BRICS countries dump US dollar for credit and grants

BRICS : Brazil, Russia, India, China and South Africa.

They are dumping the dollar for credit.

BRICS credit: Local currencies to replace dollar

Brazil, Russia, India, China and South Africa - the BRICS group of fastest growing economies - Thursday signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other.

The agreement, the first-of-its-kind, was signed at the 3rd BRICS summit here attended by Indian Prime Minister Manmohan Singh, China's Hu Jintao, Brazil's Dilma Rousseff, Russia's Dmitry Medvedev and South Africa's Jacob Zuma.

No wonder the US dollar has been cratering in the last few days. Probably gonna continue this week.

But the agreement is confined to credit and not trade. BRICS economies hold 40 percent of the world's currency reserves, the majority of which is still in US dollars.

When they declare the US dollar dead for trade, THEN it'll be over.

Another step towards the death of the US dollar as the global currency...

Wonder how bad its going to collapse, wasnt china trying to get barrels of oil changed into there currency instead of it being US dollars, if that happens whats the US dollar going to be useful for? maybe we can wrap our christmas presents in sheets of $100 bills straight from the mint lol

reply to post by Vitchilo


I think its about time we decided to use our own currency to issue loans. It makes sense to me, living in SA. It does however mean that the dollar is going to suffer.

Thanks for the information though.

VVV

This lines up perfectly with my thread here:

Bretton Woods II: Europe, America falling while BRIC rising

The new plan at this second Bretton Woods meeting was to establish the new world economic order with the rising dominance of the BRICS nations. It is odd that this news event has occurred just a few days after the closing of the Bretton Woods meeting.

Dollar must end and the new global reserve currency(s) will be established. What we are seeing here is only the beginning. Now question is whether or not the United States and Europe will go down without a fight.

Could the CIA begin to disrupt the stability of these countries? China is already blaming the West for its instability which I do believe. They might begin to weaken these nations so that business interests are harmed making these economies less stabile and their hope is that these businesses will either stay or move back to the West.

reply to post by VreemdeVlieendeVoorwep


But just don't believe that this will make your life as an individual any better. The same basic principles that was used to control you up to now will not change, they just dont need the American form of control any longer.

If you look at what has happened in your own country regarding your own Reserve Bank and laws surrounding it and other financial institutions that was passed then all of this will also become clear to you too. As a matter of fact you might find the new form of control that will be employed much worse and oppresive - but only time will tell...

At the end of the day you will still live to work and work to live to repay your so-called "debts" and be a total slave to these institutions and the men controlling it...

Just my 2 cents...

As long as oil is traded in dollars there will be no collapse, sorry guys i know you were looking foward to the rape and pillaging you could engage in when the dollar dies, but thats a ways off yet.

reply to post by lokdog


But that could change very rapidly.

Iraq and Saddam Hussein - oil in euros not dollars

Iraq - Dollar v Euro

Libya and Gadaffi - Gold Dinar not dollars

Libya - Gold v Dollar

It seems that questioning the almighty dollar can be costly

reply to post by Vitchilo


This will cause the dollar to fall drastically, which in turn will push silver and gold up even higher.

Interesting cycle, great find again vichello

reply to post by ukWolf


WWIII NATO versus BRICS?

Is that what you are suggesting? The last thing you should do to developing countries is attack them.....Look at WWII era U.S., it serves as a catalyst for exponential growth

reply to post by Skerrako


I wasn't trying to suggest anything in particular, more just offering extra information.

That said I don't really see the BRICS being attacked, their decision may well be because they forsee a crash for the dollar and the introduction of a new standard. They're not advocating an alternative curreny to the dollar at this point.

But this is just my estimation at this time, in the mean time I'll just keep reading the reports I guess and see what develops.

Originally posted by kaoticf8
if that happens whats the US dollar going to be useful for?

toilet paper !!!
2nd row of toilet paper

LOL BDS second line

if all these broke countries dump the dollar they and theirs goes up by default..
plus there is the shopping at firesale prices...

as long as prices in the US collapses
they wont mind the devalued US dollar..

see?
not only will the peeps be broke but everything of value will get sold off..
at below what it was bought for originally
trust me..

what they buy, what the peeps owns,
goes DOWN in price
what they sell, what the peep needs,
goes UP

just think of it this way ..... when you owe on some property and the dolar drops out and you go from min wage of 7.00 or something to min wage 400.00 an hour you will be able to pay of that home loan fast.....lol

I'm really interested in this, but I don't fully understand how al this functions, the mechanisms behind it. Can anyone recommend me some books that explain this mechanisms in good detail?

Are china, russia, india and brazil against the Us? Or is this part of the plot for a new global currency?

Originally posted by ukWolf
Iraq and Saddam Hussein - oil in euros not dollars

Iraq - Dollar v Euro

Libya and Gadaffi - Gold Dinar not dollars

Libya - Gold v Dollar

It seems that questioning the almighty dollar can be costly

BUT... oil is valued in dollars and traded in dollars worldwide. Many middle-eastern (heavy oil trading) countries base their monetary value on the dollar.

For example, I live in Oman and 1 OMR = $2.60 USD. This country is happy with its leader and stable, but as the USA sees inflation, THIS country sees inflation as well. There has been some unrest here due to that inflation.

At some point, if it causes too much trouble, these countries will re-value their monetary systems to the most stable currency. When THAT happens, you'll see oil traded in different currencies for real. As long as all these currencies are based on the USD, oil will continue to trade on the dollar.

My question is... what currency has been more stable than the USD in recent years? It seems to me that pounds sterling are at a similar rate of exchange as the first time I went to the UK in 1999 (around $1.60 per pound, give or take).

All countries are struggling, in my opinion. A world economy isn't going to happen painlessly - and different world powers may emerge as a result.

reply to post by Vitchilo


ahhhh another step to the elites plan on a one world currency... ultimate control in the form of electronic money.

sure us people will suffer, but do you think those with billions give a f*ck about us? they own us.. we are the slaves of ancient eygpt... just less primitive...but controlled by the same blood.

In the UN vote to establish the no fly zone over Libya, the BRICS all abstained. This can be seen as a political statement of cohesion among the BRICS nations.

People who have followed the economic and political actions of the BRIC nations will know that this is all a coordinated effort to put the nail in the coffin in the satanic Nazi child-raping cult that is the Federal Reserve/Pentagon crime syndicate.

No people, this is not a step towards a one world currency, we won't let it happen.

Originally posted by lokdog
As long as oil is traded in dollars there will be no collapse, sorry guys i know you were looking foward to the rape and pillaging you could engage in when the dollar dies, but thats a ways off yet.

Saudi Arabia accounts for about half the G.C.C.' gross domestic product and 58% of oil production, their influence on this subject is most important.

It is therefore doubtful that any change of currency in pricing Middle East oil will happen, for the Saudi's are, in reality, completely dependent on the U.S. for their continued security.