BRICS nations announced a new currency designed to replace the dollar.The creation of this new gold and commodity backed currency will be discussed at the BRICS summit this August.

BT’s Kei Pritsker explains how this new currency could overturn the hegemony of the US dollar.

  • @freagle
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    911 months ago

    I think there’s two things that we need to figure out.

    1. what happens in the imperial core when the middle class falls?

    2. what happens in the semi-industrialized 3rd world when the core can’t afford to buy consumer goods?

    • @KommandoGZD
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      511 months ago

      You definitely raise the right questions and it’ll be worrisome and interesting as hell watching this unfold. It’s critical we have some deep understanding of them going forward, but just from the top of my head:

      1.) Judging by history external military defeat, falling profits and the proletarization and pauperization in the imperial core lead to fascism. Without the USSR as a counterweight and much much weaker labour and communist movements than in the 20s this seems fairly likely.

      2.) Much more interesting and much more difficult to answer imo. Actually I can’t even give an offhand answer to that. The only good thing for those countries are those industrial capabilities. Unlike eg China and Russia on the eve of their revolutions, they already are at a much more advanced stage of development of the productive forces. Those aren’t just cashcrops either, so there’s value to them beyond Western consumption. As for their states, we can only hope a lack of imperial money and coercion as stabilizers would leave them ripe for revolution.

      • @freagle
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        511 months ago

        But what does “fascism” look like in this context? Does the USA invade Mexico and Canada? Does it invade Europe? Africa? Clearly it can commit mass atrocities on its own people, but there’s got to be a strategy in mind beyond just domestic cruelty.