this post was submitted on 02 Aug 2023
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"This credit crunch, triggered by the fight against inflation in Western countries, is an important factor in the huge rush to join the BRICS group. Many crisis-ridden countries, such as Argentina and Venezuela, which are currently seeking membership, are simply hoping to tap alternative sources of financing – especially from China."

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[–] bernieecclestoned@sh.itjust.works 7 points 2 years ago* (last edited 2 years ago) (1 children)

Fight against inflation in Western countries?

Argentina inflation rate is 116% !!!

Venezuela 404% !!!!

And there is no credit crunch, it's a liquidity crunch

[–] livus@kbin.social 5 points 2 years ago

Yeah this is the rumour that's circulating but there haven't been any formal announcements about BRICS currency.

I think the bank is happening though.

[–] imapuppetlookaway@lemmy.world 1 points 2 years ago (1 children)

Money and Macro has an excellent video clarifying this.

https://www.youtube.com/watch?v=49iLl-V4xos

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[–] birdcat@lemmy.ml -4 points 2 years ago* (last edited 2 years ago)

Yup, I can confirm this firsthand by quoting my South African friend:

Dude I don't give a shit, we just want to destroy the US and then invade Europe.

Pretty based stuff huh?