Credit card for foreigner

[Samoerai]

Russia and China attack dollar with new digital currency and gold, 20 July 2023

The gold world is in turmoil. Brazil, Russia, India, Chinna and South Africa, also known as the BRICS countries, are working on a joint digital currency likely to be fully backed by gold. The countries are fighting against the dominant US dollar.

All inter-BRICS payments would avoid the dollar. The countries will store the bullion backing the coin value in the Shanghai International Gold Exchange.

This joint digital currency may be announced during the summit of the BRIC countries in South Africa on August 22-24. There is reportedly broad support, from a total of 44 countries.

Possibly a "weakening of the dollar" and possibly "the end of the hegemony of the United States as the leader of the financial world." “The currency may displace the US dollar as the leading payment currency and reserve currency. It is undeniable that less is being traded in dollars.”

Is this the reason why the exchange rate of EURO/IDR is going down recently (less demand for euro's and dollars)? Or is it because there are signs of recession in Europe.

1 EURO = IDR 16,693

 

[Helpful Herbert]

Yes, well good luck with that:
The countries will store the bullion backing the coin value in the Shanghai International Gold Exchange.

 

[fastpitch17]

The entire BRICKS program is set up to support China. China will be the winners the more they get other nations to not buy with dollars and only pay with BRICKS. The US and many other nations will continue using dollars so to get away from dollars you will need to primarily be buying from China. Just another chinese scam like the belt and road.

 

[serious_fun]

The entire BRICKS program is set up to support China. China will be the winners the more they get other nations to not buy with dollars and only pay with BRICKS. The US and many other nations will continue using dollars so to get away from dollars you will need to primarily be buying from China. Just another chinese scam like the belt and road.

I respectfully disagree. Using local currencies rather than US$ will help local economies will it not?

The Chinese are certainly in for profit & influence, but the incredibly foolish and short-sighted "American"* policies are ultimately to blame. Weaponizing the dollar over the past few decades, then recent sanctions against Iran then Russia and confiscating assets...nations are sick of this and an opportunity now exists to move away from reliance on the US$.

BUT this also opens up the opportunity for the ruling classes to introduce CBDCs.

IMHO, moving away from a weaponized US$ does not bring any more freedom.

*are they American?

 

[flavus]

The Chinese are certainly in for profit & influence, but the incredibly foolish and short-sighted "American"* policies are ultimately to blame

Agreed. I think caution is needed, you don't want to swap one short sighted selfish imperial suzerain for another.

But yes, Peter Frankopan had a lot of scathing criticism for 20th century US imperialism (and British before that) in the latter parts of The Silk Roads

 

[Samoerai]

Agreed. I think caution is needed, you don't want to swap one short sighted selfish imperial suzerain for another.

Yet, forty emerging economies want to become BRICS countries. Argentina, Saudi Arabia, Iran and Indonesia are among them, have pending requests to join the collaboration.

In August, the summit will meet in the presiding country South Africa to discuss the new applications. And to explore the possibility of a currency of its own, away from the dominant US dollar.

What brings this diverse group of countries together? Apart from the fact that they are experiencing the same development from middle-income country to welfare state, it is mainly the shared frustration about the high threshold at the Western World Bank to receive sustainable aid.

For example, the International Monetary Fund (IMF), sister organization of the World Bank, requires that the power of the state decreases and that companies should be given more freedom for their loans to countries that need help. The World Bank also sets similar requirements for developing countries.

 

[flavus]

Yet, forty emerging economies want to become BRICS countries. Argentina, Saudi Arabia, Iran and Indonesia are among them, have pending requests to join the collaboration.

In August, the summit will meet in the presiding country South Africa to discuss the new applications. And to explore the possibility of a currency of its own, away from the dominant US dollar.

What brings this diverse group of countries together? Apart from the fact that they are experiencing the same development from middle-income country to welfare state, it is mainly the shared frustration about the high threshold at the Western World Bank to receive sustainable aid.

For example, the International Monetary Fund (IMF), sister organization of the World Bank, requires that the power of the state decreases and that companies should be given more freedom for their loans to countries that need help. The World Bank also sets similar requirements for developing countries.

Fair enough, IMF and the World Bank are certainly too one liberal for my taste too (and too prescriptive - but then again, in many cases Belt and Road loans are not vetted enough).

Seems like the currency question is not tied directly to this though? There are other development banks like the ADB.

It's certainly unfair that the US gets to tinker with its money supply much more with less repercussion than if another country does that.

 

[centurion]

All BS.
China needs dollars for foreign trade and buying goods. 40%-50% of all international transactions are in USD. With renminibi offshore, when China export goods, gets renminbi back and their stock of dollars is lower.

Also, it is very hard to control the ofshore renminbi (China has closed capital account btw), and holders are selling the excess stock of it, as they cannot trade renminbi anywhere else except with China, and push the exchange rate down (lowest in 10 years now). They basically blackmail China-sell us goods or we sell your renminbi.

The strategy definitevly is backfiring.

 

[Samoerai]

They basically blackmail China-sell us goods or we sell your renminbi.

 

[Samoerai]

The Russian ruble has already lost more than a third of its value this year. Especially in the last few weeks, the value of the currency fell sharply.

The Russian currency has lost 30 percent since the beginning of this year. This decline started after Western sanctions on Russian oil took effect at the end of December. Russian economist Vasily Astrov, of the Institute of Economic Studies in Vienna, explains: "This has forced Russia to shift its oil exports to Asia. The price Russia gets for the oil has also fallen. That is the main cause of the depreciation of the ruble."

 

[pantaiema]

The Russian ruble has already lost more than a third of its value this year. Especially in the last few weeks, the value of the currency fell sharply.

The Russian currency has lost 30 percent since the beginning of this year. This decline started after Western sanctions on Russian oil took effect at the end of December. Russian economist Vasily Astrov, of the Institute of Economic Studies in Vienna, explains: "This has forced Russia to shift its oil exports to Asia. The price Russia gets for the oil has also fallen. That is the main cause of the depreciation of the ruble."

Russia will survive despite various conspiracy, hegemony from western world. The reason is simple. In term of natural resources, Russia is the wealthiest country on earth. Russian ethnic are among the most talented, competitive People on earth. Just look at many Russian billionaires, scientists, athletes, emigrating to the US, UK, CA, FR, etc. Beside the famous Russian Oligarchs / Billionaires such as Roman Abramovich, Alisher Usmanov (UK), Len Blavatnik, Leonid Mikhelson,Vladimir Potanin (US) or famous Athletes, tennis players such as Kournikova, Sharapova. Some might not realize the recent example of the new generation of Russian titans such as Sergey Brin (Google co-Founder together with Larry Page) Vitalik Buterin the co-founder of Ethereum.

 

[Helpful Herbert]

It will survive but it is the first time in its history that it has no friends in Western or Central Europe. [except possibly Hungary]. Its friends are now China, North Korea and Iran, which is a bit embarrassing for them.

 

[Samoerai]

I don't know why but the exchange rate EUR vs IDR is rising

 

[snpark]

Because there are 2 wars going on right now

 

[Shadrach]

I would like to buy garden seeds from Shoppee but they wont accept my Debit card from the States, even though it is a Visa card from my bank. Can I get a bank debit card here that is just my money in it? I don't want credit! I had a bad experience with credit before and don't want to fall for that trap again!

 

[snpark]

I would like to buy garden seeds from Shoppee but they wont accept my Debit card from the States, even though it is a Visa card from my bank. Can I get a bank debit card here that is just my money in it? I don't want credit! I had a bad experience with credit before and don't want to fall for that trap again!

Do you have a kitas? Of course you can.
Just open any bank account. Preferably BCA. And get the visa Atm debit card.

Ironically it's near impossible to get a credit credit card so don't worry about that

 

[Samoerai]

I don't know why but the exchange rate EUR vs IDR is rising

EUR 1 = IDR 16.812

 

[Shadrach]

It doesn't say who is offering that high of a rate! I don't trust it! If you look at the Dollar rate it's at IDR. 15,600. How can they offer that much for the Euro?

 

[snpark]

Even from BCA over the counter:

20-Okt-2023 / 15:09 WIB

USD 15.860,00 15.890,00

20-Okt-2023 / 15:09 WIB

USD​ 15.860,00​ 15.890,00​

 

[snpark]

16792 for Euro at 15.09