Lula, Xi And Two Quick Thoughts On De-Dollarization
"We have interests in building a new geopolitics so that we can change world governance," Lula declared, while chatting with Zhao Leji in Beijing on Friday.
Predictably, Lula's state visit to China was a highlight reel of quotables, some of which were tailor-made for de-dollarization narratives. On Thursday, after touring the New Development Bank headquarters in Shanghai, he advocated for BRICS coin.
"Who decided the dollar was the currency after the end of gold parity?" he wondered. Don't bot
Ah, lefties. Can’t live with ’em, can’t live without ’em.
Lula’s first stop should be Xi’s tailor.
You have a good eye. Thanks for the laugh..
The Yuan is still “pegged” to USD… allowed to trade in a range under 2% of the peg fixed daily by the PBOC. Also substantial capital controls preventing outflows of yuan. Belt and Road fantasy floundering. Last time I checked, USD isn’t pegged to any BRICs currencies. Why not remove all currency controls/pegs and allow real price discovery to determine actual value of these currencies ???
For what reason? Beyond giving our friendly hedge funds more markets to knock around?
If we get our own house in order, the dollar will be more desirable…Our economic problems are largely political, and our political problems are largely psychiatric…