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The problem with a BRICS currency would be that it would only be useful for purchasing imports from other BRICS countries. It would not be convertible into dollars or other currencies. It could not be used to purchase U.S. Treasury securities nor to pay off foreign debt. It would be impractical for use in FDI, even in other BRICS countries. FDI generally involves construction
Although the Foreign Relations Authorization Act for fiscal 2003 designates Taiwan as a “major non-NATO Ally,” Washington maintains “strategic ambiguity” meaning that the U.S. takes no official position as to whether Taiwan belongs to China. Taiwan’s fate is to be negotiated between China and Taiwan; however, that negotiation must be free and peaceful. To ensure that
The value of a country’s currency is highly correlated with the GDP. Before the Ukraine invasion, oil and gas accounted for about 21.7 percent of Russia’s GDP. By December, it had dropped to 18 percent of GDP. Although the ruble plummeted, immediately after the invasion, by summer, it had rallied, because it seemed that Europe had not found a way to do without Russian
On September 26th, the British pound lost nearly 5% of its value overnight, hitting a 37-year low. After months of continual devaluation, the pound is now worth 21% less than it was at the beginning of the year. The pound’s sharp decline has been blamed on the release of Britain’s new minibudget, which included major tax cuts, energy price caps, and direct payments to citizens