BRICS, the Dollar & Global Finance
เปิดโปง! สหรัฐใช้ดอลลาร์ครองโลก - BRICS vs Petrodollar ใครจะชนะ?
Summary
The dollar became the world’s settlement currency through historical circumstance and was then locked in by tying it to the oil trade.
The advantages that follow are concrete: cheaper borrowing, longer-running deficits, and the ability to print while exporting part of the inflation.
BRICS and the de-dollarisation effort are an attempt to leave those terms, and nobody has managed it yet.
Key points
A reserve currency is a privilege, not a prize
The issuing country gains directly in economic terms, not merely in prestige.
The oil link is what holds the system up
If every country needs dollars to buy energy, demand for dollars never runs out.
The cost falls on everyone who does not issue it
US rate and currency volatility passes straight through to Thailand.
BRICS has no working replacement yet
Displacing the dollar requires a deep, open bond market, and nobody has offered one.