Right, the people in charge want to keep the power. But soon, the USD might not be the reserve currency. BRICS might be taking over?
I don't think BRICS will take over as the reserve currency globally, but it may displace the dollar in a large portion of the world. We just wouldn't have a global reserve currency, then.
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I dont feel BRICS will get anywhere. China's economy is going down....
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That's largely how I feel too. The question is just how far BRICS makes it before it fails.
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I feel that they are going to start strong, then they are going to lend too much money. It will just collapse on itself.
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It'll have the same poor incentives as the EU, but with much worse actors who have no cultural or geographic ties to each other. I expect it to fail much faster than the EU is.
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Im betting the incentives will be worse. The countries trying to get in are not the most stable. And its not like they have strong ties with each other, or trade agreements.
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Good point. The incentives probably will be worth, because there won't be even as much accountability as the EU has.
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Yes, but who will be in charge? Can you really trust China and Russia to be in charge of the bank?