Posted on 09/07/2023 7:07:26 AM PDT by ChicagoConservative27
Trying to descalate border tensions to avoid a war is not the same as being allies. I assure you!
https://journals.sagepub.com/doi/full/10.1177/09749101211067096
BRICS as a Driver of Global Economic Growth and Development
The role and contribution of the BRICS is significant to the world economy in terms of population (40%), GDP (25% nominal and US$ 16.039 trillion), land coverage (30%), world trade (18%), and global forex (US$ 4 trillion).
Since 2001 and till the end of 2010, the BRICS as a group worked on sectoral cooperation in many areas, namely—science and technology, trade promotion and facilitation, energy, health, education, innovation, and fight against transnational crime. Presently, sectoral cooperation accounts for more than 30 subject areas. These areas have brought in specific benefits to the population of the group of countries.
You will live to eat these words.
Brics is going to dedollarize the world, and in fact has already made significant progress.
The use of the dollar in international exchanges is declining and will continue to do so.
How about that petrodollar? Now that Saudi Arabia has joined BRICS.
You are blind to what is happening. It must be very frightening for you to see this country declining.
Get used to it.
This is your life. Just as it is mine.
What is significant is that joining together against us has superseded individual tensions between many countries.
Sure it will, two weeks after OJ Simpson catches the real killer.
Land coverage! Yes Brazil, Russia, India, China and South Arica are big. Some of the countries are even important! Too bad they don't agree on anything.
You are incredibly sad.
I have heard that ignorance is bliss.
https://www.ocregister.com/2023/09/06/ron-paul-will-brics-smash-the-dollar/
Ron Paul: Will BRICS smash the dollar?
Donald Trump’s legal troubles, the possibility that Joe Biden will face an impeachment inquiry, and other stories related to the upcoming presidential election, caused the American media to miss a story of potentially greater significance. This was the decision of the BRICS (Brazil, Russia, India, China, and South Africa), who formed their alliance to challenge US political and economic dominance, to induct six new countries into their group: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
One way the BRICS hope to achieve its goals is to undermine the foundation of US power: the dollar’s global reserve currency status. Brazilian President Luiz Inacio Lula de Silva called for BRICS nations to create their own currency, while India is pushing to have its trading partners, including Russia, trade in Indian rupees rather than US dollars. China and other BRICS countries have also reportedly taken steps to explore using gold instead of dollars for international trade.
After then-President Richard Nixon severed the link between the dollar and gold in 1971, Henry Kissinger negotiated a deal with Saudi Arabia where, in exchange for US diplomatic and military support, Saudi Arabia would use dollars for its dealings in the international oil market. The “petrodollar” is the backbone of the dollar’s reserve currency status. Early this year, Saudi Arabia signed a deal with Brazil to accept Brazil’s currency instead of dollars for oil purchases. If Saudi Arabia signs similar deals with other BRICS nations it will hasten the end of the dollar’s reign as reserve currency.
The rejection of the dollar is also being driven in large part by resentment over the “weaponization” of the dollar’s reserve currency status. The US government uses the dollar’s reserve currency position in order to force other countries to comply with US sanctions against the latest “designated Hitler.” Sanctions are an act of war, so by forcing other countries to follow US sanctions the US government is dragging them into conflicts that are not in their national interests. It was inevitable that the arrogance of our foreign policy elite would eventually cause a backlash. The backlash started last year when the US demanded other countries join in sanctioning Russia, regardless of the effects of those sanctions on their own economies.
The movement to replace, or at least create alternatives to, the dollar is also driven by concern over the long-term effects of the massive US national debt. Despite the claims of both parties that the recent debt ceiling deals showed that Congress and the President were getting serious about being fiscal responsibility, the US $33 trillion debt is still poised to grow by as much as $115 trillion over the next 30 years. Congress and the President refuse to cut spending in any area. They can’t even manage to stop shoveling billions into the no-win war in Ukraine even though this spending is opposed by a clear majority of Americans.
Sadly it will take a shock like the rejection of the dollar’s reserve currency status and the resulting dollar crisis to force the US government and the people to take steps to kick their addiction to welfare-warfare spending and fiat currency. This will mean some tough times ahead. However, the economic downturn may not last as long as people expect. The good news is the crisis could lead to a return to limited constitutional government, a true free-market economy free of corporations and cronyism, a foreign policy based on peace and free trade, and a free-market monetary system.
In 2014, the 11th summit took place in Brazil and institutions of strategic and paramount significance were created such as New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
And then what happened? Lol, nothing happened!
One thing they all agree on is the goal of destroying the US dollar.
Oooooh scary. If five members can't agree on anything, wait until they have 11 members. Then I'm sure they'll find agreement. Meanwhile there's a whole non-aligned movement that has 120 members... I'm sure they're an international juggernaut! :-)
Uh huh. I'd say don't hold your breath but maybe you should hold your breath... :-)
Yeah, because Joe isn't getting his 10% from them.
They have the bank. What are you talking about???
https://en.m.wikipedia.org/wiki/New_Development_Bank
How old are you? Do you think sneering in your ignorance will make you a more credible poster?
What country do you live in?
It's tiny, lol, does its business in US Dollars (oops!) and has lent out almost no money at all. "Strategic and paramount significance!" bwahahaha
Do you understand that the petrodollar was based on the Saudis using it for oil transactions with other countries?
And now the Saudis are using many other currencies?
Did you know that Bank of China just opened in Riyadh?
https://www.globaltimes.cn/page/202309/1297708.shtml
Bank of China opens branch in Saudi Arabia; BRICS members expand use of yuan in cross-border trade
Bank of China (BOC), one of China’s four biggest state-owned commercial banks, opened its first branch in Riyadh, capital of Saudi Arabia, which will further expand the use of the yuan in finance and trade.
Experts noted that since the BRICS Summit, members of the bloc have been accelerating the use of local currency settlements in cross-border trade to reduce reliance on the US dollar. The Chinese currency is playing an increasingly important role in facilitating trade and improving efficiency among the BRICS countries, they said.
In addition to Saudi Arabia, companies in Brazil have also made significant progress in the use of the yuan in trade.
According to Brazilian media outlet The Rio Times, Brazilian pulp company Eldorado Brasil sent its first pulp shipment using the yuan for payment to China. The aim is to open new credit options in China, and the BOC helped with this pilot move.
The NDB is the same size as... the First National Bank of Nebraska. Not exactly a serious threat to the global financial system. It was forced to cut off ties to Russia, despite being founded by Russia. It’s a PR stunt, nothing more.
OK. You may want to increase your information sources.
The Stansbury folks and other sellers of “what Wall Street doesn’t want you know” ‘newsletters’ peddle a crap load of assertions and half truths to compel investment decisions (or give you the heady feeling of being in on The SECRET).
The BRICS are just as real as the G-7 and G-20; the BRICS are also members of the latter group.
Here is some information from people that aren’t selling you their crap fund o’ d’day:
I am certain though that if its new information that doesn’t confirm your TRUTH, it will dismissed as woke-leftie fake news. Those bastards in India just lying to you left and right...
Where Government Sachs came in was an analyst that spotted these people getting together on an organized basis after we invaded Iraq. The BRICS fund(s) and strategy were developed in response to a reality, not a marketing ploy.
The G-7 and to a much smaller extent G-20 are actually important policy making bodies. BRICS hasn't done anything. It's a PR tool for varying reasons for its members, some of which is domestic politics. Its origin is very simple - about branding and selling mutual funds and government bonds to American investors.
https://theexchange.africa/countries/brics-new-development-bank-breaks-us-dollars-dominance/
BRICS New Development Bank breaks away from the US dollar’s dominance
The United States’ global economic dominance is experiencing disruption. Unsurprisingly, the BRICS New Development Bank (NDB) is at the center of the shift. NDB, formerly the BRICS Development Bank, is a multilateral bank established by Brazil, Russia, India, China, and South Africa. The Bank has launched a BRICS potential union of up-and-coming discontents. On the scale of GDP, the union now collectively outweighs the reigning economic hegemon, the United States. It also goes beyond the scope of the entire G-7 economic weight class.
In a bold move to take on the US-dominated World Bank, the BRICS New Development Bank will now issue loans in local currencies. President Dilma Rousseff of the NDB has confirmed that the Bank intends to offer 30 per cent of its loans in the local currencies of its member nations, effectively abandoning the use of the dollar in international trade.
Bold move! This bank the size of a good sized credit union that can’t quite figure out how to not transact business in dollars even though that’s the only point of the bank in the first place.
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