De-dollarization: Why BRICS & Global South want alternatives to US dollar
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- เผยแพร่เมื่อ 9 ม.ค. 2024
- The expanding BRICS bloc and many Global South countries are trying to de-dollarize, diversifying their foreign exchange reserves and trading with local currencies, due to the threat of US sanctions and rising Fed interest rates that make it difficult to service dollar-denominated debt. Ben Norton explains.
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Every Empire has ended with an over extended military & a mountain of debt.
U.S. turn now
@@totalstrangerthing7419 even in decline they make even more enemies now. i dont understand it. why not make more friends with good diplomacy but instead they want more war war war. its retarded. the world need china, they have real economy. all tech companies cant even function without chinese semiconductors. apple, nvidia, amd, tesla all of these big boys rely on china heavily. bruhh who run america?
Yes. We should allow our Leaders (here in the West) to forfeit their ill-gotten gains toward satisfaction of the debt.
Force will be required.
@@rodgerasai
the Afghans already has a headstone made for the American Empire.
Russia being able to survive and at some level, even thrive under the western financial sanction will be a critical lesson for the global south on how to circumvent western financial terrorism. We are witnessing an acceleration of the tectonic shifts in global order and economy, a point of no return.
All young developing economies prosper if they put up trade protection barriers around them. Incubate their industries so they grow strong. The west forced this happy situation on Russia with sanctions. This is because the west has no understanding of real economics.
Russia is able to survive like that due to the vast amount of natural resources they have, they're literally the biggest country in the world lol. They also had their Soviet past and system they can fall back on.
@@kobemop
I agree, and the United States and Allies should have taken that into account. But another factor was western sanctioned countries can work together, which is why BRICS had begun and likely will be successful. Take Iran and Venezuela working together, or Russia and North Korea, or China working with basically everyone. At some point it might be G7 countries that will need to worry about sanctions on them. BRICS will create a monetary system that western countries, and especially the US can’t control. Eventually, the US will not have the funding to control through war the entire world.
@@kobemop you right about the Soviet past,but not about the resources.Im from Argentina,8th biggest country in the world;we literaly have everything,literally,oil,gas,lithium,agricultural land,sea,etc.What we dont have that the Russians do?,INDUSTRY.And of course,im from a country with polititians that are slave scum to the US...they have Putin.
The 1917 Russian Revolution stays the biggest coup for humanity against western imperialism to this day.
153 countries were at the BRI meeting back in late 2023. So who's getting isolated? Asking for a friend 😅
Letss goooo
All these people is each other enemies
@@user-gr7ep6do8lbut they all have a common enemy as well.
May each BRICS grow stronger economically, militarily, morally, and culturally than the G7 combined.
If they grow morally, western countries wouldn't mind.
G7 still on their colonial mindset.
@@jmg8246 which colonies are you talking about?
excellent journalism
two main reasons why nations getting rid of $. 1. They do not want to be sanctioned or their asset confiscated by the US. 2. US keep printing the $ without any limit.
Use 10 cents print US $100 bill. Use 40 cents. Vietnam and Indonesian workers work for US $400 for one month.
Isn't amazing.
They want to get rid of the theif.
De-dollarization will benefit the entire world. It is madness to have a centralized financial architecture controlled by just one country. Only the US is not really interested because of all the privilegies they’ll lost.
Happy new year Ben.Thank you for your clear analysis.
More wisdom from Ben 👍
For centuries these masters of deceipt, depravity & avarice have exploited a vast swathe of humanity under some vile “model” or “rule-based (dis)order from acquiring a fair share of progress & prosperity…
Kudos as always to Ben for his unrelenting efforts to wake us up & smell the coffee while there’s still time
👍👌👏👏👏
The US needs to lose power for its own sake.
Argentina was a big mistake. Poor Argentinians.
They voted for it. You reap what you sow 🤷🏾♂️🤦🏾♂️🤷🏾♂️
@@ronjonesprod mayb they send a request when they have a new government after pro-west milei
The US influenced it as a part to slow down the development of BRICs. They are very good at infiltrating the information space in countries that are up and coming
Of course they are,
it's what US buisness are about.
But it's difficult when majority of the globe turned their back to US and dollar.
Choose BRICS alliance.
@@ronjonesprodTheir only sane candidate was arrested by a US backed plot.
Not just the Dollar but also government of the country that prints those Dollars.
Great interview with Jerry! The west does not see the bigger picture of the world…
There is nothing the West can do at this point to change the course of history.
The rise and fall of empires is a natural cycle.
Hello from Australia, i am so glad i found this amazing young man, intelligent, EMPATHETIC and the polar opposite of that American supremacist fool Peter Zeihan, thanks for the interesting and accurate content and best wishes for the future of the channel, your green eyes are amazing LOL
GREAT work Ben ‼️‼️‼️‼️‼️
Can't wait to see the demolition of the $
Dont call it USD...call it PetroDollar, CocaineCurrency, BloodMoney
MY ABSOLUTE FAVORITE CURRENT AFFAIR CHANNEL
When Lula visited, practically the United States said,
- It's good to be rich, I don't need to do business with poor people, I already have my partners.
While China says,
- It's good to be rich, let's negotiate, come and be my partner, you'll like it!
Ben, thank you for such a comforting video.
I disagree about dominance of the dollar disappearing overnight, it's most definitely going to go overnight, as always with empires and trees, they fall in the same way, slow at first, and then all of the sudden, we have been in a slow stage on the onset of war in ukraine, now, we're in the mexican standoff stage, everyone knows what's going on, and no one wants to be the first to drop it, and no one wants to be the last to drop it, but everyone is itching to drop the dollar. I'm assuming that big players, such as brics, could do it right now, and everyone would follow overnight, but someone would be left holding the bags, and many smaller countries are abs not ready to switch of the dollar, so they keep holding in order to deminish the damage on such small countries that are lagging behind, or didn't realize in time that this thing is happening, and haven't even started to divest. they can't let these countries collapse completely with lamerica, cause they need everyone to do well for their business priority, everything is business with brics nations
dollar dominance will not disappear overnight whether u agree or not. look at pound and yen as examples
This going to have a global impact.
@@fannyalbi9040the difference now is that you can trade in your national currency your not restricted to US, Pound Sterling and other G7 countries currency
When the Fed introduced artificially low rates (for the too Big to Flail institutions) it was committing what would be called "Gift Loans" if done by any other.
Tax should be assessed and collected on the Imputed (uncollected) interest. That is, the difference between the market rate (for us little people) and what the Fed charged.
Since the Loans were in the Trillion$ - this would actually result in a nearly break-even budget for a change (like the last couple years of the Clinton Administration).
Thanks so much Ben, you put together such a diverse range of information & made it easily comprehensible, it’s so vital to help understand what's occurring right now.
Marx was born into the post French Revolution firmament, that promised an end to feudalism. A very exciting time. Capitalism was seen as a revolutionary force that would put an end to feudalism, get rid of the inefficiency of economic rent & therefore end quite naturally in socialism, where everyone gets a fair shake. It was a dismal life for many, as Dickens can attest, battles would have to be fought, but progress was being made & the direction was clear & set. Real gains were made in employment, education, housing, sanitation, etc. Then it all went wrong. “If we don't get socialism, we will get the barbarians” - Rosa Luxemburg assassinated 1919. The barbarians she was talking about, were the elites of Financial Capitalism that rule over our lives to this day.
Marx meticulously dissected & brought together all the post-revolutionary economists work, the Classical economists, from Smith to Ricardo, etc, in a single critique called Capital. Capital vol 1 is all people read - production & the surplus. Vol 2 & 3 talk about financial capitalism, interest, economic rent, monopoly rent, unearned income, explaining exactly our situation in the west today. Neoliberalism is Financial Capitalism, a return to neo-feudalism, where bankers' & billionaires rule every aspect of our lives. They were trying to rid themselves of the landed aristocracy, that did nothing & took the surplus, that existed in their time. We must try to rid ourselves of the oligarchs of corporate power, the financial neo-aristocrats, that exist in our times. Or be enslaved once again.
The post Great Depression, post WW2 blip in socialism was caused by the elite's fear of communism. The west is the best had to have some basis in reality. The Empire & rape of the colonies quietly added to the prosperity. FDR told the rich, either give up some of your wealth now, or risk a revolution & losing the lot later. That fear has now gone, organised resistance has been smashed & any pretence of a good life for the lower classes is no more.
How did the industrial capitalism of Marx’s day, transform into the financial capitalism we have today? To make a complex understanding simple; the Robber Barons, Rockefeller, Carnegie, Harriman, Morgan, etc, were born in the 1830’s and grew their wealth through the efficiencies brought by industrial capitalism. Over time they became monopolies, dictating price & concentrating their wealth to immense proportion. Carnegie was considered the richest man in America, with mountains of money that earned him much more than making steel. Monopoly pricing, investments & interest, in short unearned income, became their main source of wealth, so they used their money to promote their interests. Starting in the 1890’s a new Neoclassical economics was promoted hard, because it sanitised their obscene wealth. It was really an anti-classical economics, with cancerous growth requirements, that was & is unsustainable - but that's another story. The new economics protected their wealth because it declared no difference between earned & unearned income. This was the essential difference. The Robber Barons became the Neo-aristocracy of their time, building institutions, foundations, corrupting government, anything that served their interests. Rockefeller founded Chicago University, where the Chicago School later gave rise to Milton Freedman’s iteration of Neoliberal economics & Monetary Theory. All complete garbage. This is how the transformation occurred, from an Industrial Capitalism that was on the road to socialism, to a Financial Capitalism that is on the road to Neo-Feudalism - a full circle, with their power now much enhanced by their ownership of digital technology, for the ultimate in mass control.
Good, informative and well-written comment. Thanks.
Not to disagree with your awesome post, I think there's a slightly different description based on Book 3 of Capital. In Book 3, Marx analyzed what was then known as the "tendency of the rate of profit to fall." I believe that is what we are witnessing, and in particular, what gave rise to Neoclassical Economics.
Profits even in a monopoly eat up future profits, causing the rate of profit to fall. Financial capitalism thus raises from the need to find new profit centers. These necessarily become finance-based rather than industry-based. Nothing to do with appearances; everything to do with greed.
you forgot to mention the rothschilds..and that marx was instructed to write das kapital to divvy up the geopolitical world for their manipulation and one world govt agenda.
Wow, I love this comment. Very Informative for anyone who doesn't quite understand the origins/foundations and dire need for Socialism. ❤❤❤
You really took the time out of your day to type all this out, and I am extremely appreciative. Because I still feel most people don't understand Socialism.
You're truly informing people and shining a light on these extremely important events in history and showing perspectives that grow more & more important & necessary in the present-day & the future. ❤⚒️🛠❤
-fellow Marxist Leninist (Revisionist)
We are in the biggest over production capacity of all time - defined by Marx as the inability of people to afford what's produced. Hence the need to jack up prices to maintain profit growth - the main component of recent inflation.
Interest forces the real economy to grow at unsustainable rates. Here’s a little puzzle... An ancient King of Egypt dies & all his wealth, gold etc, fits in a 1m box. Apply 4%pa interest to his wealth. How big is the box now?
Bigger than our entire galaxy, by an order of magnitude, depending on which King you picked. This is the power of the exponential function, of which we have little understanding, interest being but one example. Its unsustainable. @@debralegorreta1375
nations are sick of imported inflation again and again, disrupting their economic growth...
they demand to de-dollarize fast.
bruh China singlehandedly carried developing countries growth
It's impressive what an organized population of 1.4 billion people can do. Especially when they're all Socialists.
Thank you.
Hello Ben, welcome to China. I have been following your work for a while now and I have to say that you are a credit to the profession of journalist. I am very glad to have found out that you came to Beijing to get a PhD. I am also based in Beijing so would very much like to meet you face to face. Let me know if you are interested in meeting up for a friendly chat over a beer or something. Thank you.
What if? What if BRICS informally approved a plan to encourage all emerging market counties to inform the IMF and the World Bank that they were going to completely stop both interest and principle payments until they received much more favorable terms. An individual country doing that is going to get crushed. 20 to 30 countries doing that together would likely work out well for those countries. Consider that action to be a reverse form of sanctions that have worked so well for Western governments.
no one wants to dance with a pick pocket
Absolutely Right conversation Thanks for sharing
Ben u are the best with real news!!!
Excellent Journalism ❤!
Please do a video on how to invest in BRICS and divest from Israel.
Plus the no1 supplier of platinum/coal which South Africa currently holds..untapped gold mines.diamonds beds.
We welcome our Brics + partners to invest and explore South Africa.
Ben, soon EU countries will have to worry that even Euros are targeted???
Why not? Have they showed any Moral discipline lately???
Thanks!
De-dolarise! Send him rubles next time.
@@Sep-jk3vi or bolivars
Time to talk about the global majority.
I love to see real journalism from your channel 🙏😊
Brasil e China já estão realizando transações somente com moedas locais dos países - yuan e real. A empresa Eldorado Brasil realizou no dia 25 de agosto o embarque de celulose à China. Foram 43 contêineres direcionados ao país asiático.
A transação foi finalizada, com a conversão direta de reminbi para real. O dinheiro ficou disponível no dia 29 de setembro
Obrigado pelo conhecimento 🫡
印尼今年前三个月以本币结算已经达到50亿美元了，他们正与东盟探讨更多以本币结算，船已经启航了，不可能在回头了
That dollar was an evil clever from the start, thinking he has no end?
This is very true thank you so much ❤❤
I aways value your reports ...thank you Ben ! and a happy de hedgemon ised new year !!!😊🌟
The American public will eventually see a bunch of chickens at the doorstep saying, "We're back to roost!"
Thanks Ben ❤❤❤
Dollar make and keep Many countries very poor and in a dept trap
Thank you Ben .
Great report from Ben! Thanks!
“GIVE me control of a nation's money supply, and I care not who makes its laws.” ~ Mayer Amschel Rothschild (Founder of the Rothschild banking dynasty)
Same Strategy as US.
Thankyou Ben 🌿
That RMB pronunciation getting better and better.
Great job Ben 👍🎯
it is interesting to see when it will happening
I love all your video. I learn a lot of real information from you and stay truth to power and knowledge. Thank you!😊
❤🇨🇳🇷🇺❤
Ben you are The BEST 🥇💯 &C. Thanks
Please cover ICJ hearing
Thx for sharing
Because they arogantly weaponize it 😢
شكرًا
3rd world getting wise.
The last hurricane here in Mexico (Puerto Vallarta) the dollar died on the tree.
Nobody wanted the DOLLAR !
*Odious debt* is a concept that allows the right off of debt incurred in countries thst are drowning in IMF/World Bank debt because they have suffered from US sponsored coups resulting in tyrants who then take out loans that only benefit the tyrant and the foreign investor class. This sort of thing has happened repeatedly. “Restructuring” which amounts to enforced poverty through austerity measures and repayment plans involve selling off national assets such as public infrastructure, natural resources as in timber and mineral wealth. And farm land. Further extortion is made in demanding US bases to be built on their land or permitting toxic waste to be dumped, or hijacking their agricultural land for export crops. Even withholding pay to school teachers or denying funds for health clinics and education to demand repayment. Then there are characters such as Paul Singer who buy up the debt for some small fraction of face value and then extort the full amount from austerity measures being imposed on his victims.
There’s also the prospect of declaring “Jubilee” which could be made for all debt owed to the IMF and World Bank(both based in the U.S. and run for profit while pretending to facilitate development). Student loans could also be canceled with a jubilee.
The real question is whether BRICS+ can be as stable as G7. G7 are rich countries and as politically stable as ducks in a row following the US. As for BRICS China and India are contesting for dominance, Brazil can oscillate back to the right after next election, as Argentina has vividly demonstrated so, a sharp turn around to the right. Of the BRICS+, 3 are democratic 7 are authoritarian. Ben, can do an analysis on how stable BRICS+ politically and economically it could be? I suspect brick+ is a dynamic entity that memberships come and go post election seasons. If so, how effective can BRICS+ be countering the push back from G7?
The way you pronounce African countries makes me proud 🎉
It is a little hard to imagine why this is a question. The United States is all about exploitation and profits by any means. BRICS is about mutual trade for mutual satisfaction. Not much to compare here, except that the U. S. continues to display its suicidal tendencies.
Respect!
Apropos of nothing... why the abrupt end? Is YT now editing videos? I've noticed this on a couple of channels I follow. Anyone else miss the "I'm Ben Nor-ton" signoff?
Why should global south exhaust it's environment and natural Resource just to get a printed paper that worth nothing?
There are always winners and losers in geopolitical contests - but it is almost never a contest of competing VALUES. It is pretty much always a contest of technological, logistical, and cultural prowess. Nothing more. Power corrupts - but it also stabilizes. Cultural cohesion is any person's best bet for safety and security in their lives.
Very good for asia.❤❤❤❤
Most of these countries will move away from the US dollar because the US won’t be trading with them either
Nope
Must as well - the world doesn’t need toxic US trade. We can survive without big bully USA - good riddance.
Why don’t you put out a video explaining how domestic banking works in our FIAT system? That is money is endogenously created. Then as the debt is paid off the money that is loaded it disappears. Then you can do one on MMT. Then one on international banking.
I recently tried to invest in BRICS, and divest from Israel. I use Vanguard (I know they're evil but don't know who else to use without paying out the wazoo)...and anyway, they didn't have a way to divest from Israel--sucks. Investing in BRICS was sort of accomplished. Just letting y'all know that it is possible. If anyone has some insight into this, let me know.
Will the introduction of central bank digital currencies in any way mitigate any great depression that may be coming or allow the USA to somehow wiggle its way out of disaster, as by creating a dollar area in the EU/Latin America similar to the sterling area that Britain created in the interwar years and persuading other countries to keep on using the dollar?
digitised a currency doesn’t give you the privilege to get away of the value of currency.
digital currency to reduce or stop possible money laundering
@@fannyalbi9040tax invaders also..
@@alanyosores5642 ya i miss that out
What is coming is worse than depression. Prepare for population collapse and civil unrest
Here is why I do not worry.
Finally producing more than enough oil
Always had way to much food.
Water will never run out.
America
That wouldn't be hard, since software simulation with multiple worst-case scenarios could tell them what would make it feasible.
The dollar is the us greatest weapon
*was
It will no longer be the US’ greatest weapon soon because a far superior BRICS weapon will replace it.
❤
I'm looking to move to an ethical bank that goes nowhere near the dollar.
Please how can we find out this data in a soft form
I have doubts about that. They will absolutely try. But its not that simple
Why? Very simple. Cut the middleman cut cost.
Americans must be puzzled why people would want to avoid the dollar if they can. 😂😂
Kindly dear if you provide us all the data in a soft formate it will really help us in our exams too.
Brasil quadruplica reservas em yuan chinês. 🇧🇷
Don't ever forget dear brother our strength relies on our people more than our resources, power, influence, etc. Together we stand all across the land.
Will the US not respond appropriately to save the dollar as they have done in the past using their economic and military might ?
first we need to know who runs USA and see if they are the same people morally at least, second, after the destruction of IRAQ with the fake narrative tied to 9/11 the rest of the world started to wake up, and realised UN council does not exist, it's a fake organization useless, unless to vaccinate defenceless children that should be defended at least by USA. Once USA lost it's moral status around the planet as Clark Kent or Batman, the support to maintain dollar as the world currency is liked to fade away
@@claudiobertadeazevedo4669 Do you want to know who the elites are? Who actually dominate and run the USA, and by extension the entire world?
Pam Ho - War of the Worlds The New Class. Google it. It explains everything.
That's what they're doing and we can't say it's working
The last time someone made an announcement to de-dollarised were Saddam Hussein, Gaddafi. Both are dead. Their country ruined.
So, will US go to war with China, Russia and all BRICS nations? Just try it then.
I heard “US current sea” and thought, what do you mean, we’re everywhere now!
Their just a cancer
I like your play on words.
Argentina need a new leader. Maybe Mr. Messi. At least he can kick. Current one waving dangerously a chainsaw. 😅😅😂😂🤥🤥
While dollar is still the king of international currency, it decline will be accelerated. It does not have decades, it has years.
Most countries are using dollars because there are no alternatives and because it is something everybody else uses. There is no practical aspect to it. If anything it is detrimental to anyone but US, for rest of the world to use dollars.
But if alternative were to arise, especially if it would be on much better terms, a lot of countries will switch within 3-4 years. Especially considering that dollar is US main export, aka US does not really produce much worth buying with those dollars. And at the same time US is very fond of using it financial system as a weapon. So even if dollar was a "neutral" currency, any benefits from using it would be far offset by utterly incompetent and reckless US fiscal policy, and usage of it as a weapon of intimidation and suppression.
What can you buy with the Indian Rupee?
Comment deleted
dangerous curry 🍛
why not??? ...
Wheat, vegetables, textiles, etc..
You can buy service from us like call center of Microsoft and anti virus.
Wouldn't exchange currency be a problem?
Everything you're saying about international debt is true of debt generally. Poorer people need credit more but must pay more for it because they pose greater credit risks. No private creditor could forgive debt only to extend more credit. This creditor would soon be bankrupt itself. If a debtor spends credit on consumption that does not increase productivity, the debt cycle is endless.
Why has existing credit not increased the debtor's productivity enough to repay the debt? If the answer is "corruption", extending more credit is futile. Maybe humanitarian aid is warranted, but that's a separate question. If a corrupt debtor state is responsible for the inability to repay debt, blaming the United State for it ignores the problem and offers no progress toward a solution. Maybe the United State is involved in the corruption somehow, but ignoring corruption within the debtor state still ignores at least half of the problem.
Maybe? As if it were an unsolvable mystery. 🤨
@@troywalkertheprogressivean8433 If I said "the U.S. is involved" without qualification, the point wouldn't change. Pretending that all evil emanates from the United State or "the West" generally can only lead to nonsensical conclusions.
David Graeber's book Debt - Updated & Expanded: the first 5,000 years covers this topic, and offers several answers, along with key insights.
@@restonthewind Read up the following books / videos. They explain everything. Google them.
1) The Money Masters
2) The Creature from Jekyll Island
3) Super Imperialism - The Economic Strategy of American Empire
4) Confessions of an Economic Hitman
5) Pam Ho - War of the Worlds the New Class
What you also have to understand is that financial institutions only understand default risks and nothing about development itself. Impoverished countries only borrow 5-10% of their GDP, which keeps them in perpetual debt becuase that money typically goes to paying off older loans and maintaining the already severely lacking infrastructure and extremely scarce social services. The country would need skilled workers to create value domestically through assests and stable consumption of products/commodities and internationally through high value exports and people to people exchanges.
You can't have any of that if you can't afford the institutions to educate your population, let alone making sure their are enough opportunities for people to take advantage of to feed themesleves and maintain proper hygiene (showers, affordable healthcare/vaccines, etc.).
An Impoverished nation would need to borrow 200-300% of its GDP over a 40-50 year period with lower interest rates in order fund bare minimum 9-12 schooling and higher education (college & vocational programs) for all of its peoples, as well as proper, basic infrastructure like roads, railroads, public transport, high & low density housing areas, construction of universities, hospitals, subsidized housing, proper healthcare & housing insurance agencies, social security-related institutions, commodity supply chains, ports & shipping vessels, airports, agricultural investments, green/carbon-neutral energy production, mining and refining infrastructure, healthy amount foreign reserves for international trade, plumbing & wastewater treatment infrastructure, a country-wide electrical grid, tradesmen for vehicle and infrastructure repairs due to degradation over time (for cars/roads/highways, airplanes/runways, Trains/Railroads, Plumbing infrastructure, electrical infrastructure, etc.) Policemen, firefighters, Civil Servants & Diplomats, Teachers and other Social Workers, etc. Military training and equipment production and other State-owned manufacturing sectors (department of energy, etc).
A loan that's 5-10% of the gdp of an impoverished nation with 9-10% interest rates going to a country/population where most people don't have an education above the 8th grade level that needs to be paid back in 8-10 years is a death sentence to any impoversihed nation in this day in age. These developing countries need room to breathe, or else the cycle of impoverishment will remain endless.
and yes, their are other internal and external factors that make it a lot harder for countries to develop such as being landlocked, external powers funding proxy wars in said country, internal or external corporations funding coups/violent militia groups to subjugate large swaths of a population or civil servants being paid by foreign powers to turn a blind eye to civilian exploitation by certain militia groups or civil servants being bribed by foreign powers to overthrow a democratically elected government or just a lack of natural resources which decreases foreign direct investment. I also want to say natural disasters exacerbate already harsh living conditions by destroying significant amounts of already severely lacking infrastructure and spreading diseases through inaccessible or unaffordable treatment of wounds or spreading of colds and fevers by lack of clothing or shelter in for example (hurricanes/monsoons/typhoons, tropical storms, tsunamis, blizzards/polar vortexes, landslides, earthquakes, pyroclastic clouds from volcanoes, etc.) When any one of these events happens and either debt or exploitation increases dramatically. (along with physical/emotional pain, of course)
Organizations and International creditors only know default risks. They know absolutely nothing about development. This is the point made by Jeffery Sachs, and it makes complete sense, and it has always stuck with me.
Every government has basic bills to pay to maintain stability and growth. Some countries dont even have those bills on their budget because they're not even at that level of development. In a world where technology is growing ever faster and with there being so many new ways to do things, having a proper education is the very first necessity to be able to create any sort of value in a country. And then it's just barebones basic infrastructure and transportation technology that becomes a priority.
All of that requires lots of direct capital injection 💉 over a long period of time (40-50 years). It's a multi-generational process.
Can you do samethink on the milkshake theory please you all way get people talking about this but if BRICS has a new currency how does this work just wandering please thank you
NO COUNTRY WANTS TO DROP THE DOLLAR AND EURO.
How does the first chart show inequality is getting better over time?
It shows the gap is widening with China. Does that not represent less equality?
The chart forecasts marginal upward economic growth without China, and significant growth with China. It creates the illusion that the individual citizen of Western colonial-debtor economies have *more* purchasing power. Their purchasing hasn't seen much growth, and the level of inequality between their economy and those of poor countries remains fixed in perpetuity.
@@zasterheffor Thanks for the reply.
I agree, to me it looks like the inequality gap is consistent.
Ben says "when you add China to that gap, you can see that, it looks like inequality is getting better over time" ...
The gap is widening with China added;
How does that show the inequality gap is "getting better"?
Genuine question. Ben has me confused here. Maybe its just his use of the word "better"? .. Im not sure...
It's more to do with his phrasing. Growth in purchasing power in developing economies translates to less inequality there, but greater comparative inequality between economies. @@jaydoe5654
Brics is so powerful they could all buy a single banana split it and call themselves super rich.
Ben what about Dinars Iraqi dollars
Non al8gned countries are top tsrgets for American coups. Happened to Indonesia and Egypt among others
It'll be billions of ants attacking a Bald Eagle in the future! Bald Eagle is laughing; "I can fly". Ants asked, "do you sleep? we will attack your nests and eat your eggs"!