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Economist’s “News and Views” Thursday 8-22-2024

BRICS Just Stopped Using The Dollar!

Tech Beat:  8-22-2024

In this video, we look at a seismic upheaval in world economics—the BRICS countries have taken a historic step by abandoning the usage of the US dollar in their interactions.

The BRICS group, which includes Brazil, Russia, India, China, and South Africa, has long been regarded as a powerful counterweight to Western economic hegemony.

Now, with this brave step, they are ushering in a new era of international trade and finance.

Join us as we investigate the reasoning behind this decision and its ramifications for the global economy. We'll look at how this move may affect the supremacy of the US dollar, which has been the world's major reserve currency for decades.

 From the possible growth of alternative currencies to the problems and opportunities confronting the BRICS nations, we'll examine every aspect of this game-changing development.

 We'll also investigate how this decision may affect other countries and global economies, including the impact on commodity pricing, investment flows, and geopolitical alignments.

 Is this the end of the dollar's dominance, or merely a transient adjustment in global finance?

https://www.youtube.com/watch?v=YwsD8qQnduE

Gold as Currency: 20 States Championing Economic Justice and Stability

The Resilient Compass:  8-22-2024

Join Andy Schectman, founder & CEO of ‪@MilesFranklinCo, and Jason Cozens, founder & CEO of ‪@Glint with special guest Mike Carter, as they discuss:

- Impact of national debt and inflation

 - Cantillon effect and gold-backed money

 - States' rights for gold legal tender

- 'Three T's' of gold currency

- BRICS' challenge to the US dollar

 - Using Glint for gold transactions

https://www.youtube.com/watch?v=WiZSU8aI0ws

China Sell-off 39% of US treasury: What's going on?

Fastepo:  8-22-2024

The U.S. government continues to view Treasury securities as reliable and secure investments, especially during times of economic uncertainty.

However, concerns are growing over the nation's expanding debt, which reached about $32.6 trillion by August 2024. Critics warn that this rising debt could pose long-term risks to the economy, potentially leading to inflation and higher borrowing costs.

Another key issue of the US economy is the U.S.'s dependence on foreign investment to help fund its debt. As of August 2024, China remains the second largest foreign holder of U.S. debt. However China has significantly dropped its holding to approximately $770 billion, a 39% decline compared to less than a decade ago.

 This shift is tied to broader geopolitical and economic changes, raising concerns about the stability of foreign funding and its potential effects on U.S. economic policy.

This video explores the impact of China's decisions on the U.S. economy, analyzing both historical and current perspectives. It also examines how the outcome of the U.S. election could potentially influence China's approach to its U.S. Treasury holdings.

https://www.youtube.com/watch?v=jo4-mbQrJn8