El Presidente Posted June 1, 2023 Posted June 1, 2023 https://www.firstpost.com/world/dollar-detox-time-to-ditch-the-dollar-says-cuban-president-12678672.html Dollar Detox: ‘Time to ditch the dollar,’ says Cuban President Cuban President Miguel Diaz-Canel has asked developing countries to dump the US dollar as it would set them free from Washington's 'sanctions, blackmail, aggression, and slander' Umang Sharma June 01, 2023 18:06:11 IST US dollar. Reuters The call for de-dollarisation is getting louder as Cuba has come forward to ask developing countries to dump the US currency as it would set them free from Washington’s “sanctions, blackmail, aggression, and slander.” Cuban President Miguel Diaz-Canel said that dollar’s status as the world’s reserve currency enables the US to pursue an “aggressive hegemonistic policy of building walls, imposing punitive sanctions, blackmail, aggression and slander.” In an interview to RT, Diaz-Canel said “BRICS provides a brilliant alternative for economic integration, especially for developing economies.” BRICS, an acronym for five emerging economies – Brazil, Russia, India, China, and South Africa – has its own development bank. The alliance of BRICS has overtaken the US-led G7 bloc in its share of global GDP. BRICS nations have been considering creating a new currency to settle cross-border trade. The idea was mooted by Russia as it faces economic sanctions from the West over its invasion of Ukraine. The new financial agreement could be seen as early as in August when the member nations meet in South Africa for their annual summit. It is also worth mentioning that some of the BRICS countries have already ditched dollar and are facilitating trade in their local currencies. De-dollarisation will lead to more inclusive trade The Cuban president said: “I believe that we need to recognise the leading role of Russia in shaping this multipolar world.” He further stated that continued “de-dollarization” will lead to “more inclusive and more mutually beneficial trade” for those who reject the US’ “lies and empty promises.” Why Cuba is in favour of BRICS currency? Cuba is not a member of BRICS, but it is a close trading partner of Russia since the days of the Soviet Union. According to RT, trade between Russia and Cuba tripled to $452 million last year. Last week, Russian Deputy Prime Minister Dmitry Chernyshenko visited Cuba where he announced that Russian firms were planning to increase its investment in the island nation’s tourism sector. “It is at times like this that we get friends from other countries supporting us with real actions and under conditions that are not harmful to our independence,” the RT report quoted Diaz-Canel as saying.
MrBirdman Posted June 1, 2023 Posted June 1, 2023 While it would probably benefit the regime I suspect this announcement is more about carrying water for Russia than anything else. When your country is so internationally isolated that you’re relying on the Cuban government for soft-power projection, things are bad. 2
BoliDan Posted June 1, 2023 Posted June 1, 2023 Wait are they pegging to Russian currency or bucket currency. Looking toward Russia as monetary policy seems idiotic right now.
El Presidente Posted June 1, 2023 Author Posted June 1, 2023 BRICS has had a significant level of success. I always envisioned gaining access to one of their meetings would look a little like this. 3
NSXCIGAR Posted June 1, 2023 Posted June 1, 2023 This is coming from a country that's well on their way to selling their soul to China and Russia. If they thought the mobsters during the Batista regime were bad they ain't seen nothing yet. 1
Chibearsv Posted June 1, 2023 Posted June 1, 2023 49 minutes ago, El Presidente said: BRICS has had a significant level of success. Or are you thinking of this Brix? 🤣. My wife hates how much I like this movie. 2 1
riderpride Posted June 2, 2023 Posted June 2, 2023 47 minutes ago, Chibearsv said: Or are you thinking of this Brix? 🤣. My wife hates how much I like this movie. Bustin my balls Hans. I'd say you... 2
BrightonCorgi Posted June 2, 2023 Posted June 2, 2023 It's all about moving to RMB. It certainly could make sense for them to do so. Times are changing and if America won't play nice, someone else will. Do you blame them or any other country that wants to move off the dollar? Yuan, bitcoin, etc... 1
NSXCIGAR Posted June 2, 2023 Posted June 2, 2023 1 hour ago, BrightonCorgi said: It's all about moving to RMB. It certainly could make sense for them to do so. Times are changing and if America won't play nice, someone else will. Do you blame them or any other country that wants to move off the dollar? Yuan, bitcoin, etc... I'm not sure the world is sold on China long term. If the west continues to pull out their manufacturing they're going to have serious problems. There are a lot of downside to all the BRICS countries. As long as the US remains relatively status quo I don't see the world dumping the dollar. 2
SCgarman Posted June 2, 2023 Posted June 2, 2023 Cuba is slowly sinking into the abyss like the Titanic. Their "fearless leader" is merely throwing half cooked spaghetti at the wall and seeing if any noodles will stick. When desperation is reality some will sell their souls to the lowest bidder.
BrightonCorgi Posted June 2, 2023 Posted June 2, 2023 6 hours ago, NSXCIGAR said: As long as the US remains relatively status quo I don't see the world dumping the dollar. Does not have to be the world dumping the dollar, just the countries at odds with US policies. That list is growing every year. 1
BrightonCorgi Posted June 2, 2023 Posted June 2, 2023 3 hours ago, therealrsr said: Just because it is a bloc now doesn't mean much to me for the future. Brazil politics are constantly changing. India and China seem doomed to increasing conflict. Russia, who knows where/what it will be in 5 years. India is pushing hard to have the rupee a trusted default currency. Only issue is at 82 INR to 1 USD... Better get a good calculator. Those numbers are going to get big.
NSXCIGAR Posted June 3, 2023 Posted June 3, 2023 15 hours ago, BrightonCorgi said: Does not have to be the world dumping the dollar, just the countries at odds with US policies. That list is growing every year. Sure, but most of those countries are economic basket cases. China would be the only major player and India a minor player. But Russia and Iran aren't calling any shots.
Bijan Posted June 3, 2023 Posted June 3, 2023 2 hours ago, NSXCIGAR said: Sure, but most of those countries are economic basket cases. China would be the only major player and India a minor player. But Russia and Iran aren't calling any shots. Russia and Iran are political basket cases. Economically they may end up doing ok. They're definitely in a better position if the global economy keeps taking a nosedive, as they've lived through many decades of continuing hard times. 2
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