Sean Foo discusses the beginning of China’s economic reset, Argentina facing a bond collapse, and BRICS challenging the US Dollar.
Tech Revolution shares news of a shocking update from BRICS.
Gregory Mannarino talks about the next domino to fall.
Steven Van Metre says a major bank is running out of cash and facing insolvency.
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Wealthion
Premiered Mar 6, 2024
In this riveting episode, Andrew Brill sits down with Peter Boockvar, the Chief Investment Officer at Bleakley Financial Group, to dissect the current economic landscape. Despite surface-level prosperity, Boockvar unveils the mixed signals from consumer spending, the housing market’s slowdown, and the real impact of inflation on investment strategies. Join us as we navigate through the complexities of global recession impacts, the realities of manufacturing downturns, and strategic moves to protect and grow your wealth in uncertain times.
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Sean Foo
Mar 6, 2024
China just declared their GDP target for 2024 and the West is losing their minds. Here’s why China’s plan for economic growth is all about building their industrial base and why many investors are still upset. Argentina on the other hand is facing the risk of a bond collapse, their plan to sell more debt is starting to backfire. And BRICS just came out with a new challenge to the US dollar and it’s tied to the blockchain.
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Tech Revolution
Mar 6, 2024
The United States is facing some challenges in both its economic and military dominance. It’s becoming clearer that the world is moving towards a setup where power is shared among many instead of being concentrated in just one place. This shift is significant because it means that power is spread out across different centers instead of being focused in one place. It’s like having several important places instead of just one.
This move also suggests a shift away from the dominance of the U.S. dollar in global transactions. And this is where BRICS comes into play. BRICS started back in 2006 when it was just called BRIC. It included Brazil, Russia, India, and China. But over time, it has grown and now includes more countries like Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia, along with the original members.
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BRICS is currently working on creating a shared currency for all its members. This currency could be used for international transactions and as reserves for foreign exchange.
Explanation of the goals and objectives of the BRICS alliance
The BRICS alliance has a big plan to make the U.S. dollar less important by using their own currencies for deals that happen across borders. Some members like India, China, Russia, the UAE, and Saudi Arabia are already doing this, swapping their own currencies instead of using the dollar.
China and Russia are especially active in convincing other countries to join them in ditching the dollar. If more countries start doing this, it could hurt the U.S. economy because it would be harder for them to get money to pay for things they need.
Russia’s Finance Ministry and the Central Bank of Russia are also getting ready to suggest some new ideas to BRICS about money and finance. They want to change the way money works on a global scale.
One idea they’re talking about is making a new digital way to pay for things within BRICS called the BRICS Bridge. This would be like a new way to use money that’s not the U.S. dollar.
Right now, they’re still working on it, but they hope to show it off at their next meeting in October 2024. This idea isn’t just about making a new way to pay for things – it also comes with other suggestions about money and finance.
The main goal is to make the world less dependent on the U.S. dollar and give other countries more options for money. And Russia is leading the way, hoping to start the process of making the dollar less important within BRICS.
Russia is also getting ready to start using digital money from its central bank to make payments easier between BRICS countries. The Finance Minister of Russia, Anton Siluanov, said in a recent talk that Russia, as the leader of BRICS, will work to make the financial and payment system better for everyone involved.
Siluanov also mentioned that the group is ready to start testing this new system with countries that want to link up their money systems with BRICS countries. He suggested that countries like China, and neighbors in the EAEU (Eurasian Economic Union), as well as countries in the Persian Gulf could be potential partners.
Meanwhile, Russia is testing its own digital money called the digital ruble, with 30 national financial institutions involved until the end of the year.
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But Siluanov didn’t say if the digital ruble would be part of this new system they’re working on. On the other hand, China has already started using its digital yuan and is looking at using it for deals between countries. This includes an initiative called Mbridge, which aims to connect the economies of China, Hong Kong, Thailand, and the UAE through a shared way of paying with digital money.
The Russian finance minister also said that Moscow is open to getting loans in Chinese Yuan instead of U.S. dollars. But he said they’re still talking with China about it and waiting for their approval. Since both countries are in BRICS, there’s a good chance this will happen, and loans could be given in Yuan instead of dollars. If China agrees, it could mean that billions of U.S. dollars won’t be used around the world. This move aligns with BRICS’ goal of making the U.S. dollar less important and using other currencies like the Chinese Yuan more within the group.
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Gregory Mannarino
Streamed live Mar 6, 2024
The NEXT Domino To Fall… AND THERE ARE MANY MORE COMING. Are You Ready?
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Steven Van Metre
Mar 6, 2024
A Major Bank is Running Out of Cash and Facing Insolvency
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