Sunday, April 17, 2011

BRICS credit: Local currencies to replace dollar

SANYA: Brazil, Russia, India, China and South Africa - the BRICS group of fastest growing economies - Thursday signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other.

The agreement, the first-of-its-kind, was signed at the 3rd BRICS summit here attended by Indian Prime Minister Manmohan Singh, China's Hu Jintao, Brazil's Dilma Rousseff, Russia's Dmitry Medvedev and South Africa's Jacob Zuma.

"Our designated banks have signed a framework agreement on financial cooperation which envisages grant of credit in local currencies and cooperation in capital markets and other financial services," Manmohan Singh told reporters at a news conference with other BRICS leaders.

But the agreement is confined to credit and not trade. BRICS economies hold 40 percent of the world's currency reserves, the majority of which is still in US dollars.

The BRICS summit is being held in the coastal city of Sanya in China's Hainan island.

The joint presser was held after the leaders held deliberations on the international situation, and financial, development, climate and security issues.

Manmohan Singh said: "We have had very fruitful discussions. We have reviewed the international situation, discussed international economic, financial and trade issues, the challenges of sustainable development, food security, energy security and climate change."

The grouping is significant because it is expected to have a healthy global presence in the future as the member-countries are the fastest growing economies and are projected to contribute 48 percent to the global economy in the next decade.

At present they account for 40 percent of the world's population and 20 percent of the global Gross Domestic Product (GDP).


  1. obviously this is joke. nothing to see here. please move along.

    Silver to $80 by Aug 1. there, i typed it!

  2. The 'RICS' are all big into gold, While the 'B' is pissed about importing inflation. Good for gold.
    Only 23 hours til we hear about the smoking new miner.

  3. LOL, still doing DD...should be out tomorrow night, but I dont want to rush it...and everyone will have the opp to buy it at the same level-how bout them apples!

  4. Current silver volume: 8,287
    Current gold volume: 6,925

    Not used to seeing that :-)

  5. Nice to see countries stand up to the US machine and guide their own destiny for a change. The dollar doesn't have long...

    Got gold yet?


  6. SGS, did you see this? Straight from the Bloomberg article:

    Open interest in gold futures and options traded on the Comex typically exceeds supplies held in its warehouses. If the holders of just 5 percent of those contracts opted to take delivery of the metal, there wouldn’t be enough to cover the demand, Bass said.

    Printing Money

    “If you own a paper contract where they can only deliver you 10 cents on the dollar or less, you should probably convert it to physical,” said Bass

  7. the comex is A-okay, o'fuckagan says so

  8. Sounds pretty fractional to me, will be denied by o'fuckagan tho.

  9. @yankees;
    I got a response from one of the UT Endowment Regents after appraising him of the double-dealing, forked-toungue-talking, bankster-corrupted farce that is the COMEX, where he's storing his gold.
    He said 'thanks'.

  10. ofuckmyselfagain..... a change i can believe in

  11. to SGS

    i love your blog, anyone who can call someone a smegma eating fucksquibble, I worship at your feet, I laughed so loud i scared BOTH my cats, who like to sleep under my desk.

    I also stole, appropriated it and used it so there. What is a fuck squibble. NO dont tell me, its better not to know, I have been laughing for 2 weeks. I weep in fealty.

  12. Hey I sure would like a comment button on post. Something like: Likes or Dislikes or smegma eating fucksquibble, that way we could just click which one

  13. I try not to swear.. I have Nine kids.. From 31 to 9.. I've been in the U.S. Army.. I can overlook the I know your heart is in the right place.. I don't have the funds to contribute to your blog.. Nor will I buy any paper, at this point anyways.. Long doesn't mean much when you don't have a lot of ( currency), but I own over 2000 (Money) Silver dollars.. Will this be enough in your opinion to carry us through this Madness.. Living in the UP.S. !? BTW, I have a small automotive shop, and business has been Lousy .. But no debt ! My older kids are buying silver as well.. I respect your opinion.. ! My 21 year old is graduating this year with a bio chem degree.. And she has 200 ounces.. She's my Fifth Kid. ! Two in med school ! Eight Grand Kids. One just born Friday.. BTW... Fuck that Troll !

  14. HERE is what ONE of the BRIC nations is doing NOW!!

    .................................................. ------> GO SILVER,baby!! <-------- ..................................................

    shameless plug:


  15. How about a third checkbox: I think Blythe is a smegma eating fucksquibble.

  16. Almost looks like we are going to get a BUY THE DIP here.....developing...
    <a href=">The News UNIT Blogspot</a>

  17. Hahaha, loool, a number of people in Sweden just bought bull x4 silver for 136k$ at a 20% premium...?? (i.e over 50$\ounce)

    Do they know something, or have they just nominated themselves to Sheep-of-the-year-award?

    Later on, the "price" went back 18% now to more up to date levels, so sad.

  18. Saw that one, "lost" a ton of money not being awake enough to sell...

  19. Yeah, me too..
    I sold friday, else I would have sold on 1400(51.5$\ounce) ;), maybe Im even sader than the +20%-premium buyers this morning...

    My Palantir 2000(C) still expect double dippin today-tomorrow..

  20. How can the dollar go up after BRICS said this?

  21. BRICS = Brassia (commodity producers) + Chindia (manufacturers) + South africa (??)

    They all want to get out of the USD, but they're different.

    Any deepest comparison between them?