Dollar dumped? India just bought 1 million barrels of oil from the UAE using rupees instead of USD for the first time — why this could mean doom for the greenback

xuxebiko, 9 months ago

India has been buying oil from Russia using Yuan, after Russia rfused to accept any more Rupee payments.

livus, 9 months ago

Yes it's all getting interesting. We can see why a standard currency could be useful to BRICS. (Which UAE just joined).

xuxebiko, 9 months ago

'May you live in interesting times' is an old Chinese curse.

livus, 9 months ago

I think this was actually made up by Westerners and attributed to the Chinese, but it seems very true.

yogthos, 9 months ago

It’s worth noting that the BRICS currency basically sounds like the Bancor idea that Keynes proposed en.wikipedia.org/wiki/Bancor

It’s not a general currency, but rather one meant specifically as a clearing system for settling transactions in international trade. The main problem it solves is convertibility. Using a common currency allows selling goods to one nation, and then using the funds to pay another nation for goods you might want to purchase from them seamlessly.

livus, 9 months ago

Thanks, that's really fascinating. I didn't really know about Bancor.