With the BRICS summit just less than a week away, investors are not paying enough attention to geopolitics, according to Peter Grandich, Founder of PeterGrandich.
com, who sees new alliances between China and Saudi Arabia as having"dramatic" consequences.
The consequences of it all will be the U.S. eventually losing the dollar's status as the world's reserve currency, which will trigger a much bigger debt crisis domestically, Grandich pointed out. China has been seeing a significant slowdown and using its monetary policy tools to increase stimulus. This week, the People's Bank of China lowered the rate on its one-year loans by 15 basis points to 2.5% and cut its short-term policy rate by ten basis points.
There has also been an increase in trade deals between China and Saudi Arabia. Grandich outlined their significance in the video above. Domestically, markets will be surprised how much the Federal Reserve is willing to hold rates at elevated levels before caving in on that rate cut.
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