Would a BRICS Common Currency Work?

[rpannier]

A really good presentation.
Why BRICs likely will not work at supplanting the US Dollar partially because of China's tight controls over its markets

[peppertree]

1. But mainly because anywhere you go in the world, the dollar is the ONLY currency accepted on sight

(accepted? preferred!)

With the euro, a close second.

You just can't wave around a yuan, a real, a rand, or a rupee - to say nothing of a ruble - and expect the same response.

No foreign country, or group of countries could ever change that - at least not in our lifetimes.

The only ones who could depose the dollar as the world's reserve currency - are our own Republicans.

If they default on our debts - and do so repeatedly, as is obviously the intent - then yes, the rest of the world will start looking for alternatives.

But even then, it would be the euro - not the yuan. At most, it would be both - but with a preference for euros.