The BRICs’ new “reserve currency” is all talk, so far, and if it happens it would be several years from now. From Andrew Korybko at korybko.substack.com:
Putin doesn’t hate the dollar and actually wants Russia to once again be able to use it with its partners for reasons of convenience, but it was the US that forced his country to de-dollarize and pioneer alternative financial instruments out of necessity.
Trump threatened over the weekend to impose 100% tariffs on those BRICS members that either help create a new BRICS currency or back any replacements to the dollar. This was in response to reports over the past year of Russia’s BRICS chairmanship about this group’s alleged plans. Influential members of the Alt-Media Community fueled this speculation with their wishful thinking claims, but the last BRICS Summit didn’t achieve anything of tangible significance, which was explained here.
Neither BRICS’ most passionate enthusiasts nor its most zealous critics alike can admit that no new currency is on the horizon and none of its members’ currencies will replace the dollar. While it’s true that they’re using national currencies more frequently, this was only due to the need to work around the US’ unilateral sanctions on Russia that were imposed after its special operation. Russia is still an energy and agricultural superpower so its partners couldn’t comply with them without hurting their interests too.
Breaking:
China bans imports of Gallium, Germanium, some forms of Graphite, Antimony, to FUSA after semi-conductor sanctions.
(H/T-TR)
The faculty lounge is going to go to WAR with our manufacturer and supply chain?
Brilliant. (s/)
This just in from Loss For Words:
Prey (1989)