Why the BRICS Expansion Isn't the End of the Dollar

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 2 October 2023

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week's Stansberry Investor Hour, Dan and Corey are joined by renowned economist Jim Rickards, who details his illustrious career, the development of the BRICS currency, and its potential ramifications for the global monetary system. But first, Dan and Corey kick off the podcast by discussing store closures, Amazon's monopoly allegations, and commercial real estate's decline. (00:41)

Next, Jim joins the conversation to share some of what he has learned during his storied career, specifically from being the general counsel on a hedge fund's $3.6 billion rescue deal. He also explains why he grew dissatisfied with risk management and how he became one of the first in finance to use "complexity theory." (20:06)

Dan then steers the conversation to the BRICS initiative – i.e., the five countries' goal to create an alternative currency that will challenge the dominance of the U.S. dollar. Jim explains the origins of BRICS, highlighting how they have created financial institutions similar to the World Bank and the International Monetary Fund. (33:31)

Jim stresses the significance of the BRICS currency, as it would facilitate trade among member nations without the need to rely on the U.S. dollar. However, Jim emphasizes that a BRICS currency should not be interpreted as the end of the U.S. dollar's reign. Rather, it would be a formidable competitor in the global currency arena. (41:41)

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Transcript

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0:00.0	Hello and welcome to the Stansberry Investor Hour.
0:06.6	I'm Dan Ferris.
0:07.6	I'm the editor of Extreme Value and the Ferris Report, both published by Stansberry Research.
0:12.8	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest.
0:16.5	Today, Dan interviews market veteran Jim Rickards.
0:19.3	And today, Corey and I will talk about store closings and store closings and more store closings.
0:25.0	And remember, if you want to ask us a question or tell us what's on your mind, email us at Feedback at InvestorHour.com.
0:31.4	That and more right now on the Stansbury Investor Hour.
0:42.4	Store closings.
0:43.8	Stores are closing.
0:46.4	For reasons you might not expect, right?
0:48.4	Exactly, yes.
0:51.3	Now, let's see.
0:53.2	I'll start with CVS, actually. They're closing.
1:07.2	They expect to close approximately 300 stores a year for the next three years. So maybe, I don't know, it looks like about 8 or 9% of the current store count, something like that.
1:12.5	So they say the company has been evaluating changes in population,
1:18.6	consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. Do you buy this?
1:25.8	A lot of jargon there. Basically it's we can't make money it seems like
1:30.4	yeah we can't make money and and of course maybe i'm just too susceptible to headline news
1:37.4	but i want to know how much is is from the shrink you know how much is from theft and you know
1:43.5	organized gangs just storming the place?
1:49.0	I mean, you know, they have drugs and valuable things in CVS. It's not all, you know,
	...

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