Posted on 10/24/2024 10:06:35 AM PDT by SeekAndFind
This year’s gathering of the BRICS represents the largest group of world leaders traveling to Russia in decades, Al Jazeera reports. The original BRICS countries — Brazil, Russia, India, China, and South Africa — will be joined by several others interested in discussing global finance.
It is widely believed that the group aims to challenge American financial control and replace the dollar with a different currency.
“BRICS, which represents countries containing nearly half the world’s population, has been described by some as a potential rival to U.S. global dominance,” writes Kelsey Ables for The Washington Post.
Russia and China have already been working on ways to trade with each other without using the Western banking system. The potential for cryptocurrency is being explored.
Other BRICS members have been using their own national currencies for trade, thus circumventing the U.S. dollar.
Russia’s president, Vladamir Putin, is leading the effort to replace U.S. global dominance and is developing alliances with world leaders interested in joining the effort.
Leaders from South Africa, Iran, Egypt, Ethiopia, Brazil, Turkey, Uzbekistan, and Vietnam are in attendance at this year’s BRICS Summit, The Washington Post reports. Over 32 countries were invited to attend. Putin is also engaging in individual meetings with several heads of state.
“What we are all witnessing today is the dynamic development of BRICS as well as strengthening of its influence over global affairs,” Putin said in his opening remarks.
The recent sanctions placed on Russia by the Biden administration prompted Putin to forge stronger partnerships among the BRICS nations and to take further steps to advance a new financial system.
(Excerpt) Read more at americanthinker.com ...
A partnership between India and China is not a natural one.
Answer: No
With all the corruption in the BRICS affiliated countries, I doubt it will happen soon. But it could happen. Once they lose faith in the US Dollar....
The Biden Regime’s sanction certainly have blown up in its face.
An understatement. Which is a big reason why BRICS is a fake organization, PR fluff for the Russians, that nobody should take seriously.
“With all the corruption in the BRICS affiliated countries, I doubt it will happen soon. But it could happen. Once they lose faith in the US Dollar....”
I am pretty sure they have already lost faith in the Federal Reserve promissory notes.
Unless you are going to trade your entire net worth for rubles, the answer is No.
These guys can trade amongst each other. But India has already dismissed the idea of de-dollarization. Without India, BRICs is a a group of mediocre currencies that are dying under US sanctions.
Russia just needs to settle the war, get their sanctions lifted, and he will be able to get more than a penny for a ruble. Instead, Trump will come in and reverse the EOs and get oil back down to $50 a barrel. That will destroy Russia.
Putin is between a rock and a hard place.
Saudi prepared the ground for BRICS to advance by recently abandoning the petrodollar. For the first time since 1974 nations can now trade for oil without having to use the US dollar. All nations but the US potentially benefit from this. And Biden let it happen without objection
With all its problems, the US is still the safest jurisdiction for international money as long as you don’t go to war with one of our friends.
There is the question of where Rubles come from.
And where dollars come from.
One of the great secrets of reality is the Soviets central bank of the time was constrained in money creation by law to align with their Interior ministry’s 5 year plan.
They were foolish enough to believe there had to be constraints on money creation.
So no, the Soviets did not fold because of SDI. They did not even fold because oil price collapsed as Alaska and the North Sea came online.
They folded because they thought money had to have some rational basis and did not create the rubles they needed at the time.
Unlike Bernanke.
The bad news is the Russian central bank no longer faces that same constraint the Soviets had.
Lost faith, no. But the US keeps freezing funds kept in dollars so they have an interest in finding workarounds. Unfortunately for them, nobody else wants Yuan or Rubles.
Nonsense. A higher percentage of oil is traded in dollars now than ever before, particularly Saudi oil. You are confusing press releases with reality.
Exactly.
As screwed up as the dollar is, other currencies are as bad or worse. You think they aren’t printing Euros? You think there’s anything like transparency regarding the Yuan? And on down the line.
BRICs has been around for years and has done absolutely nothing in all that time and will continue to do nothing because China doesn't need BRICs to exert pressure on its trading partners and the other countries have nothing in common beyond their membership in BRICs.
Come on it's a trade group with both India and Pakistan in it - obviously it's a joke.
Neither is a partnership between Russia and China. We pushed a very reluctant Russia into it over the course of decades. Very foolish of us, but here we are. India will still strive to maintain amicable ties and trade with both “the West” and “the Global South”.
The BRICS thing isn’t really an either/or model at all. These countries will continue to trade in dollars where possible if that is the easiest and least costly. They simply want to set up alternative means for cases where it is not. Our politicization of SWIFT and the current dollar system has driven them to this — and the sanctions against Russia over Ukraine have simply sped it up somewhat.
If all the money in the world were divided up evenly amongst every person then in 20 years it would be back to the same distribution as today.
The arrogance of Kirby is emblematic of the ‘odd man out in his own game,’ where U.S. policy remains in denial and thinks nothing can change without U.S. approval, even though half of the world now no longer wants to operate under U.S. financial dictates. Those disagreeing with the U.S. dollar as the reserve exchange currency are now some pretty heavy hitters. For the U.S., it’s time to wake up and attempt to engage rather than do the ‘Kirby Sneer.’ The implications for the U.S. economy cannot be under estimated.
BRICS is COMECON v2.0. China and India will play as long as they keep getting cheap Russian raw materials.
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