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The BRICS trading system is already wiping out US farmers, as global price discovery is destroyed (www.youtube.com)

submitted 2 months ago by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml

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[–] GreatSquare@lemmygrad.ml 13 points 2 months ago* (last edited 2 months ago) (2 children)

We recently had Australian mainstream media talking about a slum in Australian iron ore sales to China and calling it sign of China's property crash.

I wonder now if iron ore is trading within BRICS in a similar way and Australia is getting the cold shoulder for being the US puppet it is.

[–] yogthos@lemmygrad.ml 11 points 2 months ago

Very possible, this also means that a lot of the narrative in the west regarding slump of demand in China might not be an indication of Chinese economy slowing down, but rather the fact that China is not sourcing stuff from the west anymore.

[–] KrasnaiaZvezda@lemmygrad.ml 3 points 2 months ago

It's likely, specially as from what I hear China was able to sell steel in Brazil cheaper than the local production too, so something likely changed/improved in China recently. It could be, at least in part, due to less internal demand, but cutting off the middlemen might have helped too.