Headline from yesterday's WSJ -- "BRICS Nations Take Steps on Currency Trade, Bank." The column continues -- "Members of the BRICS group of emerging markets took steps to trade their currencies more freely and establish a joint development bank, seeking to counter the influence that developed countries exert over the global economy." Russell translation -- the BRICS nations (acronym for Brazil, Russia, India, China and South Africa) want to use their own currencies or a joint currency INSTEAD of the US dollar. They want to get away from the overworked printing presses of the Fed.
I believe the markets are beginning to discount the fall of the US dollar as the world's reserve currency. I say this because the Dow was down almost 100 points at the start of yesterday's session, but for a change "they" weren't able to rally the Dow back to the plus side by the close. Also, and ... Log in or subscribe to continue reading.
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