this post was submitted on 26 Aug 2023
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[–] [email protected] 0 points 1 year ago (2 children)

Yes it's all getting interesting. We can see why a standard currency could be useful to BRICS. (Which UAE just joined).

[–] [email protected] 0 points 1 year ago (1 children)

'May you live in interesting times' is an old Chinese curse.

[–] [email protected] 1 points 1 year ago

I think this was actually made up by Westerners and attributed to the Chinese, but it seems very true.

[–] [email protected] -2 points 1 year ago

It's worth noting that the BRICS currency basically sounds like the Bancor idea that Keynes proposed https://en.wikipedia.org/wiki/Bancor

It's not a general currency, but rather one meant specifically as a clearing system for settling transactions in international trade. The main problem it solves is convertibility. Using a common currency allows selling goods to one nation, and then using the funds to pay another nation for goods you might want to purchase from them seamlessly.