Bills Commentary:
This is a VERY REAL 1 min 50 seconds. I have 1 minor correction for Congressman Gaetz, he used the word “if” rather when… but I am sure he already knows this!
“Congressman Matt Gaetz (R-FL) speaking about the growing BRICS nations engaging in “de-dollarization,” Gaetz told reporters “. . . if we’re going to lose the dollar . . ..” Does Gaetz already KNOW the Dollar is doomed?…”
BillHolter.com 
Great 2 minutes!
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Dear Bill,
Thank you! I may have mentioned in an earlier comment, BRICS may be viable over a long time period, but the vast majority of trades and international commerce and contracts remain almost exclusively in the USD. While the USD may not be nearly as viable and preferred as it once was, it continues to remain “the best house in a bad neighborhood”.
The genuine problem is that China’s and Europe’s economy and banking are actually worse than here at home. Their finances are collapsing and inflation in Europe is really getting serious. Negative interest rates have undermined Europe’s pensions, so old folks are getting hosed by their own people. Remember, unlike here, most pensions in Europe must be held in government bonds! Of all the BRICS nations, only Russia has any real chance because Russia enjoys a resource based economy, excellent for export. China’s only saving grace is that it can provide nearly limitless labor, which will evolve to the downside over time. India, Brazil and South Africa? Forget those for the most part. The Russians are hard core innovators. China manufacturers for the most part with not much innovation.
Arguably, the best thing the US has for itself in commerce is our legal system to settle disputes. Whenever a foreign company begins to fail, they all want those proceedings to be heard here! Why? Despite its faults, the US has be best legal/justice system in the world, and it uses the international lingua fraca of international business, the English language, which is highly specific and universally used. Can you imagine a court case being heard in China, Russia, Brazil, India r South Africa? I don’t think so.
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