Will Brazil, Russia, India, and China Abandon the U.S. Dollar?

By U.S. News Staff

June 17, 2009 RSS Feed Print

Reports the Associated Press: "Brazil, Russia, India and China [the BRIC nations] on Tuesday called for a more diversified international monetary system...avoiding any explicit criticism of the world's dominant currency, the U.S. dollar." How serious are the members of the BRIC about abandoning the U.S. dollar? Would this hurt the United States? The BRIC countries? All of the above? Post your thoughts.

Previously: Does Obama Secretly Want Ahmadinejad to Win?

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I think that the BRIC will probably maximize non-dollar denominated trades, but because the dollar is still the current international currency that they will keep plenty on hand for all their raw material buying in places where the rimimbi, rupi and ruble isn't readily available.

They might want to weaken the dollar in order to destabilize the US, which in the short run would benefit them but in the long term might come back to haunt them if they need the US market to sell their surplus.

steve of FL 9:57AM July 03, 2009

If all BRIC Nations really want to survive and grow in strength; and prosperity in THIS AGE; they need to set a minimum wage, that is no lower than the minimum wage in the USA,in all manufacturing industries that supply goods to the US of America, thereby leveling the playing field; by doing so the employment situation will be cured in the US OF A, and the PROSPERITY OF THE NATION THAT COULD MAINTAIN WORLD PEACE AND ORDER BE PRESERVED.

ALICE LUTCHMANSINGH of NJ 11:10PM June 27, 2009

If all BRIC Nations really want to survive and grow in strength; and prosperity in THIS AGE; they need to set a minimum wage, that is no lower than the minimum wage in the USA,in all manufacturing industries that supply goods to the US of America, thereby leveling the playing field; by doing so the employment situation will be cured in the US OF A, and the PROSPERITY OF THE NATION THAT COULD MAINTAIN WORLD PEACE AND ORDER BE PRESERVED.

ALICE LUTCHMANSINGH of NJ 11:10PM June 27, 2009

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