It’s also receiving applications to join from multiple countries, including Saudi Arabia. Whats is your opinion?

39 comments

  1. don’t like that South Africa, a country with two words in its name, only gets one letter in BRICS.

  2. I think it’s a joke because the countries that comprise it aren’t exactly in stable economic conditions nor do they have a good track record of their governments not interfering with their currencies. BRICS has been thrown around for decades now and really hasn’t accomplished much. Also they should have named themselves CRIBS

  3. Fears about it are way overblown for political purposes. This is a standard diversionary tactic of the rich. We must do more to compete with other countries! Which usually translates to lowering tax rates on the rich and lifting regulations on companies.

    Some marginal declines in dollar trade could occur. But the dollar is still strong and likely to remain strong for the foreseeable future.

  4. I’m neither surprised nor concerned, these are hostile nations and economic rivals, I don’t expect them to do anything but hurt the dollar whenever possible.

  5. Never heard of it.

    There’s a great local ice cream shop named **BRICS** (Broad Ripple Ice Cream Store)

  7. Good luck.

    The dollar is so reliable it’s the chief currency used *worldwide* for *criminal* transactions, that is, transactions that are so scrutinized that they have no contractual or legal legitimacy. It’s so reliable that other countries use it as a *benchmark* for their currency controls. It’s so reliable that 11 *other* countries use it as their official currency.

    So, yeah. Good luck lolz

  10. > , an economic alliance solely created to topple the U.S. Dollar?

    Where did you hear this? This is definitely not the reason BRIC and now BRICS was created not sure what YouTube videos you are watching. It’s an economic bloc that rivals the G7.

    Yes they have their own banks and their own system similar to SWIFT. Yes they run an alternative to the IMF. The only reason it’s in the news right now is because the current President Pro Tempore of BRICS is Russia who the US is very publicly feuding with.

  12. As when this was asked a few weeks ago – it’s about to spend a *shitload* of money propping up Russia, so…not very concerned.

  14. >Americans, what is your opinion on BRICS, an economic alliance solely created to topple the U.S. Dollar?

    not from us, came here to ask another question, saw this and saw people replying to the question without wondering if the question is true. Most history of BRICS is for economic growth of these countries over decades. Where did *topple the US Dollar* come from ?

  18. My only question is, so which one of those countries, if they take over the U.S. dollar monopoly gets to use THEIR currency as the go to currency? Lol What happens to the other countries’ currencies. Do they stay the same even if they get taken advantage of?

  20. They should add Thailand, Hungary, and Estonia. Then they would be BRITCHES.

    Better yet, drop Russia after adding those three.

  21. I think ultimately it will replace the dollar or dissolve into oblivion based on the soundness of the fundamentals. Given the lack of transparency in Chinese fiscal policy and the recognized lack of reliability in Chinese central bank information it’d be a hell of a gamble to us the RMB as your reserve currency.

  22. I find the recent fascination with BRICS to be incredibly strange, especially considering several of the countries are in what looks to be either permanent decline or stagnation (Russia, South Africa). Two of the countries absolutely hate each other (India and China). Brazil doesn’t have the best demographic structure and is pretty much completely incapable of building infrastructure to efficiently connect its interior with its coastal ports due to geography. That leaves China, who has a currency nobody wants because they manipulate it at random.

    Yeah, I don’t really buy the hype.

    Also it’s not an alliance. That’s like calling the G20 an alliance. It’s just a group of countries that decided to work together on a handful of economic issues. There is no military or defensive component to it. There won’t be a military component to it, as like I said before India and China are rivals. Hell, they’ve even had shooting confrontations within the last several years. Brazil also won’t ally themselves with China (well they would be stupid if they did so) because it’s not worth making yourself an enemy to the biggest world power who wouldn’t be very happy about a large ally to their chief rival in the Americas

  23. The Plain Bagel put out an informative video on the subject if you’re curious to hear rational thought on the subject rather then click driven fear mongering

  24. Do you realize how much India and China hate each other? Just a few years they had a mini military clash over the Kashmir and war could legitimately break out between the two at any moment. BRICS is not NATO, its not an alliance.

  26. Well, that’s a bad summation of BRICS.

    It’s an economic alliance but it wasn’t created to topple the US dollar. They do want to establish an alternative to the dollar as a reserve currency and limit the US’ influence on global finance but basically every country wants to do that – even our closest allies would love us to have less influence.

  27. BRICS is not an alliance, it’s an acronym and not a particularly useful one.

    Frankly I think we have closer ties to many of the countries then they do to each other.

    It wasn’t created to stop of the dollar and it won’t. You will see a bunch of nonsense claiming articles claiming it’s the end of the dollars role as the world’s reserve currency and they’ll be just as long as the articles written about this 10 years ago. But some people who dislike America or it’s status as the world’s superpower will keep pushing them.

  28. Economic power comes from the free flow of capital as consumers are free to buy and producers are free to sell into markets that are generally free to operate as they so choose.

    Russia and China are not free market economies, nor are they very close.

    The other member nations in the alliance may have political reasons for wanting not to tie themselves to the US dollar; after all, the US isn’t entirely popular around the world. But I’m not holding my breath that an unfree economy (such as Chinas’s) can dominate the world market, and I strongly suspect the smaller countries caught in this orbit may regret their decisions as China, like Darth Vader, has a penchant for changing the terms of their agreement, and pray they don’t change further.

    As to the dominance of the US economy–I don’t honestly care if the US economy dominates, so long as the overall world economy is free. The thing is, right now the US economy dominates because of the freedom and dynamism of the US market place–meaning what I care about is not which nation is on first, but are we participating in a free and dynamic market economy.

  30. It’s total bullshit.

    India and China will work together to topple the dollar?

    Will they make their currency free floating?

    Will people put faith in a currency partially pegged to the Yuan?

    There is a reason why the real competitors to the US dollar are Euros, GBP, Japanese Yen and I guess Swiss Francs. There are already great options to use.

    Also Russia just lectured India about the fact that they aren’t able to do anything with the rupees that India gives them for oil payments since Russia doesn’t really buy much from India. They really can’t buy much as India is a service dominated economy with strong ties to the west so will be sanction abiding

    Also the Chinese Yuan comprises just 3.5 percent of global transactions. Do you know why? Because a lot of the Chinese projects themselves are in USD lol.

    Saudi Arabia just “suggested” using another currency, nothing substantial happened

  31. I mean I’m not too keen on the idea but they are certainly entitled to do that if they want to so long as their not breaking any laws or hurting people.

  32. When the US and Europe froze Russia’s foreign reserves and went all in on weaponizing the currency against Russia, I was like, “well, that’s a trick you can only pull once.” Now I have a poor understanding of economics, and an even poorer understanding of international economics, but I’m not surprised a lot of countries are suddenly anxious about their reliance on the USD. The worst case scenario of all of this, though, isn’t even economic, it’s if other countries take the second lesson of the war in Ukraine, and realize the opportunity cost of not having nuclear weapons.

  33. A.) Toppling the USD is not why BRICS was “formed”.

    B.) It’s not a formal organization. You can’t apply to join.

    C.) Saudi Arabia is going to be sorely mistaken if it thinks China will buy Saudi oil at Saudi prices when Xi could instead just bend Putin over one of his oil barrels and buy Russian oil at a steep discount. There’s only one market for Saudi oil and that’s the US. Saudi Arabia is also going to be terrified when its military starts degrading even more than it is when the US stops giving them equipment and expertise.

    D.) I am as concerned about BRICS being a threat to the US as I am concerned about a fish flopping out of the ocean to attack me.

  34. Back in 2010 when all these countries were on the rise, maybe this would be big news but 3 of 5 of these seem to have fallen off. China still has a ton of economic influence but their economic seems a little rocky nowadays. India is steadily growing. Maybe, decades from now, they can be a economic powerhouse

  35. Thinking that India and China would seriously ally for anything is beyond hilarious

  36. What? It’s not an alliance ever created. Goldman Sachs created the acronym as an investment term for strong emerging economies back in 2001. At the time they were considered good investments (maybe not so much now). And any nation looking to “topple” the US dollar is not a wise investment.

    It’s not like you can “apply” to be a BRIC nation because it is not an alliance. It’s just an investment term. They are whatever economists and investors decide is a strong emerging economy and they have changed the acronym over time to reflect changes in various nations’ economic perceived future. And to be honest, BRICS is a little outdated 20 years later.

  37. If BRICS is an alliance, it is an alliance of weakness.

    Whatever faults the United States may possess,it has the largest economy, and is one of the least corrupt economic systems in the world, kept in check by the rule of law. Not perfectly, but enough.

    Wanting to topple the dollar isn’t new. It also isn’t enough. You have to have a similar scale currency in value and a system that inspires trust. The BRIC countries are notoriously poorly run, jaw-droppingly corrupt, grossly economically inefficient, and (Russia and China) militaristic.

    I don’t see any real threat coming from them.

  39. China Yuan is a manipulated currency that is purposely devalued to the dollar. China and India are serious adversaries to each other with fundamental contradictions to each other. South Africa and Russia are on the path of failed states.

    I’m betting that they have zero chance of toppling the US dollar. To be a world currency there needs to be trust and BRICS does none of that. Something anecdotal that I find funny, is that my Indian and Chinese coworkers (who are immigrants) laugh at anyone that thinks BRICS can be trusted.

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