The economies of Russia, China, Iran, Brazil, Saudi Arabia, South Africa, Egypt and the expanded BRICS+ nations are all well positioned to grow, as the U.S., Canada, Japan, Australia, New Zealand and the E.U. are well positioned to shrink.
There are many reasons why the U.S. dollar is going to remain the dominant global currency for a long time, so the BRICS idea of a new international payments system is best interpreted as an attempt to restore sanity to an increasingly absurd financial system.
The BRICS alliance is going to deliver some pain to the Western alliance. With our leadership chasing climate change and Green New Deal policies, we are going to see more durable inflation as the cost of oil is attached to just about every product and service.
On this episode of The John-Henry Westen Show, I'm joined by Drew Mason of St. Joseph Partners to discuss the potential financial crisis that could happen if several countries move away from the U.S. dollar as a reserve currency.
The vicious, confused, criminally reckless tyros running US policy, and deliberately lengthening this destructive and immensely dangerous, unwinnable conflict, are indifferent to the ruin of Ukraine and the mass deaths of its young men.
‘If Saudi Arabia decides to join with America's enemies here and start trading oil in different currencies,’ the result will be ‘a complete implosion of the global economic system, but certainly the American economic system,’ Monica Crowley said.
Neither the Russians nor the Chinese object in principle to the kind of posthuman future presented by the Neo-Malthusian Green movement. For them, it is a question of whose flag may fly over their sector – that of the rainbow, or that of their own.
The Federal Reserve can continue to print money indefinitely to service government debt – and to bail out people who make bad decisions – but it cannot expect other nations to continue to guarantee its value.