Thailand joins BRICS

[Gaybutton]

I understand nothing about these kinds of things, so I'm curious as to what those of you who can make an educated guess think about how this might affect exchange rates.

I am also curious as to how you think this might affect relations between Thailand and the upcoming Trump administration.

In other words, is this move potentially something serious or nothing worth much of our attention?
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Thailand accepts Russia's invitation to join BRICS

by Abbey Fenbert

December 26, 2024

Thailand has accepted Russia's invitation to become a BRICS partner state, Thai Foreign Ministry Spokesperson Nikondet Phalangkun said at a press briefing on Dec. 26.

BRICS, composed of Russia, China, India, Brazil, and other nations, is a bloc of emerging economies often portrayed as a counterweight to the Western-led world.

"On October 31, Thailand received an invitation to become a BRICS partner state from Russia, the group's chair in 2024," Phalangkun said.

"On December 24, the Cabinet of Ministers held a meeting and decided that Thailand would respond positively to the invitation."

The government believes that joining the economic alliance will carry benefits for Thailand across a number of sectors.

"(M)embership in BRICS will benefit Thailand by promoting trade, investment, food and energy security," Phalangkun said.

Russian President Vladimir Putin hosted a BRICS forum in Kazan in October 2024. According to Moscow, 36 world leaders participated in the summit. Following the event, Putin said that invitations would be sent to a number of proposed new partner countries.

Four new members – Egypt, Ethiopia, Iran, and the United Arab Emirates – joined BRICS at the start of 2024. This marked the group's first expansion since December 2010, when South Africa became a member.

Thailand opted to remain neutral after Russia launched its full-scale invasion of Ukraine in February 2022. Bangkok did not impose sanctions on Moscow or send weapons to Kyiv, but did later vote in favor of multiple United Nations resolutions calling for Russia's withdrawal from Ukraine.

https://kyivindependent.com/thailand-ac ... oin-brics/

[Moses]

BRICS is now 46% of World population and 45% of World GDP.

It already has own bank, and has plans to introduce own currency.

This could lead to a significant reduction in the role of the dollar in international trade and reserves, which will certainly have a negative impact on the value of the dollar, US debt obligations, and the cost of servicing US foreign debt, which is already higher than defense spending.

If there are interested parties (like Soros) and they play against the dollar, such a game could eventually lead to the bankruptcy of the US government.

At present, the chances that BRICS will create its own currency in the near future are low.

[Jun]

such a game could eventually lead to the bankruptcy of the US government

Unlikely. If it comes to that, they just print more dollars. With a risk of hyper inflation.

[Dodger]

The new BRICS currency is considered a likely non-factor for US investors.

It would instead require widespread adoption from other developed economies before a BRICS currency would truly threaten the status of the dollar . It is very unlikely that foreign developed economies would trust or rely on a new BRICS currency.

Reminds me of one of my favorite Jethro Tull songs..."Think as a Brick".

"Really don't mind if you sit this one out
My word's but a whisper your deafness a shout
I may make you feel but I can't make you think
Your sperm's in the gutter your love's in the sink
So you ride yourselves over the fields
And you make all your animal deals
And your wise men don't know how it feels
To be thick as a BRIC"

[Gaybutton]

they just print more dollars

Maybe, but with Trump and his administration, who knows what might happen? The USA voted him in. They can have him. I'm glad I live half a world away.

BRICS doesn't have to damage USA economy. Trump will probably do that himself, long before BRICS would be a factor. Hard to ruin what is already ruined.

[Jun]

I thought the US started piling on the debt about 40 years ago?

[Harald]

BRICS is now 46% of World population and 45% of World GDP.

It already has own bank, and has plans to introduce own currency.

This could lead to a significant reduction in the role of the dollar in international trade and reserves, which will certainly have a negative impact on the value of the dollar, US debt obligations, and the cost of servicing US foreign debt, which is already higher than defense spending.

If there are interested parties (like Soros) and they play against the dollar, such a game could eventually lead to the bankruptcy of the US government.

At present, the chances that BRICS will create its own currency in the near future are low.

Brics is bullshit. What kind of common currency archirivals India and China may have?

[Harald]

By the way, is Moses still in faschist Russia. Enjoying garbage rouble and Ukrainian drones?

[Jun]

Time spent thinking about a BRIC currency is time wasted. It's probably not going to happen and if it does, I'll be in no hurry to hold. What sort of a currency is shared between enemy states?

My top currency holding is in gold. I also hold some of the inferior paper currencies.

[Rocket]

The s in BRICS is South Africa. Seems no one knows that. Gold will hold it’s value against currency debasement, and just in case I have some bitcoin.