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BRICS credit: Local currencies to replace dollar
Posted on 4/17/11 at 6:47 am
Posted on 4/17/11 at 6:47 am
I don't know if the bobble heads on biznews reported this bit or not since I tuned them out long ago. Take note that these are the individual countries leaders, not a bunch of flunkies.
"SANYA: 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."
"SANYA: 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."
1
Posted on 4/17/11 at 10:13 am to RasinCane
This of course simply backs what I've been saying all along - if you think the dollar is doomed you can just use a basket of other fiat currencies instead. No need to own gold.
Glad to see you are seeing the light.
Glad to see you are seeing the light.
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