Macroeconomic crisis and the possible emergence of a new global currency

Hello dear readers and followers, in this opportunity I will depart from the thematic scheme that I usually socialize in my blog, and I will try to expose my approach on the macroeconomic crisis and the possible emergence of a new global currency that Russia and China are planning to create.

According to information disclosed in the main world economic news portals, it is certain that Russia and China are planning to create a new global currency with the support of the countries that make up the BRICS community (Brazil, Russia, India, China and South Africa), an element that infringes a new world order in macroeconomic terms, due to the enormous financial and population potential that these states represent.

The debate on the creation of an international monetary system is already openly raised, considering that China has just joined Russia's request to create a new international reserve currency to replace the dollar.

Let us bear in mind that the Asian giant recently proposed a radical revision of the current monetary system, monopolized by the U.S. dollar after the abandonment of the Bretton Woods agreements in 1971, in order to break away from the gold standard.

In the words of Zhou Xiaochuan, the current governor of the People's Bank of China, the goal is to create an international reserve currency that is not linked to individual nations and can remain stable over the long term.

In Zhou Xiaochuan's literal words, the financial crisis is evidence of the inherent shortcomings of the current monetary system, yet he admits that reforming the system is a long-term goal that requires foresight and courage from the state leaders of various countries.


Aspistrategist Can BRICS become the anti-G7 that Russia and China want it to be?. Link


The cover image was designed by the author: @lupafilotaxia, incorporating image: Reuters


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