Russian President Dmitry Medvedev, speaking for the BRIC group on Tuesday, said that there needs to be a new reserve currency. Having made mention of this idea in previous statements, choosing to do it in a much larger capacity has a greater impact to further the agenda.
Hosting four of the largest emerging economies, the BRIC group, Brazil, Russia, India and China, announcing that a new reserve currency is needed undermines the ability of America continuing the superpower legacy.
Hosting four of the largest emerging economies, the BRIC group, Brazil, Russia, India and China, announcing that a new reserve currency is needed undermines the ability of America continuing the superpower legacy.
For countries to unite and denounce the power and strength of the dollar, is an under-the-table attack at the world’s superpower, the United States.
Some may argue that it is time to “de-value” the dollor on a global scale. After all, China is funding the largest portion of the debt of the US. China also claims some $2 trillion dollars in reserves.
The three other countries of BRIC, have also shown their worth in todays growing global economy.
[…] away from the US dollar. This is one of the reasons, if not the only reason, for the alliance of BRIC (Brazil, Russia, India, and […]