Posted on 10/14/2024 4:11:02 AM PDT by Cronos
The finance ministers of the most important BRICS countries refused to come to the meeting in Moscow. The Kremlin presented there its idea of phasing out payments in US dollars. No one supported it.
Friday's BRICS meeting in Moscow was focused on the Kremlin's announcement of a global payment system alternative to the dollar. However, it was held without the participation of finance ministers and central bank governors of China, India and South Africa, Reuters reports.
The countries sent their deputies and junior officials to the meeting. China was represented in Moscow by Vice Finance Minister Liao Ming and Central Bank Vice President Changneng Xuan, while India was represented by Finance Ministry Secretary Ajay Seth.
At the meeting, the Russian authorities presented the BRICS Bridge project. It is to be an international payment system independent of Western institutions (including SWIFT, to which Russian banking has lost access ). According to the Kremlin, settlements in the new system should be made in national currencies, with the support of central banks, which - according to the Russian proposal - were to receive direct financial communication channels.
This would give Putin's regime the ability to make payments in foreign trade. Currently, Russian exporters and importers have great difficulty paying for orders. Exporters cannot receive money from foreign banks - even from countries considered friendly. Fearing American sanctions, banks are not making transfers to Russia and to Russian or Russian-related entities. Russian importers, in turn, cannot send the required advance payments for ordered goods, which is resulting in increasing shortages on the Russian market.
BRICS does not want the Russian idea Therefore, Russia proposed the creation of a settlement center, an independent rating agency, and a commodity exchange within BRICS. It promised other countries that this would save them $15 billion a year on transactions. Additionally, the project assumed the possibility of payments in tokens and the creation of a joint investment platform that would make investments in "digital form."
As Reuters emphasizes, the Kremlin "failed to interest BRICS in these ideas." Many countries "approach our initiatives very cautiously," admitted Russian Finance Minister Anton Siluanov after the negotiations. According to him, this is due to the fact that BRICS countries are not subject to Western sanctions and therefore do not face "external constraints."
The BRICS ministerial meeting in Moscow took place two weeks before the October 22-24 summit in Kazan, which presidential adviser Yuri Ushakov called "the biggest foreign policy event" ever held in Russia.
In reality, it may end in an even bigger fiasco than Friday's meeting. Of the 38 countries that received an invitation to Kazan, 24 are to be represented at a management level. At what level? It is not known exactly. Six countries refused to go at all, Ushakov admitted. And he immediately accused the West of putting pressure on countries that ignored the Russian advances.
I would imagine that those countries are holding an enormous amount of US and it is not in their self interest to see their holdings go to zero. Just keep using USDs to buy gold.
Little steps to replace SWIFT
https://thinkbrics.substack.com/p/brics-2024-kazan-summit-focuses-on
Set for October 22-24, 2024, this summit marks a crucial moment in the group’s evolution, focusing on integrating new members rather than further expansion.
On September 12, 2024, Russian President Vladimir Putin made a significant announcement during a meeting with high representatives of BRICS countries in charge of security issues. Putin revealed that “34 countries, to be precise, have already expressed interest in joining the activities of our group in one form or another.” This statement has sparked considerable interest in the international community.
However, our readers must understand that this does not signal immediate expansion. Instead, as Putin emphasized, the Kazan summit will prioritize the “swift and natural integration of new member states in all BRICS mechanisms.”
Meanwhile: This approach aligns with earlier statements by Russian Foreign Minister Sergey Lavrov. On June 25, 2024, Lavrov stated during a meeting with Natalia Kochanova, speaker of Belarus’ Council of the Republic, that BRICS nations had decided to “take a pause” in terms of admitting new members. He explained, “By the overwhelming majority, the ten nations decided to ‘take a pause’ with new members to ‘take in’ the new members who have doubled the association.”
Have to side step fake news pitches. Let’s see what happens
Well, thank goodness BRICS has crashed and burned. No need to worry about those uppity countries slipping the reins of US economic hegemony any longer.
Now that the Russian feeble attempt to stand up to the West economically has failed, we just need to send all our missiles to the Ukes. Neocon sweet victory, on to Moscow and Huzzah!
Still more stable than Ruble or Chinese Yuan or renminbi redbacks.
BRICS won’t be a thing until an actual Civil War happens in the USA.
What could go wrong when Russia not only has a seat at the table in the BRICS poker game but also acts as the host and banker?
How dumb do you have to be to think this pre-summit planning session is newsworthy?
Lots of pro-Putin people thought it was news-worthy. And you are right, the pro-Putin folks are dumb.
To suggest that something has "crashed" would suggest that it had taken off. BRICS has been a talking shop with nice travel junkets but nothing concrete.
Since it hasn't taken off, it couldn't "crash"
"slipping the reins" -- why are you repeating the nonsense from Beijing and Moscow, covering up their imperialist agenda.
Does that mean you support the Chicom and Muscowite imperialist agenda and you are opposed to the USA-led benevolent system which has brought billions out of poverty?
BRICs started (and arguably still is), a Goldman Sachs marketing slogan.
These countries are either rivals or at the very least have little to do with each other.
India and China oppose each other and China both HAS control over Indian territory and claims more.
Russia and China have territorial disputes.
etc. etc.
If the USA disappears tomorrow, you can fully expect India to ally with most of ASEAN and oppose China, while China and Russia will come to loggerheads over Siberia
They’d better stay put, because the Almighty Dollar is going to make a big f**king comeback if Trump is restored to power.
The actual conference is in Kazan in a week or so.
And THAT could be the reason this thing fell apart. They’re betting on the come.
China will try to force teme to.
I would argue it never went away.
I would also argue that it is most likely that the dollar in trade would be stabilized at around 50% for at least a decade or so (beyond that it would be foolish to try to make any predictions) as it is just so easy to use it right now.
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