Do you understand what a reserve currency is? Do you know that America has held the reserve currency since 1948? Do you understand that means that all trade, internationally, has had to be conducted in the dollar? And that is what made the dollar have such a high value?
However, the EU now generally buys and sells in the Euro. BRICS (Brazil, Russia, India, China, and South Africa) are now ditching the dollar as a reserve currency and are setting up another way of doing international trade. Twenty three other nations have requested to join them.
Can you please explain to me how any 'treasury candidate' is going to stop other countries in trading with other currencies and not the American dollar?
As far as I can determine, there is absolutely nothing that any 'treasury candidate' can do to prevent Russia, China, India, or any other country from ditching dealing in the dollar and setting up their own trade parameters.
To quote:
"The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies. All eyes were recently on the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. The BRICS nations were widely expected to continue their discussions of creating a potentially gold-backed currency, known as the "Unit," as an alternative to the US dollar. The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.
You can continue to read this article at https://www.nasdaq.com/articles/how-would-new-brics-currency-affect-us-dollar-updated-2024
And then you can explain to me how you think a US 'treasury candidate' is going to stop 194 other countries from trading in a currency that is NOT the American dollar.
