In a delightful twist of international affairs, Russia has taken a rather cheeky stance against the tariff threats issued by none other than President Donald Trump. The Kremlin, in a display of bravado that would make even the most seasoned poker player blush, has declared that the BRICS nations—those dashing emerging economies comprising Brazil, Russia, India, China, and South Africa—have no intention of staging a coup against the mighty US dollar. Quite the contrary, it seems!
According to the ever-eloquent Kremlin spokesman, Dmitry Peskov, the BRICS gang is not, I repeat, NOT, concocting a new common currency to usurp the dollar’s throne. “The point is that BRICS is not talking about creating a common currency, nor has it ever done so,” he quipped, as if he were discussing the weather rather than the fate of global finance.
Instead, our dear friends in BRICS are busy plotting the creation of new joint investment platforms, which sounds suspiciously like a fancy way of saying they want to play nice and invest in developing countries. How charming! 🌍
A potential “BRICS currency”? Oh, do tell!
Founded in the illustrious year of 2009, BRICS has made economic cooperation its raison d’être. However, whispers of a “common currency” have been floating around like a particularly persistent cloud of smoke since at least 2023, with Brazil leading the charge. Apparently, they’re keen to reduce their vulnerability to the dollar’s capricious whims. Who wouldn’t want to dodge that bullet?
Fast forward to October 2024, and the BRICS members were reportedly having a chinwag about a potential BRICS currency, with proposals that included a gold-backed currency dubbed the “Unit.” Sounds like something out of a particularly imaginative children’s book, doesn’t it? This project has been touted as a possible cross-border settlement tool or even a digital currency, which some say could pose a threat to the dollar’s reign as the global reserve currency. Oh, the drama! 🎭
Trump threatens BRICS with 100% tariffs—yikes!
On January 30, in a move that could only be described as a classic Trumpian flourish, the President declared that any notion of a BRICS currency was simply unacceptable. He threatened a staggering 100% tariffs, which is a bit like saying, “If you don’t stop that, I’ll take away your dessert!”
“The idea that the BRICS Countries are trying to move away from the dollar, while we stand by and watch, is over,” Trump tweeted, as if he were announcing the latest season of a reality show. 📺
“There is no chance that BRICS will replace the US dollar in International Trade or anywhere else, and any Country that tries should say hello to Tariffs and goodbye to America,” he added, with all the subtlety of a sledgehammer. Peskov, ever the diplomat, noted that this wasn’t the first time Trump had made such grand proclamations, referring to similar threats from late 2024. “There have been statements like this before, back when he was just president-elect,” he remarked, adding:
“In all likelihood, US experts probably need to explain the BRICS agenda in more detail to Mr. Trump.”
Is Trump likely to threaten CBDCs? Oh, the suspense!
In a plot twist worthy of a soap opera, this news comes hot on the heels of Trump signing an executive order on January 23, aimed at ensuring the US dollar’s sovereignty. This order, in a move that could only be described as “keeping up with the Joneses,” pledged to promote the development of dollar-backed stablecoins worldwide while simultaneously banning the development of central bank digital currencies (CBDCs). Talk about a mixed message!
Some observers speculate that Trump may continue to wield his tariff threats like a sword over countries dabbling in CBDC projects. Meanwhile, over in Europe, European Central Bank Executive Board member Piero Cipollone has been urging the EU to keep building its digital euro, as if it were the latest must-have gadget. The plot thickens! 🍿
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2025-01-31 16:17