BRICS New Currency Could CRASH The US Dollar?! This Is How!
Summary
TLDRLe script du video traite de la fin des spéculations sur la fin de l'ère du pétrodollar, et introduit un système de paiement alternatif, Embrdige, lancé par les pays BRICS. Ce système, basé sur Ethereum, permet de contourner le système financier centrée sur les États-Unis et le SWIFT, offrant ainsi aux pays une plus grande indépendance. L'adhésion de l'Arabie Saoudite à Embrdige souligne l'importance de cette initiative, qui pourrait remettre en question la domination du dollar américain et influencer les allégeances géopolitiques.
Takeaways
- 📰 Une rumeur selon laquelle l'accord de 50 ans entre les États-Unis et l'Arabie Saoudite visant à facturer le pétrole uniquement en dollars américains n'a pas été renouvelé est fausse.
- 🌐 Les pays BRICS (Brésil, Russie, Inde, Chine et Afrique du Sud) ont lancé un nouveau système de paiement, nommé Embrdige, basé sur la technologie Ethereum.
- 💡 Embrdige est un système de monnaie numérique centrale (MNBC) destiné uniquement aux institutions et non au grand public.
- 🔒 Ce système est privé et nécessite une autorisation pour être utilisé, avec des nœuds gérés par les banques centrales et commerciales participantes.
- 🔄 Embrdige est conçu pour contourner le système financier centrée sur les États-Unis, y compris le système de paiement SWIFT.
- 🌍 L'Arabie Saoudite a rejoint le système de paiement BRICS, ce qui soulève des questions sur les relations avec l'Occident et la Chine.
- 🏦 La Banque de développement nouvelle (NDB), une initiative BRICS, pourrait potentiellement utiliser Embrdige pour ses opérations de prêts et de développement.
- 💼 L'adoption d'Embrdige par d'autres banques centrales et commerciales indique un intérêt croissant en dehors du système financier occidental.
- 💡 La création potentielle d'une monnaie BRICS pourrait être utilisée comme monnaie pivot dans le système Embrdige pour éviter de se retrouver avec des devises inutiles.
- 🛑 Les sanctions économiques imposées à la Russie illustrent les défis que pourrait rencontrer Embrdige, notamment l'utilisation efficace des devises accumulées.
- 🕊️ Embrdige offre la possibilité aux pays de s'affranchir de l'influence américaine et de prendre des décisions plus indépendantes en matière de commerce international.
Q & A
Quel est le sujet principal de la vidéo?
-La vidéo discute de la fin des spéculations selon lesquelles les États-Unis et l'Arabie Saoudite avaient un accord de 50 ans pour fixer les prix du pétrole uniquement en dollars américains, et introduit le lancement d'un nouveau système de paiement par les pays du BRICS qui pourrait menacer la domination du dollar américain.
Quels sont les pays membres du BRICS?
-Le BRICS est un acronyme pour le Brésil, la Russie, l'Inde, la Chine et l'Afrique du Sud.
Qui a créé l'acronyme BRICS et pourquoi?
-L'ancien économiste de Goldman Sachs, Jim O'Neal, a créé l'acronyme BRICS en 2001, prévoyant que ces quatre pays connaîtraient la croissance économique la plus importante d'ici à 2050, en partie à cause de populations en croissance, de coûts de main-d'œuvre bas et d'une abondance de ressources.
Quel est le rôle de Swift dans le système de paiement mondial?
-Swift est le plus grand système de paiement au monde et est aligné avec les intérêts occidentaux. Il est souvent utilisé comme une arme financière pour bloquer les paiements à certaines parties.
Pourquoi les pays du BRICS cherchent-ils à créer un système de paiement alternatif à Swift?
-Les pays du BRICS cherchent à créer un système de paiement alternatif à Swift pour contourner les restrictions financières imposées par les intérêts occidentaux et pour faciliter les transactions internationales sans avoir à passer par le dollar américain.
Quel est le nom du nouveau système de paiement lancé par les pays du BRICS?
-Le nouveau système de paiement lancé par les pays du BRICS s'appelle Embridge.
Sur quoi est basé le système Embridge?
-Embridge est basé sur la technologie Ethereum. Il utilise une blockchain appelée MBL, codée en Solidity et utilise la machine virtuelle Ethereum (EVM) pour les contrats intelligents.
Quel est le but principal du système Embridge?
-Le but principal d'Embridge est de permettre aux utilisateurs de contourner le système financier centrée sur les États-Unis, y compris Swift et les transactions intermédiaires des banques dans les transactions internationales ainsi que le dollar américain dans les transactions de change.
Quels sont les avantages potentiels de l'adoption du système Embridge pour les pays qui ne possèdent pas de ressources naturelles?
-L'adoption d'Embridge permettrait aux pays sans ressources naturelles de pouvoir acheter directement ces ressources auprès des producteurs sans avoir à dépendre de l'infrastructure financière contrôlée par les États-Unis, ce qui leur donne plus d'indépendance et de capacité à prendre des décisions plus autonomes.
Quelle est la position actuelle de l'Arabie Saoudite concernant le BRICS et Embridge?
-L'Arabie Saoudite a rejoint le système Embridge, ce qui indique son intérêt pour une coopération financière plus étroite avec les pays du BRICS, bien qu'elle ait envoyé des signaux mitigés concernant une participation formelle au BRICS.
Outlines
🌐 La fin de l'ère du pétrodollar ?
Le paragraphe 1 aborde les rumeurs récentes sur la non-renouvellement d'un accord de 50 ans entre les États-Unis et l'Arabie Saoudite visant à fixer le prix du pétrole uniquement en dollars américains. Bien que cela s'avère être une fausse nouvelle, cela ne signifie pas que rien ne s'est passé. En réalité, pendant que tout le monde était concentré sur le pétrodollar, les pays du BRICS ont lancé un nouveau système de paiement que l'Arabie Saoudite a rejoint. Le texte explique que le BRICS est un acronyme pour le Brésil, la Russie, l'Inde, la Chine et l'Afrique du Sud, et que l'objectif initial de ces pays était de devenir les économies les plus dynamiques d'ici 2050. Cependant, après la crise financière mondiale, la Chine a commencé à suivre sa propre voie, tandis que les prix des matières premières ont chuté. Le paragraphe souligne également que les pays BRICS continuent d'avoir des avantages géopolitiques en raison de leur population croissante, de leurs coûts de main-d'œuvre bas et de leurs richesses en matières premières. L'un des points clés est que les pays BRICS travaillent sur un système de paiement alternatif à SWIFT, qui est principalement utilisé par les intérêts occidentaux et a été utilisé comme une arme financière pour bloquer les paiements à certaines parties.
💼 Lancement du système de paiement BRICS
Le paragraphe 2 révèle que le nouveau système de paiement lancé par les pays BRICS s'appelle Embridge. Ce système a été développé par les banques centrales de la Thaïlande, de Hong Kong, de Chine et des Émirats Arabes Unis, avec l'aide de la Banque des réglementations internationales (BIS). Embridge est un système de monnaie numérique de banque centrale (MNBC), qui est essentiellement un copie d'Ethereum, utilisant une blockchain appelée MBL codée en Solidity et utilisant la machine virtuelle EVM pour les contrats intelligents. Embridge est destiné à être utilisé uniquement par des institutions, et non par le grand public. Le système permet aux utilisateurs de contourner le système financier centrée sur les États-Unis, y compris le passage par SWIFT et les transactions interbancaires dans les transferts internationaux, ainsi que l'utilisation du dollar américain dans les transactions de change. Le paragraphe souligne également que l'adoption d'Embridge pourrait potentiellement remplacer le dollar américain et que le nombre de membres observateurs, c'est-à-dire les banques centrales et commerciales envisageant de rejoindre Embridge, est passé à 26.
🌐 L'impact géopolitique de Embridge
Le paragraphe 3 explore l'impact géopolitique potentiel d'Embridge sur le système financier mondial. Il explique que le système permet de contourner le dollar américain en tant que monnaie pivot pour les transactions de change, ce qui réduit la demande pour le dollar et, par conséquent, sa valeur. L'adoption d'Embridge facilite le commerce international en éliminant les banques intermédiaires et SWIFT des transactions. Le texte souligne également que l'Arabie Saoudite a rejoint Embridge, ce qui est considéré comme un signal fort de l'intérêt des pays pour un système financier alternatif. L'Arabie Saoudite et d'autres pays ont été invités à rejoindre l'alliance BRICS+, ce qui indique un désir de bénéficier des avantages économiques de l'appartenance à un groupe de pays producteurs de matières premières. Le paragraphe mentionne également que le BRICS n'est pas une organisation établie avec un siège, un site web officiel ou même un charte, mais plutôt un club de pays du Sud mondial qui vise à établir un système financier avant de créer une organisation.
🏦 La NDB et le potentiel d'Embridge
Le paragraphe 4 discute de la possibilité que la Nouvelle Banque de Développement (NDB), une organisation financière similaire au FMI et à la Banque mondiale créée par le BRICS en 2015, utilise Embridge. La NDB a un fonds de 100 milliards de dollars destiné au financement des infrastructures et des prêts, mais elle pourrait rencontrer des problèmes de paiement si elle tentait de prêter de l'argent de manière prédatrice, similaire à ce que fait le FMI. Cependant, avec Embridge, ces problèmes pourraient être évités. Le texte souligne que la NDB est basée en Chine, et que la Chine, Hong Kong et les Émirats Arabes Unis sont des participants d'Embridge, ce qui suggère une possible intégration de la NDB dans le système. Le paragraphe se termine en soulignant que l'adoption d'Embridge pourrait marquer le début de la fin de la domination du dollar américain, mais que cela nécessitera du temps et pourra rencontrer des obstacles.
🔄 Les défis et l'avenir d'Embridge
Le paragraphe 5 aborde les défis et les perspectives d'Embridge. Il explique que, bien que le système soit encore en ses balbutiements, il est clair que le BRICS agit principalement comme une initiative économique. Les pays qui rejoignent le BRICS le font souvent pour bénéficier des avantages économiques liés à l'appartenance à un groupe de producteurs de matières premières. Embridge permet aux pays sans matières premières de les acheter directement des producteurs sans avoir à dépendre de l'infrastructure financière contrôlée par les États-Unis. Cela donne aux pays la possibilité de s'aligner avec qui ils le souhaitent et de prendre des décisions indépendantes. Cependant, le texte souligne que cela ne sera pas facile et que les États-Unis ne laisseront pas leur domination du système financier sans se battre. Les États-Unis ont le dollar et les dettes dollarisées des pays comme armes pour maintenir leur contrôle. Le paragraphe se conclut en disant que le lancement d'Embridge pourrait marquer le début de la fin de la domination du dollar américain, mais que cela nécessitera du temps et pourra rencontrer des obstacles.
Mindmap
Keywords
💡Pétrodollar
💡BRICS
💡Système de paiement
💡SWIFT
💡M-Bridge
💡CBDC
💡Ethereum
💡Consensus de validation
💡Nouveau développement banque (NDB)
💡BRICS+
💡Dollar américain
Highlights
A 50-year deal between the US and Saudi Arabia to price oil in US dollars was reported not renewed, causing speculation about the end of the Petrodollar era, but it turned out to be fake news.
While attention was on the Petrodollar, BRICS countries launched a new payment system that Saudi Arabia joined, potentially threatening the US Dollar's dominance.
BRICS stands for Brazil, Russia, India, China, and South Africa, and was predicted to see the most economic growth by 2050.
The BRICS countries still have growing populations, low labor costs, and lots of commodities, which increases their geopolitical power.
There have been speculations about a BRICS currency but no concrete evidence of its creation.
BRICS has been working on an alternative payment system, different from a BRICS currency.
The new BRICS payment system, mBridge, is based on Ethereum and is designed to bypass the US-centric financial system, including Swift.
mBridge is a wholesale CBDC system, used only by institutions, and is faster due to its novel consensus mechanism called dashing.
mBridge allows for direct currency swaps between banks, removing the need for the US dollar as a bridge currency in Forex trading.
The number of observing members for mBridge has risen to 26, indicating its adoption and interest from central banks and commercial banks.
Saudi Arabia's joining mBridge could signal a move away from Western financial systems.
The BRICS alliance, now referred to as BRICS Plus, includes countries like Egypt, Ethiopia, Iran, Saudi Arabia, the UAE, and Argentina.
The New Development Bank (NDB), established by BRICS, has $100 billion for infrastructure development and loans, potentially using mBridge.
mBridge could facilitate trade between countries with their own commodities and those that need them, reducing reliance on US dollars.
The success of mBridge could challenge the US dollar's dominance in international trade and financial systems.
The US dollar's strength is tied to its use in international trade, especially for commodities priced in dollars.
mBridge participants may face challenges with currency accumulation and the need for a bridge currency within the system.
The potential creation of a BRICS currency, possibly backed by commodities, could serve as a bridge currency within mBridge.
Transcripts
recently it was reported that a 50-year
deal between the United States and Saudi
Arabia to price oil only in US dollar
had not been renewed leading to
speculation that the age of the Petro
dollar is over fake news fake news yeah
yeah now it appears this was fake news
but that doesn't mean nothing happened
while everyone was focused on the Petro
dollar fud bricks countries launched a
new payment system that Saudi Arabia
joined that's why today we're going to
tell you about the actual news that
could threaten the US Dollar's dominance
the launch of a new payment system that
brics countries have been working on for
years a payment system which believe it
or not is based on etherium this is a
video you cannot
miss okay let's start with a quick recap
bricks is an acronym for Brazil Russia
India China and South Africa the
original acronym was brick and it was
coined by former Goldman Sachs Economist
Jim O'Neal in 2001 Jim predicted that
Brazil Russia India and China would see
the most economic growth by 2050 this
was partially because all four countries
had growing populations low labor costs
and lots of Commodities it was also
partially because of geopolitics and
commodity prices China had just joined
the World Trade Organization the global
South was aligning with the US and
commodities were booming if you watched
our previous video about the bricks
you'll know this started to change after
the global financial crisis under the
leadership of zi jingping China started
going its own way at the same time
commodity prices collapsed not
surprisingly Wall Street was suddenly
not so bullish on the bricks as we
stressed in that video however the other
reasons why Goldman Sachs had initially
been bullish on the bricks haven't
changed the bricks countries still have
growing populations they still have low
labor costs and they still have lots of
Commodities all that's missing is the
commodity bull market as most of you may
have noticed commodity prices around the
world have been rising over the last few
years this has increased the
geopolitical power of the bricks not
surprisingly the average person has
started realizing this
but most western Elites continue to
pretend that the bricks aren't Rising
again the result is that it's been very
difficult to find quality information
about what's been going on with the
bricks countries particularly if you
live in the west it doesn't help that
the bricks countries are Infamous for
their government propaganda this makes
finding quality info about Hot Topics
twice as hard and when it comes to the
bricks no topic has been hotter than the
the possibility that the block will
launch its own shared currency to rival
the US dollar there have been countless
reports claiming that this so-called
bricks currency would be gold backed or
crypt based but no concrete evidence
that it's actually coming if you look at
the sources for these headlines you'll
notice they're often off-the-cuff
comments made by government officials
from brics countries or proposed ideas
which never even reach the pilot stage
in other words the creation of a
Bonafide bricks currency doesn't seem to
be on the table for now the creation of
an alternative payment system however
certainly is to clarify a brics currency
and a brics payment system are two
completely different things a brics
currency would be a literal currency
like the US dollar or the Euro for
example whereas a brics payment system
is well a literal payment system the
payment rails for any currency
consider that Russian firms have
reportedly been conducting trade with
Chinese firms using tether's usdt
stablecoin which is of course pegged to
the US dollar this is extremely
significant because it reveals the
elephant in the room it's not the US
dollar that's the problem for the bricks
it's the payment rails that it runs on
now the name of this elephant is Swift
the world's largest payment system
obviously Swift is aligned with Western
interests and it's been increasingly
used as a financial Weapon by blocking
payments to certain parties put simply
the Swift payment system is a much
bigger problem for the brics than the US
dollar that's why the bricks have been
working on an alternative to Swift this
payment system launched in the same week
that media Outlets were freaking out
about the supposed us Saudi oil deal
coming to an end just days before that
deal was supposedly set to expire Saudi
Arabia joined the bricks payment system
it really makes you wonder if someone
hyped up the US Saudi oil thing so that
nobody would notice that the bricks had
launched a competitor to Swift now this
was exponentially more significant than
any oil deal or brics currency if the
brics payment system gets adopted it
really has the potential to Dethrone the
US dollar and by the way if you're
enjoying the video so far be sure to
thump that like button subscribe to the
channel and ping that notification Bell
so you don't miss the next
one
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Showp bro bro bro bro
bro bro now the name of the payment
system the bricks recently released is
embridge if you watched our first video
about mbridge back in February you'll
know that it's a cbdc system that was
built by the central banks of Thailand
Hong Kong China and the United Arab
Emirates with the help of the bis now
for context cbdc stands for Central Bank
digital currencies which are well
digital currencies that are issued and
controlled by central banks the bis or
bank for international settlements is
the so-called bank for central banks and
it's been helping central banks around
the world roll out their CBD C DC
Systems if you know anything about cbdcs
you'll know they are seriously dystopian
since they make it possible for central
banks and governments to control how you
spend and even how much you can save the
catch is that there are technically
multiple types of cbdcs each with its
own features and purpose broadly
speaking there are two types of cbdcs
retail cbdcs which will be used by plebs
like you and me and wholesale cbdcs
which will be used by select individuals
and institutions as you might have
guessed embridge is a wholesale cbdc
system and it's meant to be used only by
institutions and as I mentioned in the
intro embridge is based on etherium in
fact it's essentially an ethereum copy
it uses a blockchain called the MBL
which is coded in solidity and uses the
evm for smart contracts of course the
difference between ethereum and the MBL
is that the MBL is private and
permissioned this means you need to be a
central bank or Commercial Bank to use
the MBL naturally these central banks
and Commercial Banks run the nodes on
the MBL with participating central banks
running de facto validator nodes and
participating commercial Banks running
de facto relay nodes another difference
between embridge and ethereum is that
embridge seems to be much faster this is
because of its novel consensus mechanism
called dashing now dashing was developed
by Chinese researchers and it validates
a block by checking random chunks of it
rather than the whole thing if this
sounds familiar that's because dashing
is analogous to Celestia's data
availability sampling more about that in
the description I digress now in case it
wasn't clear enough the primary purpose
of embridge is to make it possible for
its users to bypass the existing us
Centric Financial system this not only
includes bypassing Swift but also
bypassing all intermediary banks in
crossborder transactions as well as the
US dollar in Forex Trading for reference
the US dollar is basically a bridge
currency especially for large
transactions so if you want to swap say
a large amount of New Zealand dollars
for Canadian dollars you'll have to swap
New Zealand dollars for US dollars and
then us dollarss for Canadian dollars
that's just because it's not always
possible to trade lots of New Zealand
Dollars directly for Canadian dollars
with embridge you'd be able to swap New
Zealand dollars for Canadian dollars
directly from a bank in New Zealand to a
bank in Canada assuming these banks are
a part of the embridge system this
removes the US dollar as the bridge
currency removes intermediary Banks from
the transfer and removes Swift from the
equation this is extremely significant
besides the fact that it facilitates
International Trade the fact that it
removes the US dollar as the bridge
currency means that the tens of
trillions of dollars of demand coming
from large Forex transfers disappears in
plain English the demand for USD Falls
by trillions of dollars this weakens the
US dollar as the Dollar's strength is
fundamentally a product of supply and
demand just like every other asset if
the demand for US Dollars goes down
because fewer countries are using it as
a bridge currency for Forex transactions
its value will go down assuming the same
or more Supply and here is where things
get crazy if you watched our recent
video about the bis's cbdc survey you'll
know that central banks seem to be
turning their focus away from retail
cbdcs and turning more towards wholesale
cbdcs what are the chances that this is
because they want to become a part of
embridge and this ties in to Saudi
Arabia's recent decision to join
embridge the bis revealed this on the
same day it launched the new payment
system the bis also revealed that the
number of observing members I.E the
number of central banks and Commercial
Banks considering joining embridge has
risen to
26 this this too is extremely
significant and not just because it
means mbridge is being adopted for those
unaware last year the bricks invited six
countries to join its growing Alliance
which is now being referred to as bricks
plus these countries were Egypt Ethiopia
Iran Saudi Arabia the UAE and Argentina
as some of you may have heard every one
of these countries accepted except for
Argentina which was to be expected given
that its new Presidente Javier Malay
appears to be not so subtly aligned with
the global North whatever the case
what's fascinating is that Saudi Arabia
has been sending mixed signals about
joining the bricks as with headlines
related to stuff like the bricks
currency there have been some stories
suggesting that Saudi Arabia had joined
the bricks and others claiming it had
not with both citing official sources as
the saying goes though actions speak
louder than words and Saudi Arabia
joining embridge is a very loud action
as many geopolitical experts have
pointed out Saudi Arabia's lack of
clarity around joining the bricks is
likely because it doesn't want to
increase friction with its Western
counterparts this is something we
pointed out in our previous video about
the bricks India has been keeping things
lowkey on the bricks front as well and
this makes perfect sense when you
realize that the bricks technically
isn't an established organization for
the time being the bricks or rather the
bricks plus is effectively a club
consisting of countries from the global
South it doesn't have a headquarters an
official website or even a charter with
its stated aims as we also mentioned in
our previous bricks video this is
presumably because the bricks countries
need to establish a financial system
before establishing an organization to
put things into perspective the UN which
is controlled by the West was only
established after the Breton Woods
system had been set up a big part of why
the Breton Woods system became so
powerful was because of Institutions
like the IMF and the World Bank which
practically trapped foreign countries
with dollar denominated debts that had
lots of strings attached if history is
any indication this means the bricks
need to take a similar path as it so
happens the brics established a
financial organization analogous to the
IMF and World Bank called the new
development bank or NDB back in 2015 the
NDB seems to be the only brics
initiative with an actual entity and it
has $100 billion earmarked for
infrastructure development and Loans in
theory this gives the NDB the power to
do what the IMF and World Bank are
famous for go to a country that
desperately needs financial support and
give it to them on the condition that
they do things that are are favorable to
the bricks in practice there's one big
problem the existing payment system if
the NDB were to engage in IMF level
predatory lending the US and its allies
would get word of it and probably make
life harder for the NDB and its
borrowers similarly if the NDB were to
give loans to countries that aren't
close allies of the United States it
could likewise find itself experiencing
payment frictions with
however all of these problems disappear
now although we couldn't find any
concrete evidence that the NDB is going
to use embridge the circumstantial
evidence is certainly there for starters
the NDB is based in China recall that
Hong Kong and China are two of the five
participants in embridge the UAE also
happens to be one of the shareholders in
the NDB and you'll recall that it too is
a participant in embridge that makes
three out of
meanwhile Saudi Arabia has reportedly
been trying to join the NDB since last
year and it recently joined embridge
that's four out of five this leaves
Thailand which recently applied to join
the bricks reportedly due to
dissatisfaction with how it's being
treated by the West now we aren't sure
how enbridge's governance process works
but we know that it has one and we're
certain that all participants will vote
to plug in the ND DB if it comes up so
this brings me to the big question and
that is what's next for the bricks and
their embridge payment system well the
answer is complicated I'll start by
saying that mbridge is still in its
early stages the recent launch was a
minimum viable product or MVP which as
the name suggests is its initial public
release that said though it's clear that
brics exists primarily as an economic
initiative it's also clear that the
reason why so many countries are joining
it is because they want the economic
benefits that come with being affiliated
with large commodity producers this
underscores the extreme significance of
embridge you see the biggest reason why
the US dollar has so much value is
because it's required for international
trade specifically to buy Commodities
like oil which are priced in dollars
this begs the trillion dollar question
as a country what do you need more the
Commodities or the dollars required to
buy them well logically the answer
depends on the country if a country has
lots of Commodities then it probably
doesn't need US dollars that much
conversely if a country doesn't have
lots of Commodities then it probably
needs the US dollar a lot the
consequence is very predictable
geopolitical alignments countries that
have lots of their own Commodities have
the power to defy the US and its allies
whereas those that don't must align with
the US and its allies or else be starved
of dollars but again it's not the US
dollar per se it's the rails on which it
runs remember you can always pay in cash
if needs be what Enbridge ultimately
does is allow countries without
Commodities to purchase these
Commodities directly from producers
without having to rely on us controlled
infrastructure put differently it gives
them freedom from US influence and
allows them to make more independent
decisions as you can imagine this is a
very attractive value proposition given
that just like most people most
countries just want to be left alone
they don't want to be porns in the proxy
wars between the US and China they just
want to live in peace and embridge gives
them the tools they need to stay neutral
the catch is that this will be easier
said than done and this is where things
get truly interesting and I'll use a
real world example to explain the
unprecedented Financial sanctions levied
against Russia have made it very
difficult for the country to use US
dollars for trade leaving it with the
currencies from its counterparties last
year one of Russia's officials revealed
that it had amassed billions of Indian
rupees that it couldn't use as a result
of selling oil in rupees to India now
under normal circumstances Russia would
have traded those rupees for us dolls so
that it could use them to buy stuff from
other countries but it can't in practice
this means that Russia can only use
these Rupees to buy from India the
problem is that Russia already has most
of what India is selling FYI India's
primary export is petroleum products
which Russia also has lots of there's
only so many textiles and so much rice
and whatever else that Russia needs to
buy you can think of it as like being
given a credit card with an unlimited
balance that can only be used in a
single shop that mostly sells stuff you
already have and don't need more of this
is a problem that mbridge participants
will run into as more currencies start
being added to the payment system this
will inevitably result in the need for a
bridge currency that's analogous to the
US dollar and this is where the mixed
messages about the bricks currency start
to make sense everyone has been assuming
that the brick currency will be used by
regular people that it will be a
standard retail theat currency however
it's likely that the bricks currency
will be wholesale contained to the
Enbridge system and used exclusively by
the central banks and Commercial banks
that are a part of that system notably
its only purpose could be to ensure that
nobody is left holding say billions of
rupees that they don't need the idea
that the bricks currency will be backed
by a basket of Commodities starts to
make a lot more sense when you look at
it through the lens of being a bridge
currency on embridge more importantly
its creation will be a prerequisite for
smaller countries with smaller
currencies to join the embridge system
after all lots of countries desperately
need the petroleum products India is
selling and would therefore be happy to
hold billions of rupees via embridge the
same can't be said for countries like
Costa Rica however whose largest exports
are photography products countries won't
want to huddle billions of Costa Rican
colons in some then the launch of
embridge could very well Mark the
beginning of the end of the US Dollar's
dominance but it's going to take time
and there will be lots of setbacks along
the way the US will also not go quietly
and will do everything in its power to
ensure it maintains control of the
financial system contrary to popular
opinion the US will not do this through
War because it has a weapon more
powerful than any nuclear bomb the US
dollar and the trillions of dollar
denominated debts that countries owe
making the dollar stronger is enough to
bring many countries to their knees as
we saw in late
2022 and say did you see that the dxy is
rising probably
nothing okay that's all for today's
video so if you learned something new be
sure to grind that like button to let us
know if you want want to keep learning
subscribe to the channel and ping that
notification Bell and if you want to
help others learn about what the bricks
currency is really about then share this
video with them as always thank you so
much for watching and I'll see you in
the next one this is guy over and out
[Music]
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