China has
pledged to provide more finances to help businesses within the BRICS countries
and is urging the other BRICS nations to do the same. This will allow
businesses within these countries to access loans with greater ease. This will
allow the economies of the BRICS nations to continue to grow. China’s Finance
Minister also suggested that the BRICS companies choose one currency for all
financial dealings. He suggests that this will boost financial cooperation.
Interesting read! I have been hearing a lot lately about how many economies are pushing for the same currency. Just the other day, I read about a hypothetical currency called the Amero. The Amero would be a currency used by The United States, Mexico, and Canada. While some are in favor of this to simplify trade, others fear that it would take power away from Canada and Mexico. -Lorreen McCabe
ReplyDeletewhat kind of power is it that is being wielded by these countries. The issue of money not being stable is more of reason to simplify. I would personally love to see a change to a singular monetary system. One where I could go overseas and spend the same as here. It will take a LOT of work to get that to happen but in my opinion it would make more sense. Eliminating this whole money system would be a blessing in my opinion.
ReplyDeleteAnthony
Development banks such as the US-run 'World Bank' and the Asian Development Bank now have a Chinese competitor since 2013--the Asian Infrastructure Investment Bank. All of these are designed to invest in infrastructure and improved economic zones to improve trade and business, domestically and internationally. As far as a single currency, there are ongoing discussion about this all the time. You might enjoy joining the association for single currency, Anthony. I know nothing about it, however. Keynesian economics advocates a single currency. Bloomberg published a pretty good article on single currency policy a few years ago. And every once in awhile the Economist publishes something.
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