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.

By BanksterCrime | April 18, 2024

HNewsWire: By MICHAEL R. SISAK, JAKE OFFENHARTZ and JENNIFER PELTZ NEW YORK (AP) — A New York judge ordered Donald Trump on Friday to pay $355 million in penalties, finding that the former president lied about his wealth for years in a sweeping civil fraud verdict that pierces his billionaire image but stops short of putting…

Loading

By BanksterCrime | April 17, 2024

BanksterCrime: By Pam Martens and Russ Martens,Stanford Finance and Economics Professor Anat Admati has been valiantly attempting to save the American financial system from the corrupting influence and disinformation campaigns of men like JPMorgan Chase’s Jamie Dimon for more than a decade. Her voice is gaining traction and that’s making Dimon very nervous.Dimon has admitted in his…

Loading

By BanksterCrime | April 16, 2024

BanksterCrime: By Pam Martens and Russ Martens, Jamie Dimon, Chairman and CEO of JPMorgan Chase On October 27 of last year, JPMorgan Chase filed an 8K form with the Securities and Exchange Commission (SEC) advising that, for the first time ever, its long-tenured Chairman and CEO, Jamie Dimon, and his family, intended to “sell 1 million shares”…

Loading

Chasing Apple Shares Higher Here “Is Extremely Dangerous”

By StevieRay Hansen | April 15, 2024

Greed is responsible for much sorrow. The Bible says in 1 Timothy 6:10, “the love of money is the root of all kinds of evil.” But is greed only about money? No. Greed goes much further than money… What is greed exactly then? What does God or the Bible have to say about it? Greed is a spiritual…

Loading

By StevieRay Hansen | April 11, 2024

New York Fed Will Not Confirm or Deny that 5-Count Felon JPMorgan Chase Is Custodian of $2.4 Trillion of Its Securities BanksterCrime: By Pam Martens and Russ Martens, John Williams, President of the New York Fed As the financial crisis of 2008 was ravaging century-old financial institutions on Wall Street and collapsing the U.S. economy, the central…

Loading

By StevieRay Hansen | April 10, 2024

By Pam Martens and Russ Martens: On Sunday, February 4, the CBS program 60 Minutes aired a taped interview with Federal Reserve Chairman Jerome Powell. The actual interview had occurred three days earlier and was conducted by 60 Minutes interviewer Scott Pelley. Two noteworthy things happened in connection with that interview: First, CBS did not indicate above…

Loading

By StevieRay Hansen | April 9, 2024

BanksterCrime: For the First Time in History, the Fed Is Reporting Billions in Losses Weekly; It’s Still Paying High Interest Income to the Mega Banks on Wall Street By Pam Martens and Russ Martens: April 8, 2024 ~ Jerome Powell, Chairman of the Federal Reserve As of April 3 of this year, the Federal Reserve (Fed) has…

Loading

By StevieRay Hansen | April 8, 2024

This is a watertight control system. If the perpetrators wish to deny you right to travel outside your 15min zone, your digital ID won’t operate doors and gates. Your “money” won’t be accepted for purchases, period. If they require you to get “vaccinated” to maintain validity of your digital ID, you’ll get jabbed or you’ll…

Loading

By StevieRay Hansen | April 6, 2024

By Jamie Redman After Sam Bankman-Fried was sentenced to nearly a quarter-century behind bars for his involvement in financial wrongdoings, Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh are up next to face consequences for their roles in the FTX debacle. The Uncertain Road Ahead for FTX’s Co-Conspirators Post-conviction by a jury and subsequent…

Loading

By StevieRay Hansen | April 5, 2024

Larry Fink is not your friend. By vblgoldfix.substack.com Good morning. I’d like to address the Indian community of potential investors as well as Americans who see these. Larry Fink, the other day had a interview on CNBC, a conversation about India and its capital markets. He was extolling the virtues of American capital markets and…

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