Brazil in Shanghai; Brazilian Finance Minister refers to the Dollar as a “straight jacket”

Brazilian President Luiz Inacio Lula da Silva (R) and Former President Dilma Rousseff are seen after Rousseff took office as the new head of the New Development Bank (NDB) in Shanghai, China, April 13, 2023. © AFP / Brazilian Presidency / Ricardo Stuckert

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Brazil calls for ‘move away’ from dollar
  • President Lula da Silva has kicked off his first state visit to China with a BRICS bank event
  • Speaking in Shanghai on Thursday during an official visit to China, Lula said
  • Every night I ask myself why all countries have to base their trade on the dollar. Why can’t we do trade based on our own currencies?” he said. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?”
  • Brazilian Finance Minister Fernando Haddad also traveled with the president to China, where he told reporters that Brazil would aim to create trade mechanisms for developing countries to bypass the use of the dollar.
  • “The advantage is to avoid the straitjacket imposed by necessarily having trade operations settled in a currency of a country not involved in the transaction,” he said.
  • Last month, Russia said it had adopted the yuan as one of its primary reserve currencies
  • Trade between China and Brazil has seen a significant boost over the last decade, with more than $150 billion in business recorded last year. Chinese firms have bought up large amounts of minerals and agricultural goods in the South American country, and invested in Brazilian infrastructure.

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