Personal Finance Expert Says US Rating Downgrade Likely to Embolden BRICS Currency Supporters–Trouble Times Ahead For American’s

image-1

BanksterCrime:

The American rating agency Fitch’s recent downgrade of the United States’ credit rating from AAA to AA+ may embolden proponents of a BRICS currency, Riley Adams, a personal finance expert, has said. Adams however argues that there are certain “geopolitical issues” that must be overcome first before the BRICS currency becomes a reality.

Debt Ceiling Standoffs and the Impact on the U.S. Credit Rating

According to Riley Adams, a personal finance expert and the CEO of Young and the Invested, the credit rating agency Fitch’s recent downgrade of the United States to AA+ will likely “embolden anyone in the BRICS [Brazil, Russia, India, China, and South Africa] that supports the creation of a new currency.” Adams, also a certified public accountant (CPA), told Bitcoin.com News that Fitch’s report on the country also “relays legitimate concerns about how the budgeting process has devolved in the U.S.”

As reported by Bitcoin.com News, Fitch has tied its downgrade of the U.S. long-term foreign-currency issuer default rating from AAA to AA+ to the “repeated debt-limit political standoffs” and the last-minute resolutions which have in turn “erode[d] confidence in fiscal management.”

Meanwhile, the personal finance expert has posited that many of those opposed to the U.S. dollar’s reserve currency status will now attempt to use news of Fitch’s downgrade to further rally support for a BRICS currency.

“At the very least, it could trigger a short-term shift in sentiment that BRICS-currency supporters could use to get some traction on their ideas,” Adams, a former senior financial analyst for Google, explained.

BRICS Currency and Geopolitical Issues

In the past few years, critics of the U.S.-dominated financial system have highlighted how the country’s divided legislature has played a part in eroding confidence in America’s ability to meet its obligations on time. Also, before the latest debt ceiling agreement was struck, senior U.S. officials including Treasury Secretary Janet Yellen warned that the U.S. Congress’ constant failure to raise the debt limit on time posed a serious threat to the dollar’s dominance.

However, as has been reported by Bitcoin.com News, the same U.S. officials appear less concerned about the possibility of the Chinese yuan or the much-vaunted BRICS currency toppling the greenback. While American leaders have flaunted the dollar’s unmatched backing by United States’ “deep, liquid and open financial markets” when dismissing the prospects of rival currencies, Adams sees “geopolitical issues” as one of the reasons why people ought to be less sanguine about the BRICS currency’s chances of success.

To illustrate, the personal finance expert pointed to a report in which the governor of the South African central bank reveals that a common currency would require a banking union, a fiscal union, and macroeconomic convergence for it to succeed. According to Adams, attempting to achieve this takes “many steps farther than simply trying to decouple from the dollar individually, and [is] much more unlikely to happen.”

Adams said the fact that proponents of a BRICS currency are seemingly trying to walk back earlier comments about the launch suggests the alternative reserve currency will not start circulating in August as some proponents had predicted.

Making A Fortune: 19 Million Public Employees Across America Cost Taxpayers Nearly $1 Trillion

By Editorial Opinions | December 24, 2019

For the first time in history, 19 million public employee salaries at every level of government across America have been mapped and posted online. The work of our auditors at OpenTheBooks.com tells a compelling story: Public service is supposed to be about serving the people. However, the good intentions of America’s 19 million public employees come…

Loading

Truth and Consequences

By StevieRay Hansen | December 23, 2019

How can one write about the underlying truth of the economy in a nation where the majority of people do not care about truth? Disregard of truth has become so extreme in the US that we have exceeded the peculiarity of calling a man a woman if he wants to change his body parts, even…

Loading

Wall Street Analyst Jobs Vanish As Banks Take An Axe To Research With Market At Record Highs

By StevieRay Hansen | December 22, 2019

Is the death of Wall Street equity research finally at hand? Because who needs an expensive team of analysts when clients can easily reap double-digit returns by dumping their money into passive funds? The fact that sell-side research departments have been shedding analysts this year is hardly a surprise. MiFID II regulations made it clear from…

Loading

Schiff On ‘The Bubble’: “It’s Only A Matter Of Time Before The Whole Thing Implodes”

By StevieRay Hansen | December 21, 2019

Vioa SchiffGold.com, Everybody knows that the 2008 financial crisis was caused by “deregulation” and “greed,” right? Except that it wasn’t. A film titled The Bubble offers a non-partisan, critical examination of the policies and events that led to the biggest crash since World War II. Produced by Jimmy Morrison and co-written by Tom Woods, the film features a…

Loading

We Are Entering the Time of “the Perfect Storm”, and Most People Have Absolutely No Idea What Is Ahead of Us.

By StevieRay Hansen | December 20, 2019

The global pig population is being absolutely decimated by a disease that does not have a cure.  African Swine Fever, also commonly referred to as “Pig Ebola”, is raging out of control in dozens of countries all over the globe.  It has a mortality rate of close to 100 percent, and once it hits an area…

Loading

Will Modern Monetary Theory Blow Up The Dollar?

By StevieRay Hansen | December 19, 2019

“As long as the government can print money, we’ll never be broke.” That’s the idea behind modern monetary theory (MMT) in a nutshell. Naturally, many of the nuts in Washington are starting to get behind this unhinged notion. That includes members of Congress such as Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Democratic presidential candidate Sen. Elizabeth Warren (D-Mass.). An Economic Absurdity…

Loading

Krieger: “It’s A Systemic Looting On A Massive Scale”

By StevieRay Hansen | December 18, 2019

The United States has historically bragged about its free and transparent markets. But what the Fed is doing today is pulling a dark curtain around the financing of this so-called free and transparent market. The public has no idea which Wall Street firms have received this $3 trillion or why they can’t borrow it elsewhere.…

Loading

Global Markets Hit All-Time High As Traders Brace For “Phase Two” Optimism

By StevieRay Hansen | December 17, 2019

This is where we stand as we enter Monday morning: European markets are firmer this morning, though the FTSE 100 significantly outperforms on a second-wave of UK election optimism. China State Council stated it will continue to suspend additional tariffs on US vehicles and auto parts due to the Phase One deal. China sources cited…

Loading

Election Apocalypse: Investors Fears Very Negative Event a Year From Here and Are Placing Bets to Hedge Themselves

By StevieRay Hansen | December 16, 2019

The stock exchange is somehow similar to weather forecasts. You never know what’s going to happen but it’s better to plan ahead and be prepared if a disaster strikes. This is exactly what investors are doing right now as many fear a total election apocalypse. The left, the right, and the center are all worried…

Loading

It’s D-Day For The Repo Market: On Monday $100 Billion In Liquidity Will Be Drained – What Happens Next?

By StevieRay Hansen | December 16, 2019

Last week’s apocalyptic report by repo market guru Zoltan Pozsar, which for those who missed it predicted that an imminent market crash and loss of control of overnight rates by the Fed would spark nothing short of QE4, sparked an unprecedented panic at the Federal Reserve, which just two days later unveiled a historic liquidity injection, in which the…

Loading

Bankster-Crime-Logo-1

Sources: BitCoinNews

Revelation: A Blueprint for the Great Tribulation

Bankster-Template-1
Bankster-Template-2

A Watchman Is Awakened

Bankster-Template-3
Bankster-Template-4

Will Putin Fulfill Biblical Prophecy and Attack Israel?

Newsletter

Orphans

Support-Orphans

Editor's Bio

A-Long-Journey-Home

Recent News

Leave a Comment