Many nations have become fed up with US world leadership. Recently, the BRICS (Brazil, Russia, India, China, South Africa) met in Brazil to create the $100 billion BRICS Development Bank and a reserve currency pool of similar size. The goal of the new bank is to provide money for infrastructure and development projects in BRICS countries. Note that the US was not invited. The BRICS are fed up with the US controlled IMF, and thus more international transactions will take place in non-dollar currencies.
Within a few weeks, second quarter GDP will be reported, and I'm afraid the big shocker will be that second quarter GDP will be negative. Two successive quarters of declining GDP is the definition of a recession, and I'm afraid the nation will have to face that we are still in the Great Recession. The Fed's reaction to a continuing recession will be to open the money ... Log in or subscribe to continue reading.
Premium Content Notification
A subscription is necessary to access premium content.
Please use the button below to subscribe in order to access all premium articles