to lose value against the $USD.

They don't. It's all on ledger that's settled once per week.

In reality it is much less because many currencies have a tied, fixed rate exchange rate. For example many European countries that don't use the Euro have a never changing exchange rate with the Euro. On a much smaller scale the Falkland Islands Pound is always worth the same as a British Pound.

@@Dave_Sisson That doesn't really change the number. It just means that certain exchange rates change very little.

Or slow decay, as it happened to other empires and currencies.

yyes but no, for another currency to be used it would just need to be easier and more reliable than the dollar, that doesnt mean that the dollar has to dissapear or for the US to be in ruin, just that theres an easier option. look at the euro, the eurozone is great and super rich and productive, but the dollar is more convenient. but that doesnt mean that the euro sucks.

its former self not it's (=it is)

​@@VeteranVandal The signs of which are very visible nowadays.

@@sergeigen1 US has enjoyed higher salaries because of fiat currency reserve. It isn't pegged to commodities and the trade can happen without US. US doesn't produce anything and only consumes what the world exports. The economy is around 26 trillion but the debt is even higher at around 31 trillion. It will collapse sooner or later. The BRICS nations can do without having US as a country on the map. There's no real value that US is adding. The services and IT sectors are over valued

Read about the bretton woods agreement. You will thank me later.

its very beautiful! not as classic, but still very nice

Wait, what? What mummies have to do with it? 🤔

@@nerenahd In the words of pulp fiction, English motherfucker do you speak it? Nobody said the word mummy

@@nerenahd A numismatist is someone who studies coins or medals

@@Time12366 Oh, damn. I misread it.

@@souventudu6154 😎

Brics coruncy will never happen. India and China hte eachother and don't trust each other. I as an Indian know that most of us whould protest against it. We just don't trust those chig chogs.

Completely ignore the fact that Saudis currency is pegged to the USD.

There is really no BRICS, Brazil hovers above bankruptcy for maybe 30 years now. Their currency is pretty much worthless and exists in a small volume. Russian does not have economy or currency. India and China compete and are more likely to end up in war with each other than accept each other currency. China has two currencies, remimbi that can be used only by Chinese and in China. Cannot be exported or swapped, then Juan, which is centralised pseudo-currency of small volume and cannot used without prior approval from CCP representative. BRICS is not really a thing, it's from a paper from 1980 from a London econmist, it means nothing

Also an attempt to take away the dollar as a form of economic leverage. e.g. sanctions against countries. Not that any alternative wouldn't do the same.

Before any BRICS currency can ever even happen China first has to discard its two currency system, then get both China and India to agree on something

yes, practically impossible. You literally need China govt approval for every single transaction. I was in a top-dozen bank and when we wanted US$1billion worth of RMB around 2010 to invest in China we had to submit our entire company bona fides, balance sheets, P&L for five years, and wait months for permission for that single transaction.

Yup, because every time they open it up they get massive flows out of the country. The people with power and money within China don't even want the Yuan.

​@@lqr824Exactly. If it was that easy to move money, Jack Ma would have been an American citizen by now. Haha

if only China had their own version of Bretton Woods Agreement after a massive victory over a war

@@sinoroman > if only China had their own version of Bretton Woods Agreement after a massive victory over a war Winning a war isn't sufficient. You also need an open society and open economy. The US has had an open economy since the US's founding (and the colonies before that). China has no such thing.

money does not grow on tree, so you will not be bothered.

Go eat up that OF man

L

You'll be back.

you can live in a tree, until the money follows you and cuts it down.

The Euro is also used in South America, in France, specifically French Guiana, which isn't a colony, or overseas territory, but a literal part of France.

Good point, just because BRICS takes the USD down doesn't mean they'll be the one to replace it. I think more countries would be comfortable switching to the Euro since the EU is much more stable than BRICS, plus there's more countries in that organization so the power is spread out a little bit more. Not to mention the US, despite losing their crown, would still be one of the top economies and would likely support the EU over anything else.

China on it's own is bigger than the EU economically and is more likely to get the gulf states over the EU so trade in oil would be in Chinese yuan over Euro's.

Yeahhh, no this just isn't true. This is an ignorant westerners' dream, if the Dollar-centric world we live in falls, in the world we live in right now, China wins by default. Currency matters specifically because it's one of the few ways China can topple the US global dominance without something more drastic taking place, like war or overt conflict. China has most of Africa bought and paid for. China controls 45% of global manufacturing. China has the entire ME and Gulf onboard because the US backs Israel, and occasionally comes and invades countries without provocation, and most of the Gulf isn't down with that. China's military, political, and economical might wipes the floor with the EU The only saving grace is what was referenced in the video. Chinese supremacy is limited to China because that's how they built their country, from the inside out, so quickly. Conversely, US supremach is defined by it's influence and control of the world outside it. The US loses that power practically overnight if it chooses to abuse it, which makes it a moot "trump card" to hold. And if China truly does find a way to weaponize its currency without shaking its powerbase internally, there is no country, or "Union" on earth that is standing against it. Today, on a de-facto basis, if the US isn't the US anymore, China wins. Nobody else can compete. The EU will very quickly bow down because it's nation states are dependent on Chinese imports.

​@@Ushio01yeah but you know Europe does much more trade than china The EU has a legal system much better than china And the EU has a financial hub much larger than china

If I had to pick a currency to be the global currency, I think I’d pick the Euro. It’s a proven model of different countries sharing the the same currency. I wouldn’t want any singular country’s currency dictate the global economy.

Until I can easily get my money out of China same day, it won't happen. No business wants to have large sums of cash locked up and held hostage in a banking system ruled by a totalitarian regime that changes its mind on things on a whim

Im sorry but you had to have misunderstood something since in what worlds does China import more than it exports. Or i misinterpreted what you said

@@lordhoden having a reserve currency means you import more than you export as you can no longer determine your saving rate of your nation at a macro level as demand of nation creates reason opposing nation would need said currency in the first place. not mentioned in this video is the pro's and con's of having a reserve currency as that's where things start getting highly complicated.

​@@lordhodenChina and Japan are large exporters, they have massive USD foreign currency reserves (mostly in Treasury bills) because of this to "park" their trade surplus. This reinforces the USD reserve currency status.

no man the video is $#!+

A regulatory climate for credit expansion and exchange controls, and enforcement mechanisms require time to put in place. Any contender is imitating the US at this point.

Not to say this won't happen.

Britsh pound was THE strongest powerhouse until WW1. Then the dollar surpassed because it was actually backed by gold up to 1933, but there wasn't an easy substitute back then, even FORD tried to create a private one to no avail.

"It also has permit transactions without crippling capital controls". Yes , the currently demented USA government is crippling the Dollar with capital controls A.K.A Sanctions.

​@@pcopeland15China's currency would only get to this point if the Chinese Communist Party falls...at that point I do believe China would outstrip the US, but with the CCP in charge it won't

None one would use BRICS currency as they are not stable. Lebanon is in crisis and they switched to USD they would not think of CNY, USD will take many years to fall.

Bidens error in going after Russia's assets will be what crushes the dollar. BRICS is gaining and will continue to

Wouldnt be a problem even if the dollar were replaced

@@grimaffiliations3671 it would be a problem. What would you do with all the debt

@@desperado914 we can still service any debt denominated in dollars

I'm an econ student, and I'm taking global economic history as an elective next year. To understand what is going on, I truly believe that we need to understand how we got here.

It's misleading in a sense though. Globalism wasn't a thing before WW2. So these strong currencies shown in the graphs are more like indications of strong global powers dominating by sheer trade volumes basically rather than the reserve currencies of US Dollar today.

word of advice, get your economic lessons from actual reputable sources/channels about economics and not this guy

​@@kennyofbaja It doesn't take an expert to explain first year economics lessons

I recommend to you the book "The World That Trade Created: Society, Culture and the World Economy, 1400 to the Present" by Kenneth Pomeranz, it's a lot more detailed than the brief history lesson here.

crypto?

@@alexm7023 crypto is a security so it cant become a reserve currency. ;P

Countries don't like crypto whatsoever

@@alexm7023 that currency also has to be stable. Crypto is worthless on a global scale BECAUSE of the fact that it's decentralized. Not having it tied to a specific currency is what makes it unuseable.

​@@alexm7023cryptocurrency is actually deflationary and you can't just make more of it

the problem in toronto is that it's the economic capital of canada and the liberals have decided to increase immigration to 1 million per year . most of those people go to toronto. inflation is not even in the room. it's supply and demand.

Looking at Europe right now being a leftie shitshow we can rest assured that "challenge" isn't coming.

Didn't the Euro replace the dollar in Europe and it's vicinity? Perhaps that is the possible future: not a single global currencies, but several regional currencies.

It also is just more untenable because the ECB policy has to deal with a wide variation in local economies. The Fed can just act alone without too much worry about anything but the US economy

Bretton Woods established the current monetary system. The Euro, Yen, etc. are all intricately linked with the USD because of the debt situation after WW2. The Euro, in essence, is just another extension of the United States Dollarization

USA kills its currency every day with the stupid nonstop money printing press. It’s your own fault if your money dies out of lack of confidence. Euro and BRICS money will take the dollar place.

How about we acknowledge the fact that none of the BRICS nations wants to overtake the USD? How about we start with that. Do they want to overtake the USD and the answer for all of them is the same answer that USA gives when they are asked if they want to be the reserve currency: no. Yes not even America wants that (in terms of economics). So why are we talking about a non-issue? It is just media hype, cucumber news as it is called here.

Not even BRICS countries want to replace the dollar, at least in the way this video talked about, it is all about having cheaper exports between themselves and other smaller countries.

The dollar is really that stable? We already had a couple of crises involving the dollar. Furthermore, we had the Bancor by Keynes and Schumacher; it was an interesting idea proposed in the 1940s.

No currency is stable. Its all about reducing the risk. Economics 101!!

​@@icarovenzon7246It's a lot more stable than Ruble, Renminbi or Rupee, that's for sure.

It is not. It is displayed in USD as per conversions for US news for ease of understand. Likewise you will be told about the size of a Cricket stadium in New Zealand in feets instead of meters. Also, the biggest creditor of the debt is China which deals in Yuan

​@@rockcliff1930No, you are severely misunderstanding. A lot of unstable economies issue debt in USD because that's what investors trust in, they don't want to buy a 20% coupon Argentine bond only to be hit by 100% annual devaluation. Thus, 55% of Argentina's debt is denominated in USD.

@@strilight Youre absolutely wrong! 😊

If another fiat currency takes over sure but if a physical commodity or a currency with a fixed supply replaces USD then no it won't

@@Spider-Man-2099 ElonDogecoin., To the Moon!!!

Lol, common currency of BRICS backed by Gold and other precious metals and backed by manufacturing power of China, abundant resources of Russia and Independent and Transparency of India can easily cut through this claims.

​@@Spider-Man-2099gullible or hopeful. No way of knowing that with any certainty. However, our history does point to somebody will find a way to exploit anything.

I think that's because the sort of person who feels the need to rule over everybody is exactly the sort of person you don't want ruling everybody.

There is nowhere near enough gold on the planet to ever make such a system workable. This has been the problem with the gold standard for the last century, and what led to its collapse.

​@@PhysicsGamer Absolutely none of that is true. There's no "amount of gold needed". By definition prices are relative. You can price things in anything, in any amount. A barrel of oil could be worth a grain of gold or 5000 kilos of gold. It doesn't matter. Only the relationship. There used to be one good objection to a gold standard, but it's no longer relavent. What "broke" the gold standard was politicians who did not want their spending constrained. They wanted to be free to inflate the currency and hide the resulting devaluation. And no, the neo-Keynesian / MMT economist you're going to want to cite is wrong. Those branches of "economics" are completely bankrupt, as evidenced by their inability to have any predictive value from their theories. It's equivalent to citing scripture to explain how rivers are formed.

@@johnblaker2454 A barrel of oil can only be "worth a grain of gold" if you can find someone willing to give you a barrel of oil in exchange for that grain of gold. Same thing in the other direction - a barrel of oil can only be worth "5000 kilos of gold" if you can find someone willing to give you 5000kg of gold in exchange for a barrel of oil. In reality, nobody wants gold badly enough for the world's supply of gold to be enough to express the value of global trade. Hence, it's not a suitable choice for a currency you expect to use for global trade.

@@PhysicsGamer You just described pricing in terms of anything. Clearly you don't understand the basic aspects of what makes a currency develop. Currencies exist in the absence of governments for a reason. Once you understand that, you'll get why nothing you've said makes sense in terms of basic monetary theory.

@@johnblaker2454 Basic monetary theory is incapable of truly modeling a complex modern economy. Which is why it is only _basic_ monetary theory. In reality, if you need enough currency to express a quantity of economic activity worth X but the amount of gold in the world is below that value... then a genuine gold standard is impossible. The only meaningful compromise is a horrible combination of fractional reserve banking and a gold standard, where each unit of currency is somehow only worth some fraction of its face value in gold, presumably with a floating rate based on market forces. And congratulations, at that point you've reinvented the gold market with fiat currency, just with extra steps. This isn't a new idea. It's been brought up a number of times, especially around when we abandoned the gold standard - a lot of people were very invested in hanging onto at least a semblance of it. Every time it gets laughed out of the room, because it really doesn't accomplish anything except make more paperwork for everyone.

Yes, that's true

Countries already have alternative to he dollars, they just CHOOSE to use the dollar like europe.

@@snoopysnoops007 They been doing that since 2007 yet still hasn’t achieved a single thing even during the great recession of the US. India is trading with the U.S. in dollars, china trades with US in dollars, guess who runs chinas economy the US. Also the russian ruble just crashed 🤣

I believe we call this alternative currency the “Euro”, not the BRICS currency.

I think ultimately we have yet to reckon appropriately with the consequences of BOTH fiatisation and the nationalisation of wealth and trade. which none of these things are _bad_ per se… but it is lot more complicated then weighing pallets of gold. I think in the least, both by virtue of BRICS members being adequately incentivised and the multilateral setting being most appropriate, i’m happy we get the chance to look like this again from first principles. that’s my take 🤷🏾

bad bot

This is the best fucking quote

Yep, riga just has a big swedbank building LMAO

Because people are too used to household-level finance concept of “debt bad”.

@@bubbledoubletrouble Well debt, and other liabilities are a problem for any entity, households or businesses that have to be concerned with making a profit, maintaining cashflow, and whatnot. They aren't a state, which can snap their fingers and magically create more money in an instant through the power of monetary inflation to buy whatever they want, or just raise taxes. Could you imagine what household finances would look like if people could tax or print currency?

Bs. America did really well with trade surplus. Learn your history

so how does it feel giving your money away to a millionaire?

​@@skeetrix5577the same as paying your credit card to the elite I guess

@@skeetrix5577He may be a millionaire, but he still provides value to people’s lives. Showing a small amount of appreciation doesn’t immediately make you a shill.

@skeetrix5577 it feels like an experience that nearly every single person can relate to. You think you're apart from that?

​@@luckedude_4781so it's better to pay for Nebula. It's his creation and will probably have a higher margin for him than this donation

Two parallel systems, Western one pretty much the same as it is now and weird bs in Soviet Union and its colonies. Exchange was Barter like, Soviets sold oil and metals in exchange for food or machines.

Due to Lend-lease, the Marshall-plan, its holding of gold, and other economic aid and commerce the US provided to win WWII, the world became became dependent on the dollar over the British pound. This led to the Bretton-Woods Conference and subsequent agreement in 1944 where all 44 Allied nations, including the Soviet Union, met to set the global financial system for the post-WWII era. This established the IMF and emphasized free trade but the part that angered the USSR was the US Dollar was to becoming an international standard for exchange rates as well as gold. Their delegates ultimately signed the agreement but the USSR never ratified it by contributing to the IMF. But because the Soviet Union usually focused on self-sustainability and only had usually less that 5 percent of its GDP resulting from foreign trade, it didn't impact foreign markets that much.

It is crucial to differentiate between fiscal and monetary policy. Europe does have separate fiscal policies, aka governments collecting their own revenue and spending it at their own discretion. But Europe does not have a separate monetary policy, the European Central Bank controls interest rates, open market operations just as the Federal Reserve in the US. Depending on how you look at it, Europe is closer to the US than one might think.

Even if the US weren't the dominant power in the world, people would still use the Dollar as the reserve currency (at least for a while). People still used the Pound for quite some time after Britain had been eclipsed by the USA in terms of economic output. The only nation which really threatens US hegemony is China, and people don't trust Yuan since it's heavily manipulated, so it's not like people are going to swap to Yuan the second they officially eclipse the USA.

Well, the importance ofSaudi Arabia and UAE is not their GDP but their oil exports. We all know the demand for dollar is high as the oil is traded with it and if it quits being necessary to trade oil, well, it will devalue pretty fast.

The euro is just a derivative of the dollar. it does not exist separately from the American financial system.

​@@ttuliorancaoseems like no one is taking into consideration of Oil rich countries moving away from the dollar will be massive..and Saudi Arabia and UAE wants to join BRICS including Iran also

ok

What about crowns? Weren’t they an international currency at some point or am I wrong? I’m just going off of all the international trade that happened in the middle ages and renaissance.

this coin is called the _Maria Theresa thaler_ and this coin remains popular in North Africa and the Middle East to this day in its original form: a silver coin with a portrait of the ruler on the front and the Habsburg Double Eagle on the back

It is actually a somewhat widely used slang for money. Or at least widely used at one time.

What town in what state lol?

Rhyming with Bucket is actually the pronunciation used in English. He hypercorrected here.

@@bossmicky9256 I lived at your mom's house.

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It was when it was backed by gold. Same as the US Dollar.

Hahaha, hope they aren't still holding any of that crypto today!

How is it reliable when he didn't mention how the US forced countries to use the dollar? It's a rather important fact to be left out, particularly because it means certain countries would be eager to leave their abusers.

@@noticiasinmundicias The lack of fictions like that makes the video more reliable, not less.

That's right, as it took WW2 to make the US dollar the current king of currencies

It's not about replacing the dollar, it's about having an alternative. Using CNY in Argentina has helped us greatly with the MASSIVE IMF debt our US-backed president acquired.

Absolute terms are useless when you consider inflation.

@@noticiasinmundicias but we're not?? The point is people are still holding the same amount of dollars, and adding dollar equivalents to an extent

Of course, but that's because it was intentionally stopped from happening after the media cried wolf

The question is if the USD will still be the main world currency in 50, 100, 150 years time. Nothing lasts forever. The Spanish imperial currency was used as the world currency for hundreds of years. There was a time when people considered that currency to last forever

@@boilingwateronthestovewhy is that question there? The planet could be destroyed by a comet in a 150 years and you’re worried about dollar being the reserve currency?

we can still try anyways of course it will fail the question is when but more importantly it is up to us to make it happen in any way we can

I mean yeah but in every huge catastrophic financial event the US bails out corporations and banks so it’s hard to say how many times more they can afford to before it collapses for good… not desiring it myself, I don’t want suffering for any person in any country, but I’m skeptical that bailing out huge risky institutions every time they overdo it is a strategy that can work long term.

If it was possible to a dictatorship as Rússia and China have a world currency, takes 30% of the dollar market would Kill the U.S imediately.