BRICS want shared currency, but seem to have China concerns


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COGwriter

The BRICS nations are looking more into a common currency, essentially as an alternative to the US dollar:

30 March 2012 (in India)

NEW DELHI: BRICS nations on Thursday decided to examine the viability of a development bank for developing countries, besides agreeing to make it a little simpler for those trading within the group by settling transactions in local currency.

But in both cases, the outcome fell short of expectations as four members – India, Russia, Brazil and South Africa – seemed to fear the clout that China would enjoy if the proposal to set up a bank and move to a single currency went through…

Although the summit may have ended a little short of expectations on the overall substance, the five countries were not short of words. They blamed the US and Europe for generating excessive liquidity in the global financial system as part of their strategy to boost local economic activity. http://timesofindia.indiatimes.com/india/Fear-of-China-scuttles-move-for-BRICS-bank/articleshow/12462714.cms

The idea of such a proposed bank is somewhat of a shared currency system. Others have proposed various options to get away from the US dollar in settling international trade–and some of the trade between some of the currently BRICS does bypass the US dollar.

The nations of the world are getting concerned about the US dollar and to a lessor extent, the Euro. But notice that although the BRICS (Brazil, Russia, India, China, and South Africa) could probably have a shared currency together, that China is not trusted enough. And actually, that is one of the reasons that China’s currency has problems becoming a major world reserve currency, China is not trusted, even by its close friend and allies.

Last century, the late Chinese leader, Deng Xiaoping once expressed,

China must hide brightness and nourish obscurity . . . to bide our time and build up our capabilities (Source: Times Online).

The rest of the BRICS seem to at least somewhat realize this. And although the non-Chinese BRICS nations do not want to support the US dollar and are not thrilled with how the USA has handled its currency (deficits, quantitative easing, etc.) they currently trust China less.

And while they are objecting to Europe, the reality is that the BRICS tend to somewhat trust the Europeans. As I have indicated before, Europe does not have to be perfect (and it never will be in this age, cf. Daniel 2:41-43), it only needs to be perceived as a much better option than the US dollar for the nations of the world to back a European currency (or highly European-influenced basket of currencies) to knock the US dollar from being the world’s reserve currency.

The Bible warns that at some point, creditor will rise up (Habakkuk 2) and this will not bode well for the US dollar.

As far as the BRICS go, they will try to maneuver take steps to replace the US dollar. And while they have not yet succeeded, the time will come when Europe, and not the USA, is the major economic player in the world (cf. Revelation 13).

Some articles of possibly related interest may include:

China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel.
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for China? Is it a “King of the East”? What will happen to nearly all the Chinese, Russians, and others of Asia? China in prophecy, where?
Africa: Its Biblical Past and Prophesied Future What does the Bible teach about Africa and its future? Did the early Church reach Africa? Will God call all the Africans?
India, Its Biblical Past and Future: Any Witness? The Bible discusses the origins of those of Indian heritage and discusses some of the witness to them (including those in Bangladesh, Pakistan, and Sri Lanka).
Russia: Its Origins and Prophesied Future Russia in prophecy. Where do the Russians come from? What about those in the Ukraine? What is prophesied for Russia and its allies? What will they do to the Europeans that supported the Beast in the end?
Is Russia the King of the North? Some claim it is. But what does the Bible teach?
Mexico, Central America, South America, Brazil, and the Caribbean in Prophecy [Español: México, America Central, Suramérica, y el Brasil en profecíal] [Português: México, América Central, Ámérica do Sul, e Brasil na profecia] What will happen to those of Latin America? Will they have prosperity? Will they cooperate with Europe? Will they suffer in the future? What role might the various Caribbean nations/territories play?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people?
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold?