Posted on 08/22/2024 9:05:07 PM PDT by anthropocene_x
After not adding any new members for 13 years, the non-Western international group welcomed Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates last August. The floodgates have since been opened: In February, South African Foreign Minister Naledi Pandor claimed that over 30 nations now want to join the international group.
Malaysian Prime Minister Anwar Ibrahim has been vocal about wanting to join the bloc, lobbying Russian, Chinese, and just this week, Indian officials about Malaysia’s application. Thailand also submitted a formal application to join the bloc last June, and officials hope that the Southeast Asian country will be able to join the BRICS summit in Russia this October.
In recent years, the bloc is increasingly trying to position itself as the voice of the so-called Global South, a term used to describe postcolonial developing economies.
In 2014, the group founded its own development bank, the New Development Bank. Since starting operations in 2015, the bank has cumulatively approved over $32 billion in loans to member countries; China hopes the bank can disburse a further $5 billion in loans this year.
(Excerpt) Read more at finance.yahoo.com ...
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This will be a big problem for us in the coming years.
Thanks Brandon.
I say let them. They can deal with China.
We don’t really have a choice in the matter. Biden letting the Saudis kill off the petrodollar was a landmark event in the process.
Every nation should make the best choices it can.
It is up to those living in the USA to make it great again.
[This will be a big problem for us in the coming years.]
Ultimately, most countries want a hard currency for their goods. That means dollars, euros, yen, pounds or Swiss francs. Indians have been buying contraband Russian oil, but now the Russians want, as payment, something other than Indian rupees.
>> Every nation should make the best choices it can.
>> It is up to those living in the USA to make it great again.
Agree on both those points.
>> This will be a big problem for us in the coming years.
Yes. The “Modern Monetary Theory” fantasy that a sovereign nation can print all the money it wants to “because it can” has only worked so far for the US because we are (or, were) the trustworthy and dominant currency in world commerce.
Take that dominant position away, and Hellooooo, Weimar Republic! Hellooooo, Argentina! 35 trillion in debt... it’s unsustainable, and it’s gotta be resolved somehow.
a good start to understanding BRICS is to look at
the Wikipedia page- really was Russia and china leading
the way— a snub against the G7 countries-
the BRICS currency will be precious metals- and oil
last year they approved-Iran,Egypt,Saudi Arabia,and
united Arab emirates (Saudi’s have not formally entered -yet) the bottom line— the dollar will fall-our debt
will be horrendous— the U.S. may be replaced by a new world order- led by China- Russia
WTF is BBRICF?
Answering my own question:
Hard and squishy (aka oil and commodity) currency rather than ballooning debt.
Drip drip drip....like compound interest, it adds up over time.
“Malaysia first!” If that’s what they want.
Against a basket of foreign currencies, the U.S. Dollar (USD) has been down as much as 4.55% in the last two months.
Two Month High - 105.71
Two Month Low - 100.91
Today - 101.22
100.00 is considered neutral.
Above 100 is considered strength.
Below 100 is considered weakness.
40 Year High - 128 (1985)
40 Year Low - 71 (2007)
Exactly. It’s not about US hegemony, but rather the intentional weakening of the US due to Obama’s third term through Biden.
The only reason it might be a problem is that 2nd and 3rd world countries are willing to accept lower quality manufactures and have some common commodities to sell. Neither Russia nor China build quality things, but Ethiopia would be willing to trade coffee for Chinese cell phones or Russian oil. Brazil can sell soybeans for Chinese tools or Russian metals. The general populace won’t know any better or care, and The Big Guys can get their 10%. As long as the BRICS avoid admitting basket cases that have neither commodities nor cheap manufactures, they might be able to set up a parallel global economy, but they won’t be able to so with the same success as the 1st world.
It might be good enough for them, sort of a Neiman-Marcus vs K-Mart world, one where dollars buy stuff from the first, and iron ore barters for stuff from the latter.
Biden is the worst so far, but he has only built upon the firm foundation of American economic and cultural self destruction and national suicide put in place and promoted by LBJ, Jimmy Carter, Bill Clinton and Barak Obama.
Yup.
And this highlights the seriousness of the problem we face.
On one hand, we have the jet setting BRICS politicians working to radically change the world monetary policy and bring down the dollar as world reserve currency as a means to justify and perpetuate their lavish jet setting lifestyle
On the other hand we equally feckless American politicians working as hard as possible to abuse Americas position as reserve currency to destroy our position as reserve currency
The risk is an end result where the American dollar is dethroned as world reserve currency with nothing solid to replace it with.
The economic chaos would be unimaginable if the dollar collapses and there is no viable alternative to replace it
When will these countries find out that BRICS is a scam ? LOL
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