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Wisconsin | I think you're overestimating the political aspect of it, and underestimating the purely practical and self serving aspect of it. A typical middle class person in the third world does not hold US dollars because they think the US will come and rescue them from political instability, they hold dollars because they don't trust their local currency. Some might hold some Euros, but they're not going to choose a BRICs backed currency as a more stable currency than their own. Any trading done in a BRICs currency, or petro dollar for that matter, will be settled in as short a time as possible because of the huge risk of holding a junk currency that is like a hot potato.
The US is undermining it's own strength through deficit spending, BRICs has a long way to go to mean much of anything to us. Still waiting on the promised gold backed currency. And adding Venezuela, that would really solidify their reputation. | |
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BRICS
