Canuckus Deploracus Loc: North of the wall

Major South American states move to cut reliance on US dollar – media

Brazil and Argentina are reportedly set to start work on creating a currency union that would eventually involve other nations on the continent

Brazil and Argentina plan to create a common currency, the Financial Times reported on Sunday, citing officials. The plan will be discussed and officially announced at a summit in Buenos Aires this week, according to the report.

“There will be… a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s Economy Minister Sergio Massa told the news outlet.

According to Massa, other Latin American nations will be invited to join the common currency project. Brazil is proposing calling the new currency ‘sur,’ which t***slates as ‘south’.

Massa noted that the creation of the ‘sur’ is likely to take years, pointing to the fact that it took Europe 35 years to create the euro.

“It would be a study of mechanisms for trade integration. I don’t want to create any false expectations… it’s the first step on a long road which Latin America must travel.”

Other officials who spoke to the news outlet said the new currency is expected to boost regional trade and help cut the countries’ reliance on the US dollar.

Brazil and Argentina have discussed the idea of a common currency for several years, but Brazil’s central bank previously blocked efforts to get such an initiative off the ground, sources told the Financial Times.

The two countries boast the largest economies in South America. Brazil is a member of the BRICS group and has enjoyed relative economic stability in recent years, although analysts point to a number of headwinds that could dampen growth this year. Argentina, meanwhile, has been plagued by economic instability for decades. The country has defaulted on its debt several times, most recently in 2020, and has had to resort to capital controls to protect its currency. Inflation in the country is currently soaring and it has a roughly $40 billion debt to the IMF.

FallenOak Loc: St George Utah

I would comment on both your writings, ‘And this is just good for me...’ , and ‘Glad this won't affect me…’ as they seem to address a common theme. Can no one else see that Biden has caused other parts of the world to try protecting themselves from America by creating monetary systems that will not be reliant on the US dollar? Not only has the American political system created a seemingly unresolvable fracture in the US but is scaring other nations that is causing them to realize it is time to break with United States of America.
This is the point in the US that it becomes necessary to have a cache of gold and silver for use in trade.
Thank you for these insights.

Parky60 Loc: People's Republic of Illinois

Wait until CBDCs kick in.

FallenOak Loc: St George Utah

We must admit that we are today no better off than a s***e or serf of the Middle Ages living in Europe under any feudal Lord. If we have food, clothing, and shelter we are happy because we feel we are better off than the ones living in a poorer neighborhood. The Romans had the Games in the Colosseum and Circuses. We have TV, sports, and movies to entertain us and keep our minds away from reality. The side show in Washington D.C. also keeps us entertained as we watch the daily bunch of pap from our leaders.

Canuckus Deploracus Loc: North of the wall

This is true to some extent...
But the comparison is still flawed..
The average Westerner is still leagues ahead of most of the world...

FallenOak Loc: St George Utah

I believe all this is subjective. I grew up in Southern California. We got electricity in 1948 and telephone in 1951. The roads to our house were dirt roads. We didn't have an indoor bathroom until 1954. I never felt deprived or poor. During WWII we didn't need to worry about rationing because most of what we had was from our own farm. I am not certain that trying to compare what one nation has against another is just. I think how happy people are with what they have is better. After we got electricity my dad kept the wood stove for cooking. During the winter when rain or wind would interrupt in the power I would often be the only kid who went to school with a hot breakfast of cooked oatmeal as all the other houses went to electric stoves. I agree that if most Western World people were to be put back into that situation they would be unhappy. I think we rely too much on our gadgets today.
Thank you for your writings as I usually find something interesting in them.

Canuckus Deploracus Loc: North of the wall

Ditto